One of Istanbul’s Oldest Neighborhoods, Kadıköy Offers Modern Apartment Living

Spanning two different continents, Istanbul is a unique city in which each district has its own distinct culture and charm. The neighborhood of Kadıköy was among the first settlements on the city’s peaceful Asian side and today earns such accolades as one of the “coolest neighborhoods in the world.” 

Once known for its sleepy streets and historic buildings, it has become more upmarket in recent years and is now one of the wealthiest and most sought-after areas in the city. 

“It’s among the first-choice neighborhoods of local high-income families and in recent years it has started to attract the attention of foreign families and businessmen,” said Gökhan Çolak, chief marketing officer of Istanbul Homes, a real estate company specializing in international buyers.

Located along the eastern shore of the Bosphorus strait, Kadıköy boasts a busy cultural scene and modern seaside properties with views west towards the Sea of Marmara and the European side of Istanbul. “The most beautiful view in Istanbul is from the coast of Kadıköy because you can see the historical peninsula— the center of the Ottoman and Byzantine empires,” he said.

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Boundaries

Kadıköy is bordered to the east by the D100 highway and to the west by the sea. It runs from Bostancı Lunapark in the south and to Karacaahmet Cemetery in the north.

Price Range

Prices in Kadıköy are approximately 15% lower than those of equivalent luxury properties in the wealthiest neighborhoods on the European side of Istanbul, ranging from US$10,000 to US$20,000 per square meter, said Tolga Erkutel, founder and director of Turkey Homes, a real estate company headquartered in London with offices across Turkey. Four-bedroom apartments start from US$800,000.

The recent economic crisis in Turkey, which has led to a sharp devaluation of the lira, which lost around 40% of its value against the U.S. dollar and the euro last year, means that most luxury properties in Turkey are currently priced in U.S. dollars.

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When it comes to price, “the most important thing is location,” Mr. Çolak said. “The most luxurious properties in Kadıköy are located on Bağdat Street, which is the most valuable street in Istanbul—maybe Turkey.” 

House prices vary according to the district, size and facilities “but average prices of luxury residences range from US$500,000 to US$5 million,” he said. These prices apply to villas along the coastline and apartments close to Bağdat Street, most of which are located in new gated developments and boast exceptional amenities such as communal landscaped gardens and swimming pools, luxury interior finishes and five-star services. 

“You have access to facilities such as a gym, sauna and Turkish bath for the residence. You can live on the 30th or the 50th floor, with a good view, or you can live in a detached house or villa on the coastline,” he said.

Housing Stock

In recent years, many of Kadıköy’s crumbling old apartment blocks have been razed to make room for spacious seaside villas and modern luxury tower blocks. “Over the last five years renovation has been carried out within the scope of the urban transformation project in Kadıköy… Turkey is located on an earthquake zone and this renovation is a very beneficial change in terms of increasing the safety of buildings… People mostly prefer new buildings and modern architecture, both locals and foreigners,” Mr. Çolak said.

As well as the area around Bağdat Street, new developments near Kalamiş Marina are popular with high-net-worth buyers, Mr. Ertukel said. “On the luxury side, most properties have 24/7 concierge services, five-star hotel-style services for cleaning, luxury restaurants, mini shopping malls, high-end quality gymnasiums, saunas, sporting areas, indoor and outdoor pools, indoor and outdoor car parks,” he said. “These are all freehold ownership, they are not leasehold ownership, however residents pay a service charge… depending on the size of their unit.” 

What Makes It Unique

With its coastal walkway and plentiful parks, Kadıköy is a picturesque and family-friendly neighborhood that is home to a diverse community of locals and foreigners and dotted with historic landmarks including mosques, churches and synagogues. Well connected by train and metro to the rest of the city, it is also close to Sabiha Gökҫen International Airport and has its own bustling ferry terminal. Boats leave every few minutes for the European side of Istanbul, a scenic 20-minute commute away, and for the nearby Princes’ Islands, where cars are banned and horse-drawn carriages take visitors from place to place. 

Kadıköy is also known for its lively cultural scene, packed with art galleries, live music venues, cinemas and theaters, as well as the Süreyya Opera House, built in 1927 and home to the Istanbul State Ballet and Opera Organization. “It offers high quality of life and 24-hour liveliness. It’s popular because of its cultural and artistic activities, its nightlife, shopping centers, historic buildings, eating and drinking places by the sea. It’s also popular for its football games because Fenerbahҫe—Turkey’s biggest football team—is located in Kadıköy with a stadium with a 50,000-person capacity,” Mr. Çolak said. 

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Luxury Amenities

A popular shopping destination, the neighborhood has several large shopping malls as well as exclusive designer boutiques. One of Istanbul’s culinary centers, Kadıköy is famous for its characterful cocktail bars and restaurants, including Mythos, a seafood restaurant tucked away inside the historic Haydarpaşa Train Station, Çiya Sofrası, which serves an eclectic range of traditional Anatolian dishes from different regions of Turkey, and Şiraz, in trendy seaside Moda, which offers a selection of Greek and Aegean mezzes paired with boutique wines.

There are several private schools in the area, including Keystone International Schools, which takes students from kindergarten to 12th grade, and the Lycée Saint-Joseph, which runs from kindergarten to the end of high school. Founded in 1870, it offers classes taught in English, French and Turkish. “These schools are also preferred by wealthy Turkish families,” Mr. Çolak said. The health infrastructure is also excellent, with 28 private hospitals and five public hospitals in Kadıköy alone, he said.

Who Lives There

As one of the oldest parts of Istanbul Kadıköy is in high demand. “You’ll find the majority of the luxury properties in this area have been purchased and invested in by Turkish locals as opposed to foreigners, despite the current rising prices, because those are the investors who aggressively believe in Istanbul,” Mr. Ertukel said. The area attracts wealthy local families, as well as foreign buyers from America and Europe and people attracted by Turkey’s citizenship-via-investment scheme, which attracts buyers from North Africa, Iran, Iraq, Pakistan, Bangladesh and Malaysia, he said.

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Notable Residents

Famous residents include several well-known local celebrities such as Turkish pop singer Tarkan. “He lives in the U.S. but he has a house in Kadıköy, so when he comes to Turkey he lives there,” Mr. Çolak said. “The famous actor Kıvanҫ Tatlıtuğ lives here. Also many football players in Turkey have houses in Kadıköy, for example Roberto Carlos, who played for Fenerbahҫe.”

Outlook

Prices have increased in line with global supply chain issues and the rising cost of construction materials. Prices in Kadıköy have risen as much as 40% in the past 18 months, Mr. Ertukel said. “I don’t foresee the same level of increase that we have experienced… but I will not anticipate anything less than 20% annual increases in the coming 12 months,” he said. 

“There is ever-increasing demand for Kadıköy,” Mr. Çolak said. “If you buy now, you are lucky. Soon I think the economy will stabilize but house prices in Kadıköy will tend to increase continuously due to the demand both from foreigners and locals.”

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