Should You Sell or Let Your Property in Nisantasi?
For owners of an apartment or building in Nisantasi: weighing a sale, unfurnished letting and furnished letting against the buyer and tenant profile.
One of the questions owners of an apartment or building in Nisantasi often face is whether it is better to sell or to let. There is no single answer; every property's scenario is its own and should be assessed as a whole. In this article we look at the sale, unfurnished letting and furnished letting options in Nisantasi against the main criteria.
The sale side: who is the buyer?
The buyer profile in Nisantasi consists mainly of business people, senior executives, entrepreneurs, professionals from the art and fashion worlds, international investors and people seeking prestigious city-centre living. Limited land supply and stable demand support the long-term value of quality property. An investor buyer, however, looks mainly at the numbers when assessing a property: rental yield and the expected growth in value. Because supply is limited, quality property that comes to market can attract interest quickly; a listing that is not priced correctly, however, can stay on the market for a long time and lead to price erosion.
The letting side: who is the tenant?
Unfurnished letting appeals to tenants who plan for the long term, while furnished letting appeals in the short and medium term to expatriates, company executives, consulate staff and foreign professionals. Expatriates arriving in Istanbul and local tenants who want to live somewhere luxurious yet independent prefer well furnished apartments. In choosing a tenant, regular payment habits and long-term plans should come before the highest offer.
How furnished letting affects value
Furnished letting should not be seen purely as income. The right furnishing standard, interior design suited to the target tenant group and the right positioning raise the tenant profile, which in turn increases the property's appeal to investors when it later comes to market.
An example: the scenario of a young building
The owners of a young building in Nisantasi that had previously been let furnished were prioritising a sale. Because such a building is most likely to be bought by an investor, we recommended first increasing its income and appeal through a well kept, high-quality furnished letting arrangement rather than selling it empty. This example does not apply to every property, but it shows that the decision should not rest only on today's offer.
Extra criteria for historic buildings
Restored historic buildings hold an important place in Nisantasi's housing stock. In a historic apartment building, value is set by net and gross floor area, floor and aspect, daylight, ceiling height and how well the architectural details have been preserved. Because façade and structural changes in listed buildings are subject to the approval of the conservation board, the scope of any preparation for a sale or a furnished letting should be planned within that framework.
Questions to ask before deciding
When will you need cash from the property? How much time can you give to letting and management? What are the building's age, listing status and maintenance needs? How might new supply and demand in the area develop? The answers determine whether a sale or letting will create more value for you.
Comparing the two scenarios with data
A sound decision requires analysing sale value and rental income together: completed sale and rental transactions, the apartment's floor, aspect and view, the building's condition and the target audience should be assessed in the same table. For some assets the right strategy is a sale, while for others holding for a period or adopting a furnished letting model can create more value.
We describe this approach in detail on our asset management approach page. For our services in Nisantasi, how we work and examples of our work in the area, see our page about Nisantasi expert real estate consultancy; for the sales market of the area, see Nisantasi apartments for sale.
To weigh up sale and letting scenarios for your property in Nisantasi together, please get in touch with us.
Özkan ÖZEL
Strategic Real Estate Asset Management
Beşiktaş / Istanbul
ozkanozel.com
#Nisantasi #NisantasiRealEstate #FurnishedRentals #AssetManagement #IstanbulRealEstate
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