Business and Commerce in Istanbul Throughout History
Before its foundation by the emperor Constantine the Great, the city was planned as a “Nova Roma” which was going to be a replacement for glorious Rome itself in all ways. The emperor planned and designed the roads, public places, even settlements, and residents according to the style of the aristocratic class in Rome. The new capital of the Roman Empire was going to be a cosmopolitan megacity, an important tourist attraction center with its beauties, and a productional hub with its wide range of amenities & opportunities. In 330, the city of Constantinople was founded and remained a metropolitan settlement until today.
The multicultural urban texture of the city is one of the major reasons the Istanbul we know today is developed this way. The other distinctive reason is its advantageous location as an intersection of continents of Europe and Asia and the existence of Bosphorus. While the city was under the command of the Roman and Ottoman Empires, the population remained multinational at all times. Because of the policy of tolerance, foreigners from all around the world were welcome in the capital of Constantine the Great and Suleiman the Magnificent. Foreigners and travelers were allowed to establish new businesses, ply a trade, and build their residences in the city to keep the economy and the commercial actions alive. This policy remained the same way after the fall of the Ottoman Empire. In the early republican period, many of the local and foreign entrepreneurs were supported by the government itself to increase productivity and production in Anatolia. Even though the capital of Turkey was declared Ankara in 1923, the main industrial and commercial actions were focused on Istanbul to maintain order in the field of commerce. Its strategic location of Istanbul land and sea trade routes makes the city an important intersection. Since its foundation, Istanbul is still a prior industrial hub and a preeminent business center in Turkey.
Investing in a Commercial Property and Establishing a New Business in Istanbul
One of the important advantages of establishing a business in Turkey is that the GDP of the country is quite higher than its neighbors. For the year 2020, the GDP of Turkey is determined as 718.54 billion USD while Greece’s determined as 189.26 billion USD, Bulgaria’s 68.56 billion USD, and Azerbaijan's 42.61 billion USD. THE GDP of Istanbul only is determined as 349 billion USD. Many business lines in Turkey had positively affected by the developments in technology and developed in parallel with the innovations for nearly the last 10 years. Since the widespread of social media, the ways of accessibility have improved and local brands have had a chance the become known worldwide. The fact that Istanbul is the center of import and export activities allowed many of the well-known famous brands to establish their headquarters in Istanbul. The city provides half of the tax revenues of the country itself. Within the opening of the 3rd airport in Istanbul, the population of foreign visitors, investors and entrepreneurs had increased severely. The high population of the working-class in Istanbul makes the city the best option to establish a new business or to increase branches of your existing business.
Commercial Property Types in İstanbul
With the boom in the construction industry, the types of residential properties to buy an apartment in Istanbul have severely increased. As the city expands, mostly the newest constructions of villas for sale in Istanbul are focused on decent and tranquil districts. When it comes to buying an office building or a commercial shop for sale in Istanbul, there are multiple types of properties according to the purpose of usage.
• Offices: Wide range of world-famous brands and corporates focused their attention on the headquarters of Turkey in Istanbul. These branches need a convenient and decent working space to maintain productivity. Especially for desk jobs, the working space of employees should have a tranquil and practical atmosphere. There are numerous newly built and modernly designed offices for sale in Istanbul for your business.
• Industrial Real Estate: The industry and production concentrated in Istanbul because of the city’s identity as an import & export center. The industrial properties can be customized according to the tenant’s needs of usage and space. These properties are divided into heavy manufacturing buildings, light assembly structures, warehouses for the purpose of usage.
• Retail Properties: The shopping culture in the fashion industry of Istanbul is a meeting point of the design and culture of the contemporary and the traditional. Many of the designer brands and artists established their branches in Istanbul. The retail properties are specially designed according to the needs of retail businesses. The space and usage areas can be customized by the owner within the given area. Retail properties such as shopping centers with multiple stores offer great investment opportunities with rental income potential.
• Hotels: Accommodation is one of the major needs in Istanbul. The city is a major spot of cultural, medical, industrial, rural, religious, business, sports, and ecological tourism. International tourism is one of the main sources of income in Istanbul. The constant demand for accommodations creates a never-ending business line to invest in with high profit.
• Shops and Specific-Purpose Structures: If you want to buy a shop in Istanbul, you may want to consider the eligibility of the working space according to your business activity. These properties mostly have more of a customized and practical design according to a special purpose. The customization depends on the owner or the tenant such as restaurants, cafes, stores, outlets, book stores, etc.
Keep in Mind Before Buying a Business for Sale in Istanbul
The Field: To buy a business in Istanbul, the wide range of investment options may be confusing because all business lines have their pros and cons. But the most advantageous occupations to buy commercial property for sale in Istanbul are mainly focused on trade, retail, accommodation, finance, and production.
Location and Accessibility: Location plays a major role in the growth of your business. Depending on the qualifications of your business line, it is important to find a commercial property for sale in Istanbul at a prime location. For your retail business, you may want to take a look at centrally-located shops for sale in Istanbul. In any district, the central location on the side of the main road or a square will increase your visibility and attract more customers. For an office or a commercial building for sale in Istanbul, you may want to explore the properties located in famous business districts such as Levent, Maslak, Sisli, Atasehir, Esenyurt, etc. to add more corporate value to your business.
Budget Management: For Istanbul real estate investment, the budget can be considered as the most major factor especially for start-up businesses. No need to panic though; because of the variation, there are quite a few cheap shops for sale in Istanbul to buy.
Needs and Eligibility: If you are looking for Istanbul commercial property for sale, you need to consider the property you want to buy is suitable for the practices of your business and your expectations. The space and environment should be eligible for the activities such as distribution, production, and storage. For offices, separate working spaces will eliminate distractions and increase the productivity of your employees.