Bidding Battles in Besiktas: Istanbul Auction Results See Homes Sell Well Above Reserve

Several Istanbul homes smashed their reserve prices at auctions over the weekend, with standout results in Besiktas and Kadikoy highlighting the city’s surging buyer demand. A three-bedroom apartment on Kartal Sokak set the tone, selling for nearly $3,200 per square metre—over 20% above its pre-auction estimate.

This round of auctions comes at a crucial time for Istanbul’s real estate sector. A stream of foreign investors, spurred partly by the ongoing citizenship-by-investment program, is intensifying competition for centrally located properties. Add to this the ongoing devaluation of the lira and fear of further inflation, and Istanbulites are feeling increased pressure to secure assets now rather than wait. Against this backdrop, clearance rates are climbing and so are hammer prices.

Records Broken in Prime Districts

Sunday morning at Beyoglu Müzayedecilik’s packed auction room near Taksim Square, bidders stood shoulder-to-shoulder. A renovated loft with a Bosphorus glimpse on Turnacıbaşı Caddesi was the headline act, after heated bidding finally concluded at $965,000—eclipsing its $800,000 reserve. The winning bidder, who declined to be named but was associated with a tech start-up based on the Asian side, reportedly clinched the deal after a tense seven-minute back-and-forth.

Meanwhile, over at Moda in Kadikoy, a rare three-storey villa with a private garden on Cem Sokak fetched $1.78m, around 15% above its guide price. According to auction staff, interest was brisk from both Turkish and Middle Eastern buyers, who have been particularly active since changes to Turkish citizenship rules were softened last year.

Data Illustrates Seller’s Market

Citywide, the auction clearance rate reached 82.5% for the weekend—up from 74% in May, based on figures provided by the Istanbul Auctioneers’ Association. The average sale price for all residential types across the city’s central districts hit $2,950 per square metre, an increase driven largely by results in areas like Sisli and Besiktas. These districts continue to command a premium, with Besiktas homes routinely pushing above the $3,500 per square metre mark at auction. Kadikoy, especially near the popular Kadife Sokak, is not far behind. While some suburban listings struggled to reach their reserves, the overall picture shows deep competition in established areas where supply remains historically tight.

If these trends hold, agents expect another busy quarter ahead, especially as foreign capital continues to pour in. For local buyers considering an auction move, experts recommend lining up finance well before bidding begins—last-minute offers rarely win when competition is this fierce. The city’s next major auctions, including the anticipated September session on the Golden Horn, are expected to continue this momentum. For now, central Istanbul’s best addresses are commanding—and achieving—top lira.