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BLOG The Luxury Property Market of Istanbul

21 February 2016 / Properties


Istanbul the wonderful city that sits on the both sides of the continents with its luxury Bosphorus waterfront homes and more..

The bustling metropolis of Istanbul is one of the most diverse areas of the Turkish property market. Sitting on two continents and being Turkey's largest populated city as well as a central hub for business,finance and tourism, the varied portfolio of property for sale ranges from old buildings suitable for renovation to millionaire modern villas.

Yali Houses of the Bosphorus

Attracting the most attention, however, are waterfront properties of the rich, famous, and influential powers of the world. Garnering just as much admiration from the average person desperate to look behind the doors, these properties are a focal point for upmarket social circles, with prices often undisclosed until buyers prove intention and more importantly, that they have the cash to follow it through. 

 

 

Due to its strategic position, the Bosphorus is one of the world’s most important waterways, which automatically bumps the price of any property up considerably, but also contributing towards the hefty purchase prices is the history of real estate in this area.

During Ottoman rule, the sultans built their palaces and summerhouses on the waterfronts of the Bosphorus. Key players, influential advisors and anyone with a foot in the social circles of the sultans could likewise purchase land and build property. Reserved for the elite, owning a Yali house on the Bosphorus was a status symbol in itself.

Often built from wood, and handed down through generations of families, the elaborate architecture accompanied by luxurious furnishings, antiques, and waterfront transportation, are not only a historical feature but also a statement of wealth and influence. Such is the high profile status of Yali houses, and the secret world regarding selling and buying them, the mainstream real estate market rarely features them.

In an article from 2013, the Wall Street Journal said…

“Possibly the most expensive of the homes for sale is the Zeki Pasha Yali, built in the 19th century in Rumelihisari, the narrowest point of the Bosporus, near a historic castle. The mansion was built by French architect Alexandre Vallaury for Zeki Pasha, an artillery commander during Sultan Abdulhamid II's reign. The 150-year-old, five-story, the Baroque-style mansion is about 32,280 square feet, with a 43,000-square-foot garden and a pier about 425 feet long. The owner is asking $115 million.”

 

 

One Yali house has come onto the market for our portfolio. As a smaller property, it is selling for just £11,750,000; a price tag that is nowhere near the price of its more elaborate and bigger neighbours, yet the property is just as stunning. Using traditional décor throughout the ten bedrooms and five bathroom house has a full frontal view of the world’s most important strait of water.

The Levent District: Where the Big Business Deals are Made

Due to Istanbul’s growth as a key player in the international business market, an increase in demand for one-bedroom luxury properties near business districts is keeping architects and builders on their toes. Buyers want a clean but inviting environment where they can relax after a hard day’s work at the office and at the same time, all amenities such as shopping malls, gyms, spas, and car parking should be nearby.

One such example is the Levent district, where off plan, new and resale apartments in tall buildings are in high demand. Located on the European side of Istanbul, Levent is one of the main business districts and holds the title of being home to Turkey’s tallest skyscraper. People searching for property in the area tend to be young professionals and apartments such as this Istanbul Levent Apartment, provide just what they want, by deflecting attention away from the stresses of modern life.

 

 

Using  natural light to project an airy feel, the floor to ceiling windows, complete the modern look of today’s décor trends while providing a relaxing atmosphere. Situated in a complex of 1 to 5 bedroom apartments, the site also includes a shopping mall, indoor and outdoor swimming pools, fitness centre, and gym, children’s club, concierge service and full-time security, ensuring everything that a high-flying business professional would want.  

Nisantasi Neighbourhood: Home of the Creatives

Another neighbourhood attracting influential people is Nisantasi, typically portrayed as an upmarket area consisting of artistic and creativity people, both foreigners and Turks who have spent a considerable amount of time abroad. Also sitting on the European side of the city, its main street called Rumeli Caddesi is an exclusive shopping district of luxury brand names and top boutiques.

This luxury central apartment for sale in Istanbul selling for one and a half million pounds reflects the neighbourhood’s trend to become an innovative district of Istanbul. The onsite management team, providing top-notch services such as limousine bookings, cleaning, home maintenance, and party organizations, complements the overall communal facilities of a café, restaurants, sauna, and indoor swimming pool.

 

Tolga Ertukel, owner and property expert at Turkey Homes says…

“As the biggest city in Turkey, the property market of Istanbul is extremely busy with thousands of purchases and sales happening every day and due to its growth on the international scene, builders and architects are struggling to keep up with the demand. Anyone searching for a property in Turkey will find some good deals, especially in the luxury sector. See the complete portfolio of Istanbul property here.”

 

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