About 600 waterfront mansions on the Bosphorus have been ruling the real estate agenda since the Savings and Deposit Insurance Fund, or TMSF, sold Ahmet Afif Pasha Mansion and Aslanlı Manor. Now the TMSF has put the Şehzade Burhanettin waterfront mansion in Istanbul’s Yeniköy district on the market for $100 million.
Depending on the neighborhood, location and features, mansion prices vary between 5 million and 170 million Turkish Liras. On the Bosphorus, waterside flats start at $650,000 and can go up to 17 million liras. On Istanbul’s European side, Yeniköy is the most popular neighborhood for waterfront residences while the Asian side’s most popular areas are Vaniköy and Kandilli.
Waterfont mansions popular after TMSF sales
Sold by the TMSF, Ahmet Afif Pasha Mansion, once owned by the Uzan Family, fetched 58 million liras and Aslanlı Manor, owned by businessman Halis Toprak, sold for 23.8 million liras. Now the TMSF has put the 64-room Şehzade Burhanettin Mansion, owned by Müfit Bilgin in Yeniköy, on the market for $100 million. With that action, a total of 600 Bosphorus water mansions have become the point of attraction in Istanbul’s real estate market.
While Yeniköy is the most popular area for waterfront mansions, Bebek, Arnavutköy, Baltalimanı, Emirgan and Rumeli Hisarı follow. On the Asian side, waterside mansions in Vaniköy and Kandilli top of the list with Kanlıca, Beylebeyi, Çengelköy and Anadolu Hisarı following.
The crisis not important
Despite the global economic crisis, the Istanbul Strait area has been active in terms of real estate purchases. The number of mansions or apartments on the market is increasing gradually. Rental activity is lively as well. Realtors say people who have always dreamed of living in a waterfront mansion now have a chance to realize their dreams. And some mansion owners still expect to sell their residences without discounts despite the tough economic situation.
A large factor in the varying prices is whether the property it is a waterfront mansion, an apartment or a private estate. And if the mansion is separated from the shore with a road, it is called roadside mansion. Neighborhood, building age, garden size and water dock all play a role in pricing. Even sea currents make a difference.
On the Bosphorus, the price of a 500 to 600 square meter building with a 1,000 square meter garden starts at $5 million. Apartment rentals are about $5,000 monthly. Roadside mansions run around $2.5 million. The price of seaside apartments is more flexible than private mansions. There are around 600 waterside mansions on the Bosphorus. The most expensive European side residences are in Yeniköy.
Owners have often asked to keep their home sales a secret because they are worried about a loss of prestige. In some cases and for similar concerns, mansion owners prefer to get involved with direct sales rather than going through real estate agents. Foreigners are also interested in Bosphorus waterfront mansions, especially Germans, French, Americans and Arabs.