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    Flat prices soar in Turkey's Beyoglu despite crisis

    HotNewsTurkey Staff
    25.10.2008 - 10:50 | Son Güncelleme:

    The rent and the prices of the flats in one of Istanbul’s oldest neighborhoods, Beyoglu, continues to rise despite the global financial crisis due to urban renewal plan undertaken in the region, Hurriyet daily reported.

    Around 3,500 buildings have been restored and the local municipality has started a rigorous urban renewal plan called the Beautiful Beyoglu Project, the report said.


    Restored buildings in Istanbul's hip Beyoglu neighborhood have broken sales records despite the global crisis, thanks to the area's historical importance and central location.


    This is due, in large part, to the fact that developers have renovated 3,500 of the 7,000 decrepit buildings. These newly restored buildings accommodate studio units, which generally fetch higher rents and have a high resale value.


    These renovated buildings, which are located primarily in Istiklal Street and spread throughout Galata, Tarlabasi and Cihangir districts, bring in anywhere between two to four times as much as the initial investment. The number of renovated buildings in Beyoglu increases daily, as both foreign and domestic investors notice the possibilities for profit.




    The sharp increase in the occupancy rate of renewed buildings is clearly visible, so too is gentrification of the neighborhoods and the inevitable rise in prices, the report also said.


    Prices for apartments that range between 150,000 YTL and 200,000 YTL that are not fully developed, can get as high as 500,000 YTL.


    In buildings and neighborhoods where there is a view of the sea, prices are comparable to those found in the Bosporus corridor.


    Commercial spaces are also getting their share of the real estate boom with rents starting at around YTL 2,500. On Istiklal Street, store rents range from 12,000 YTL to 40,000 YTL, with sales prices varying between 2 million YTL to 5 million YTL. In Cihangir square, prices per square meter start 3,000 YTL.


    When Tarlabasi Avenue was widened to ease the traffic problem in 1988 and Istiklal Street became pedestrian only in 1990, the stage was set for the transformation of Beyoglu. The metro line, completed in 2003, and development plans like the French Street renovation that took place in 2004, injected life into Beyoglu.


    The municipality is continues its Beautiful Beyoglu Project, which encompasses urban development and renewal projects. "The Project has lead to big changes in the area," Ahmet Misbah Demircan, Beyoglu mayor told to Hurriyet.


    "7,000 buildings have received notices of approval for restoration, repair and renovation projects. 3,500 of these have been completed. The Beautiful Beyoglu Project also encompasses new buildings. For all these new structures the municipality undertook the task of designing the exteriors. So our area has become even more beautiful," Demircan also said.

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