Emerging Property Markets
Property in Istanbul makes its case
Arguably one of the world’s most beautiful cities in which to own a property, Istanbul was recently chosen as the world’s joint ‘Capital of Culture’ for 2010
The historic area of Istanbul was also identified as a UNESCO World Heritage site in 1985. So, what's so special about the Turkish cultural and financial centre of Istanbul? Well, throughout its history Istanbul (also known at various times as Constantinople and Byzantium) has been a religious and cultural melting pot. The result of this is an amazingly diverse backdrop of architecture, including famous mosques, synagogues, churches, palaces and castles. In addition, some of its buildings, its property and its ruins date back to Roman and even pre-Roman times, such as the Column of Constantine and the city walls.
The architecture of central Istanbul traces the city's history, from early Byzantium churches and monuments to Ottoman castles and 19th-century embassies and palaces. The grandiose European architecture of Istanbul tends to be concentrated around Istiklal Avenue, which is also a popular shopping and eating area. Here, beautiful examples of Art Nouveau mingle with the mansions and holiday homes of the Ottoman elite.
In the Bosphorus, down by the sea, the urban landscape changes yet again, giving way to delightful 18th- and 19th-century wooden chalet mansions, which are much in demand as both holiday homes and hotels. These are called yalis, and the oldest surviving dates from 1699. Tourism in Istanbul focuses on the Historic Peninsula, which comprises the districts of Eminonu and Fatih. This area is surrounded by the Sea of Marmara on the south and the Bosphorus on the east, and is one of the most expensive quarters of the city. The shores of the Bosphorus are also much in demand by visitors.
If you're looking for a residential property let, then the places to start searching are the quarters of Uskudar and Kadikoy, the most modern residential areas and business districts which house one third of Istanbul's population.
Property prices in Istanbul are also attractive: a two-bedroom apartment could be yours for around £50,000, while a one-bedroom apartment can be snapped up for as little as £20,000.
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Related property articles:
Istanbul's European credentials
Turkish property catching on
Article published July 2007