In this week”s blog, I would like to turn my attention to a property in central Istanbul that has caught my eye recently. It is always nice to discover a new bit quality of real estate for sale and especially one located on one of Cihangir’s quietest streets, and with a view to match.
The property is on Batarya Street, which is very close to the famous Firuzaga Tea Garden and and the Firuzaga Mosque. In addition, there are dozens of cafes, boutiques and restaurants within less than 200 meters. For those of you who like a morning stroll, you can catch a wonderful sunrise at the park just down the hill fifty meters. So, obviously the location in the midst of Cihangir, yet in a serene side street with little traffic is much to be desired.
Sea view properties are always at a different level than their peers, often commanding easily 50% more than comparable properties without the view. Although the view on the Batarya property is not panormaic, it is certainly quite wide, and from the living room and the extensive 12 meter balcony, it offers a very beautiful shot of the Bosphorous and the historical peninsula, and even Galata Tower to the east.
The building itself is about 40 years old and is in quite decent shape, with the property being an easy one flight walk up. There is also an elevator in the building.
The expansive 55 sqm living room could be enhanced by opening up the kitchen which is currently being separated by a non-structural wall. This would allow for an open kitchen plan where you could take in the view while preparing the evenings repast.
In my experience, this is the ideal property for refurbishment, as the work involved is mostly cosmetic and does not involve heavy construction and could be completed in two months or less. As the apartment has not undergone an extensive refurbishment in the past 20 years, it is probably due for this treatment. Of course, many buyers enjoy this process because it gives them the opportunity to select the materials and the finish according to their tastes.
The property asking price is 1.4 million TL or approximately 700,000 USD. Given that it is 150 sqm (3 bedrooms), this puts the price per square meter at under 5000 USD, which is very much in line with properties with this view and location. The owners are keen to sell so will entertain sensible offers.
The typical buyer of this kind of property would be a young Turkish couple or a foreigner, with some people looking to make it a home and others looking to achieve a decent rental income over the long term (in this case, with a tasteful redecorating, 5-6% is quite realistic).
If you’re interested follow this link for details -Lilimont Cihangir Topkapi View