The Neighbourhood Watch – Tarlabasi update briefing Oct 2013

As people who have been following the Istanbul property scene are probably already aware, the once run-down Tarlabasi neighborhood is undergoing a profound and relatively rapid real-estate transformation, in large part due to hundreds of millions in investment in the Tarlabasi Project by Gap Construction.

very slick and cosmopolitan - could be London, NY, Paris, Sydney or anywhere

very slick and cosmopolitan – could be London, NY, Paris, Sydney or anywhere

Many buildings have been knocked down already and the project seems to be picking up speed. There is a slick sales office on the boulevard marketing the 360 office block, where prices are said to be in the 5000-6000 USD per square meter range

Shops,shops, hotels and apartments - Tarlabasi 360

Shops,shops, hotels and apartments – Tarlabasi 360

. It is not known if the sales have been brisk or not. In any event, just the presence of this large scale

construction has proven to be a catalyst for development in surrounding areas. The project is slated for completion within two years.

 

 

 

Proliferation of Apart Hotels 

In Istanbul, and especially Beyoglu, over the past few years there has been a property explosion in the opening of small boutiques offering self-serviced apartments, known as Apart Hotels in Istanbul.

Looking good apart Hotel

Looking good apart Hotel

Nowhere has this been more apparent than in the part of Tarlabasi that is nearest to Taksim Square. I hazard to guess that upwards of 50 of these have opened in the past few years, completely altering the character of the neighborhoods. Some of them are very chic. My  friend recently stayed in one and I was very impressed by the size of the rooms and the quality of the finish.  Equally appealing were the generous spaces afforded for the dining area, bar, even a fitness area and a hamam.

great views

great views

This would have been completely unthinkable just a few short years ago. Now tourists from the Middle East, Europe and beyond can be seen sipping their coffees in what were a short time ago just empty shells of buildings. They also seemed to be getting pretty decent bookings based on my conversation with the chatty and multi-lingual  manager.

The lower part of Tarlabasi

This area, which borders with the Dolapdere neighborhood, is in a sense the last frontier in Tarlabasi. It is the area which has resisted change the longest, probably due to the fact that it is down the hill and a bit of a trot up to Taksim and the metro stations. However, even here you can certainly see change occurring, with a sprinkling of building boasting shiny new facades. The rents here tend to be lower and its proximity to Bilgi University are making it increasingly attractive for the student market.

Take a look at our offerings in Tarlabasi - Lilimont Tarlabasi