A long-forgotten corner of Istanbul real estate seems to be getting its day in the sun, finally. Bomonti is a central neighborhood of Sisli, just a 10 minute walk from the Osmanbey Metro Station and about 20 minutes on foot to the illustrious Nisantasi, is showing signs of an obvious turnaround.
Yet, the property prices remain about half of what they are in these adjacent areas, making it an ideal selection for an Istanbul investment property. As many of the trendy and trend setting people who would normally favour Nisantasi get priced out of that area, an obvious real estate go-to zone is the corner of Sisli that is home to neighborhoods such as Bomonti and Ferikoy. Pending where you live it is between 1.5km to 2 km to Taksim, so an easy commute on the Metro or extended walk for those working there or wishing to go there on a regular basis.
In addition to the fluorishing of small, local developers seizing the opportunity to upgrade the existing housing stock, the big players have moved in and developed the Hilton Hotel, Rixos, Anthill Towers, amongst several others. While these towers reach some pretty high prices, in excess of 8000 TL per square meter and more if there is a view, some of the mid-sized projects that offer all the amenities represent good value, at around 5000 TL per square meter. International property buyers, particularly these days who are looking for a smart piece of Istanbul real estate, are starting to feel that there is real value in these prices, especially if they are coming in with hard currency. If a buyer is content to live in an older, but not historical building, and is willing to go for a renovation project, the property prices go down substantially from there, to around 2500-3500 TL.
It is not only the proximity to other colorful neighborhoods that makes this area in Sisli enticing, but also the fact that there is a very well-defined neighborhood feel in the area itself, with an abundance of cheap eateries, bakeries, baklava shops, and much more.
there are not many international-type chain restaurants and bars around, but for many, that is part of the appeal. It retains some of the old Istanbul feel, with enough historical buildings to provide the ambience and character. Apart from the high rise corridor, the rest of the neighborhood is composed of humble 4-5 storey blocks, that when renewed, give the area of chic feel. The pace of renewal seems to also be gathering steam, as you notice while walking the area on foot. There is plenty of construction going on. The affordability seems to be giving new vibrancy to an area that up until the past few years was a sleepy and forgotten place. Now it is still a nice, quiet contrast to the Taksim and Nisantasi neighborhoods, while maintaining central position.
There is also quite a bit of green space (that hopefully will not get built over!) and that is due to the presence of some attractive graveyards that are filled with pine trees and would make for very nice summer strolls, or a jog for those so inclined. There is also an historical brewery that is unique in this area and was once an Armenian enclave.
Due to its local charm, one wonders that it will only be a matter of time before local artists, internet startups and the like discover the appeal of the area. No doubt, foreign investors, who are often seeking value real estate purchases at cheaper prices than could be found in there home cities,
will see the logic of an option that gives them the feeling of being in the middle of this mammoth city, while at the same time getting some necessary separation from it in terms of reduced noise pollution, human and car traffic.
As an example of the type of boutique compound that is well-priced and offers a high quality finish, check out the Terrace project that offers gym, sauna, indoor swimming pool and a lovely courtyard. Prices for 2 bedroom apartments start from 560,000 TL and there are several alternatives of duplex style apartments, either with an ample balcony or a small garden area. Contact immediately, as there are only a few remaining. The Terrace
So, with the New Year, there has been a lot of political turmoil in Turkey. However, as an uptick in sales suggest, many who have their eyes on Istanbul real estate see this as a unique buying moment. As the currency has plummeted, many developers are keen to sign on deals, largely cautious about what might be a difficult year ahead. Naturally, this makes it a buyer’s market. One must also keep in mind, that Turkey has seen volatile and drama-filled political periods in the past, yet has mainly been able to overcome them in the end, through some form of dialogue or compromise, though not necessarily prior to some daring acts of brinkmanship of the players involved. Let us hope that history repeats itself and that Turkey maintains the balance and stability that has been the engine of great growth.