Happenings in Autumn 2017

Visa crisis and 3 great property deals

 

The latest visa crisis between Turkey and the US has certainly got many people worried, perhaps none more so than foreign owners of property in the respective properties. Turks have been avid buyers of property in Miami, and indeed elsewhere, in the States for years. Many Americans have also purchased property in Istanbul, as well as along the coastal areas.

 

For the moment, none of those owners can access their homes, as bi-lateral cancellation of tourists visas in blanket fashion was immediately enacted this week. Without going into the details in this particular spat, let’s just say it could have a negative overall effect on the property market. It has already seemed to have a further effect on an already fragile Turkish Lira.

 

As this is very much fresh news, it is hard to determine exactly how serious it is and how long the bans are likely to stay in effect. Certainly, if the ban extends beyond a few months, it will have an undesirable impact. The commonly-held view is that this will get resolved, though no doubt the sooner the better.

 

Three great properties

 

Below are the basic descriptions for 3 properties, each suited for different kinds of buyers, with one being a run-down building that has great potential and is being offered at a truly low price, a beautiful classic 2 bedroom apartment, also at a great price, and finally a luxury duplex with a magnificent terrace and lovely views.

 

5 story building. Asking price 800.000TL. Ideal for a long-term minded investor. This property has all the construction permits in place. The restoration would divide the building into 5, 1 bedroom apartments. Located in the gentrifying Aynali Cesme area.

 

2 bedroom apartment, also located in Aynali Cesme. 850,000 TL, 120 sqm This property was featured in last year’s Home Art magazine and is an ideal first purchase for those new to the market. The flat is in immaculate condition, as is the Italian architect inspired building. Home Art Istanbul Jan 2017 Istanbul PENTHOUSE APARTMENT WITH  TERRACE025

Great dining area

Great dining area

Our final property is a true gem, a sprawling 160 sqm duplex loft with a sizeable terrace and great views over the Bosphorous. It was also featured in the local edition of Home Art. It is a luxury property, with a private lift that accesses directly to the apartment. Situated next to Galatasaray High School, just off Istiklal and minutes from Cihangir. This is a must see for those seeking luxury property in Beyoglu. Price on request.