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.

The pulse of the market: Spring 2016 Istanbul

This is shaping up to be quite an unpredictable year for Istanbul property. Those familiar with the Istanbul real estate scene will know that this is not exactly a new phenomenon. One of the biggest surprises so far has been the dramatic crash of the Airbnb and short-term tourist rental market. In the past several years many people made extraordinary returns renting out their property in Istanbul to tourists on a short-term basis. This year, however, it is quite a different picture all together.

It is actually just a classic example of supply and demand  mismatch. There are a few other factors that are adding to it and exacerbating this seriousness of the decline. Unfortunately in the past years they’re just have been so many hotels built as well as so many Istanbul property owners who have looked to short-term rentals as a nice way to increase their overall yield on a property as well as to enable them to use it from time to time.

is this a new dawn for Istanbul property?

is this a new dawn for Istanbul property?

Several years ago I predicted that this was inevitable and I was surprised,in fact , that the good times went on for so long. I knew young people, often students, who were renting out flats for the purpose of sub letting them out to tourists. In fact, it became quite a trend. As the number of tourist rentals exponentially, the demand at the same time actually began to show signs of tapering off. Istanbul is a huge tourist draw and the number of tourists coming here yearly is breathtaking.

where have the Europeans gone?

These guys are taking a break from Istanbul

The issue is that the competition between hotels service Apartments grew while the number of tourists who opted for short term apartments actually decreased. Many tourists come from the Middle East and other regions of the world where the idea of renting somebody’s personal property is not widespread and, in fact, may even be considered  peculiar.

The European tourists are the ones who actually prefer the conveniences and flexibility offered by serviced Apartments. But their numbers have been declining for the past few years for a number of reasons.

I think that this is unlikely to change fundamentally over this short period. It looks like it will be a classic boom-and-bust cycle with the weaker operations getting weeded out and perhaps the stronger ones getting more market share as the others are forced out of the market. This could take a few years to play out. It’s not an overnight thing. The areas I am referring to are in downtown Istanbul so they are likely to rebound when the supply and demand issue works itself through the system.

What interests me more however is how it interacts with Istanbul property prices in the downtown area. The first thing that I noticed almost immediately in the past few months was that so many more properties in Istanbul came back onto the long-term rental market. It was literally a flood. And these are Apartments that have been well decorated, furnished and designed in order to appeal too wide range of tourists. The demand for rental properties in downtown Istanbul is pretty steady and strong. At the moment though this glut means that many properties that would usually be quickly snapped up remain empty for much longer then they would have been in the past.

Many Istanbul property owners are frustrated by this turn of events. Some have to pay mortgages and the lack of income generated no doubt creates stress. For this reason as well as many others it is not a big stretch of the imagination to conclude that quite a high number of those people will decide that it is time to cash in and sell their property in istanbul possibly in search of higher-yielding properties.

Is this all bad news? Not necessarily. The people who ran good short term rental businesses well may actually benefit from this in the future but they will have to be patient of course. The other very positive aspect is that house prices really have become artificially high in the downtown area. Many of the owners do not understand that the prices far exceeded affordability levels. Prices of $4,000 or $5,000 per square meter for properties with no particular outstanding features are just too high given the fact that interest rates are also very high.

This has created an environment where very few transactions are actually occurring. People involved in the market understood this well and were waiting for some event to break the log-jam. The dramatic free-fall being witnessed in the Airbnb scene looks to be exactly that catalyst.

Homeowners in downtown should not fret too much. Many of them have made exceptional returns and should be pleased with the investments they have made. Many also have  lovely properties and will not sell under any circumstances. And this in no way will cause a crash in prices. It will just mean that some people will make the rational decision to cash in on investments and perhaps try something new. This will create buying opportunities.
Over the mid to long-term, Istanbul is an exceptional place to own  property. Owners will just have to get used to the new reality and reduce their rental prices or their asking prices when looking to sell.

There are still enough buyers out there that they can certainly sell their properties to. Conversely, for new buyers it does represent an opportunity indeed. Also for many young people who have effectively been locked out of the market, this may be their moment to get on the ladder and own a home. In short the last few years represented a slow down in investments in the downtown area. What is happening these days may actually spur new investment, as investors see price levels that will be very tempting.

Being such a rapid and dramatic occurrence, I am very interested to speak with anyone connected to real estate in downtown, in order to brainstorm with a view to coming up with solutions to combat the adverse effects of this sudden new reality.

www.lilimont-istanbul-realestate.com

Carrefour on my street – Guest blog

I have been coming to Istanbul regularly since 2008 and even in that short period the changes are amazing. I recall being really pleased when the Belediye replaced the paving on our street, but that is nothing compared to some of the major changes that have happened. In less than ten years a metro has been built that can take me from Taksim to the airport and over to the Asian side, with a trip over the Halic on the way.

Metro on the Golden Horn

Metro on the Golden Horn

The infrastructure programmes have been amazing, and when compared with how slowly Crossrail has been built in London it makes me realise just how much has changed in a short period of time. The new crossing to the Asian side came in particularly useful to me when I accidentally booked a ferry ticket to Bursa from Kadikoy instead of Kabatas. The twenty minute journey to Kadikoy wasn’t anywhere near long enough however, for me to come up with a reason why this was my other half’s fault and not mine.

Regeneration comes in many forms, some good and some bad. Where I live in London has had extensive regeneration and I recognise a similar process in Istanbul. It makes buying a property here a slightly daunting prospect, as rapid change can make it difficult to know what will happen in an area, and one must just hope that the changes will be positive. Istanbul is a wonderfully comfortable city to visit, a good friend I love to see again and again. But like a friend who buys too many clothes, you can never be sure what you will see next and if you will like the most recent trend.

One of the biggest changes I have observed is the growth of what could be described as alternative lifestyles, more often than not described derisorily as ‘hipsterism’. Often seen cycling along the streets of Hackney in London, I see similar styles more and more in Istanbul. Turks make particularly fine hipsters as dark hair and high cheekbones really help to carry off the look and Turks are one of the few people who can get away with an ostentatious Ottoman style moustache.

Hairy guy

Hairy guy

At first hipsterism was confined to Cihangar, but soon the abundance of top nots and beards became too much for that small area and it began to spread it’s tentacles across Beyoglu. For a long time however, it seemed unable to get past the natural barrier that is Taralabasi boulevard. Not surprising, as that traffic can be a bit of a nightmare to cross at the best of times, never mind on a fixie. Eventually though the hipster tide broke down even that wall and I started to see hipster cafes everywhere. Well, I think they were cafes, but they might just have been really trendy people sat outside their house having a coffee.

Of course, there is nothing wrong with being a hipster, local organic vegetables and artisanal cheese is great and my male friends love being free of the tyranny of shaving. Istanbul is big enough to contain a wide cross section of people, including hipsters and hijab I teyzes in baggy trousers, this is part of what makes it an amazing city and why many of us want to own a property here.

And then one day, walking down Omer Hayyam, I smelt change in the air. Was it the Belediye fixing the street? Some hope there, Omer Hayyam is still a slippy slope in the slightest bit of wet weather. Maybe it’s those slightly uneven steps and nasty bins under the bridge. Perhaps it was a Starbucks, we all know there is no cap on the number of Starbucks that can exist in any one area. And then I saw it, like a beacon in the night. A Carrefour mini supermarket.

Carrefour on my street

Carrefour on my street

On Omer Hayyam. Just around the corner from my flat. My heart beat faster, could it be true? I peered in the window and there they were, hipsters shopping. And I knew that whatever happened to the area, we would be safe, as there was somewhere locally to buy milk. So thank you hipsters, your top nots might be daft but you’re brought Carrefour a bit closer to me.

Sapanca Revisited

Lake Sapanca

Lake Sapanca

Last year, we did a few small blog pieces on the very much up and coming area of Sapanca Lake just two hours from Istanbul. Since then, as we predicted, demand for properties in the area has surged. New projects, catering to the lavish demands of GCC individuals are popping up throughout the region. Large villas in private compounds with ample green spaces, community and recreation centers and full security seem to be the property type of choice.

Lilimont has done extensive research and come up with what we feel is an ideal lifestyle, as well as investment choice.

 

Hillside villas

Hillside villas

VHSapanca Luxury is a joint Saudi-Turkish boutique Project that is scheduled for delivery in eaerly 2017. Financing is available through a leading Turkish financial institution and spans an installment period of 24-48 months. The high quality finish, lake and lagoon views, and the centrality of the project (15 minute walk to downtown Sapanca) makes his Project a bargain at approximately 1200 USD/ sqm. It is anticipated that off plan buyers will achieve a thirty percent appreciation by the time of delivery. Prices range from as low as 350,000 USD up to 750,000 USD for properties ranging in size from approximately 300 sqm to 650 sqm of internal with generous, private terraced gardens.

Inquire now with Lilimont for a brochure and specially secured early buyer discounts.

Some useful tips when looking to buy in Istanbul

For the saavy investor in Istanbul real estate, the street names of Faikpasa or Cukurcuma are probably already quite well-known and have come to signify what urban chic looks like in this city. A generous sprinkling of cafes, galleries, antique shops and boutique fashion stores line the narrow streets, inviting the wanderer in. A great neighborhood for endless strolls, Faikpasa is located within a few minutes of the bustle of Istiklal, yet maintains its European Old World feel with dashes of contemporary Turkish creativity.

A number of gorgeous boutique hotels that have recently opened make it a fantastic holiday destination offering accommodation par excellence. The mix of nightlife, history and the general sensory overload make for a heady, intoxicating experience. Well-priced home made Turkish food is in abundance. All making the area a go to for Istanbul property investment.

 

 

This 150 square meter property was originally two separate apartments that have been combined to allow for ultimate luxury. Located at the top of Faikpasa, featuring architecture that reminds one of Barcelona, this second floor property has carefully restored original features: wood flooring, hand made Turkish tiles, high ceilings, exposed brick, and marble elements sourced from the local shops. All synonymous with Istanbul real estate.

Twin French balconies provide a perfect place for watching the goings-on in the thriving neighborhood. The asking price of 450,000 Euros is likely to be met in the coming months, with intense demand from young, well-heeled Turks, and foreigners seeking a property that exudes the essence of old Istanbul charm and sought after real estate in Istanbul.

As Istanbul is a sprawling metropolis, it is essential that any would-be buyer narrow down the neighborhoods in which they would really like to live. The far-flung suburbs offer a very different experience, and are a big commute into the center. Although prices are very reasonable and there are endless new projects to choose from, one might find the living tends towards the generic and does not offer the full palette that brings visitors by the millions to the ancient waters of the Bosphorous. Before you attempt to start looking for particular real estate, spend at least a few days going to some of the more popular neighborhoods and try to get some feel fort hem. They are typically quite distinct from one another in many ways, not just in pricing.

Another good piece of advice is to seek out an English-speaking estate agent. 90 % of Istanbul real estate agents will have very limited English skills and this poses a wealth of problems and will likely result in at least a fair bit of lost time.

Although the market has surged in the past decade and the days of ridiculously under-valued property seem to be very much a part of the past, the discerning Istanbul property investor still should be able to find a property with lovely character and pricing in line with what you would expect from a major world city, of which category Istanbul no doubt belongs, and indeed has belonged, for many centuries.

Finally, do not take the asking prices on the internet at face value. Bring your keen negotaiting skills to the party!

Red lights- you may have got it wrong on pricing when putting your Istanbul property up for sale

One of the most difficult yet necessary tasks of an Istanbul estate agent is to moderate the sometimes exaggerated values owners have of their own Istanbul properties. To further compound the sensitivity in this is the constant state of flux that exists normally for real estate markets, as well as imprecision in assigning a value to a particular piece of istanbul real estate.

I can tell you, over the years, I have certainly seen both ends of it. I have seen property in Istanbul sell for much more than I would have imagined, but more frequently, I have seen properties sit idly for sale for eons due to incorrect asking prices.

Though far from exhaustive, the below list should give you some idea of whether or not your expectations are in line with market reality.

  • You have assessed the property as objectively as possibly in the context of the broader market.
    do it...

    do it…

    It is important that you have not just gone on the internet and done a superficial search on asking prices. Be aware of neighborhood transactions and compare to your property.

 

 

 

  • You have had two separate real estate agents in Istanbul provide valuations. You may want to consider paying a small sum to them, as this might let them know you are serious about getting an accurate, well-thought out assessment.
  • Has your property been on the market for 6 months? This is a sufficiently long enough time to gauge market feedback and also long enough if some temporary blips (political uncertainty, etc) might skew price trends.
    too long

    too long

    If your property has been on the market for a year or more, ask yourself the question if you are really serious about selling your property.

 

 

  • Have you been following your estate agent’s client flow? If they are averaging less than one viewing per week, it may suggest a problem. Of course, for higher end, more rare real estate types, this may be overly-ambitious. However, for your average property within the majority of buyers’ reach, you should be hitting this number, with one view every two weeks being the absolute low.
  • Do some clients seem offended when you show them the property? Although this is a pretty extreme situation, it does happen. I rarely will agree to take on a property that is offensively overvalued, as it immediately destroys credibility and wastes time. Some clients will be very forthright and comment on an absurd asking price. If you hear such comments, do not just brush them aside. These people are not doing this as a negotiation tactic. They will not be making an offer on the property.
  • Very basic, but are offers coming in? Are some clients coming for a second viewing. If you are not getting any second viewings at all, that is a huge red flag.
    deals to be done

    deals to be done

    I always sense when selling a property is imminent and one of the big cues for this is several clients making repeat visits to the property.

  • Yield, yield, yield. Assuming your property is not a Norse Castle somewhere north of Stavanger, most clients will be interested in how much rental income a property could achieve. Just about everybody has some idea about rents in local neighborhoods; it seems to be wired into our survival DNA, so it should not be hard to figure this out.
  • And one of my personal little favorites. If you are using general listing sites that count the number of hits you have and they have an “add to favorites” function and you are not getting more than one “add to favorites” out of one hundred, it is a signal that even in the impersonal online theater, buyers are not even tentatively showing an interest! My hot properties usually get 3-10 “add to favorites” in one hundred. Try it some time, it is a lot of fun.

 

So, in short, in the rough and tumble world of real estate, a little self-monitoring can be a valuable tool!

 

What is drawing the big names in football to Istanbul?

Tw VPTurkish football and the Süper Lig may not carry the same global prestige as the Premier League, but the profile of Turkish football has been regaining strength in recent years, due in part to a number of high profile names heading for Istanbul.

Tw NaniBut what is it that saw players as high profile as Didier Drogba and Wesley Schneider opt to play at Galatasary a few years back, and more recently lure United team mates Van Persie and Nani to Turkish rivals Fenerbahce for the coming season?

Well despite the reputation of a league, the obvious light that attracts even the largest moths in the game is of course, money. Heavy investment, big sponsorship deals and improvements in grounds and training facilities have allowed teams around the world, to evolve into a more tempting proposition for the big names.

We’ve seen it in China, Russia and probably to the greatest extent the USA. “Soccer” is fast becoming a national past time in the states and the MLS draws vast support despite only being a spritely 22 years old.

Robbie Keane, Steven Gerrard, David Villa, Kaka and most notably David Beckham are amongst the big names to head state side. But the MLS has been branded with the unfavourable title of the Premier League’s retirement home, as players head for warmer climates to see out the twilight years of their careers.

The same however cannot be said for the Turkish league. The rivalry within Istanbul alone between Galatasary and Fenerbahce, and to some extent Besiktas, is arguably one of the fiercest in the game. With Galatasary and Fenerbahce in particular offering a very real chance of excelling in European football, the pace is far from leisurely.

So for those not quite ready for the retirement home, Istanbul offers the competitive football they require but what else? Well with some of the best tax rates outside of Monaco RVP will be keeping the large majority of his £240k weekly wage in his pocket. Not only this but the cost of property in Istanbul is considerably cheaper and, even the high end market offers more for your money than you’ll find elsewhere in the footballing world. The average cost to rent a one bedroom apartment in Istanbul is just £310 a month, a 52% difference to the £650 a month in Manchester. Over 80% cheaper than renting in London at £1,600 a month!

With their £4m+ transfer fees, it is unlikely either Van Persie or Nani will be struggling to afford the cost of living in Istanbul, or that they’ll opt for a one bedroom flat in the city centre. Professional footballers are wrapped in cotton wool these days and their agent organises everything from their hair cut to their living arrangements.

The majority of them end up rubbing shoulders with the Istanbul elite in the high end housing developments, that provide the secure environment needed to keep them away from prying eyes. Developments such as Istinye Park, Listinve, Selenium Twins and the Macka Armani Residence (rumoured to be home to Sneijder’s multi-million pound pad) are all popular options.

Lilimonts Istanbul Partner, Keith Boyle, commented:

“The privacy of these luxury residences with their high quality fitness and wellness areas, 24 hour security looking after the needs of Istanbul’s elite, swimming pools and full concierge services seem to be de rigueur in the choice-making of these wealthy, though often temporary expats.

Many, of course, opt for rentals in the same type of compound. However, others sense that the exorbitant rents make it a wiser choice to purchase a property with the anticipation of price gains.

The size requirements would typically be anywhere from 200 sqm all the way beyond 500 sqm. Mr. Persie, in an elite compound with great Bosphorous views, may expect to pay anywhere from £1.2-5 million on such a great pad.”

Lilimont 1Lilimont Istanbul are listing such apartments in this luxurious development in Florya, situated within eight acres of landscaped grounds. It boasts sea views, a central but private location, its own shopping centre, food, drink and entertainment facilities, a playground and health and fitness facilities including a Turkish bath. These three to seven bedroom apartments start as low as £390,000.

But if this expansive development is a little too open for the camera shy footballer, an apartment in this extremely exclusive Selenium development in Sisli may be more appropriate.

Lilimont 2

Each of the buildings offer every amenity our former Premier League stars might expect from the finest hotels. There is a grand entrance, fitness facilities, the buildings personal security as well as lounge and restaurant space to name just a few.

The development is one of the premier property projects in Turkey at present carrying the prestige associated with a top name in football. An apartment on one of the top floors will set you back just over the £1m mark, with one on the lower floors priced around £700,000. A real steal when you compare the quality and price tag with similar projects around the city.

However for the footballer that likes to think for himself there are other options offering the expensive flash lifestyle, but with a trendy city location that will provide a taste of Istanbul’s culture, not just another private gated community.

Lilimont 3

It doesn’t get flasher than living on your own exclusive island and the Karamanyan Timber Mansion would make the perfect footballing residence! It lies just off mainland Istanbul on the second largest of The Prince’s Islands”.

The prestigious location is a stone’s throw the island’s private beach and beach club and is steeped in history. Standing 60ft tall it is easily the most impressive property on a street whose name translates to “Street of Mansions”.

Lilimont 4Or if Robin or Nani favour a drive to work over a speed boat, this penthouse apartment in Galata ticks all the right boxes.

The two bedroom apartment offers panoramic views of the Golden Horn and Bosphorous are spectacular, further brought to life by the property’s oversized living room window. The 40sqm terrace provides outstanding views, overlooking a gothic church that remains from the Crimean War.

So if RVP or Nani are still in the market for a property, they should visit us at Lilimont Istanbul, and we can help them find something a bit more unique than an apartment in a closed community.

Lilimont Istanbul Real Estate: http://www.lilimont-istanbul-realestate.com/

Luxury Spa, Boutique Hotel or Luxury Mansion.. Istanbul Property with a Difference: Abbas Pasa Palace

On occasion, history and Istanbul real estate intersect and that is when the work truly becomes interesting.

2938302-heybeliada-mavisiA few weeks ago, I took a speedy ferry which brought me out to Heybeliada, one of the chain of Prince’s Islands just beyond the entrance to the Bosphorous. Immediately upon disembarking, you shift into low gear after the whizz of Istanbul life. No cars, just horse and buggy transport and a tranquil early twentieth century feel. p1230807The Islands seem made for leisure and are a perfect anti-dote to the break neck pace the Istanbulu knows so well.
The low density of property, the abundance of green and the car-free streets allow you to amble up the gentle hills past grand Istanbul mansions hearkening back to former glory. Many have now been carefully restored and the Island is again very much coming into vogue, with wealthy families such as Koc and Sabanci, having luxurious abodes.
satelite-2-540x487This valuable Istanbul land (asking price is 4.5 million USD) that we have just added to our portfolio used to house an ornate mansion in the “Egyptian Revival”style belonging to the last Pasa, Abbas Halim. plan-5It was an architectural gem of the famous architect Hovsep Aznavur of Armenian descent and also mastermind of Misir Apartmani, a landmark property in Istanbul on Istiklal Street.b_13709 Abbas Pasa was known to be close friends with many of the famous poets, artists and architects of the time.
The original structure was carried piece by piece back to Egypt and now there are just a few stone’s remains.

The unparalleled beauty of the land, as well as its proximity to the sea, make it a great choice for a hotel or a completely unique palatial residence for the enterprising individual.

As the permits have all been approved, construction could proceed quite quickly.
The price is believed to be negotiable and, based on research, it represents a golden opportunity to aquire a piece of historic and superb real estate in Istanbul.

www.lilimont-istanbul-realestate.com 

Ottoman Bliss on the Princess Islands

This property in Istanbul has it all – location, beauty and great investment returns.  –

Karamanyan on the Princess islands

Tranquility

Tranquility

The Karamanyan is a beautifully renovated historical Ottoman Istanbul timber mansion, which consists of four stunning apartments, located on the island of Heybeliada just off the mainland of Istanbul south of Kadikoy. Heybeliada is the second largest in a group of four Islands known as “The Prince’s Islands” found in the Marmara Sea off the coast of Istanbul.

views to die for

views to die for

It is like stepping back in time and is an amazing contrast to the hustle and bustle of central Istanbul, which, with the fast boat is only 30 minutes from Bostanci and 50 minutes to Kabatas.

7-ground11cropped1

Istanbul real estate doesn’t come much better

 

 

It is located on the Island’s main street on the way to the prestigious Halki Palace Hotel, two doors away from the Island Museum (Once In”nu’s house) and just a five-minute walk from the gorgeous Private Beach Club. The building, which stands at over 60 ft tall is one of the most impressive buildings on the Island and on the street, which translates as “Street of the Mansions”, this one is a show-stopper.

7Bathroom1cropped

beautifully designed and finished Istanbul property

1-ground10croppedThis amazing piece of Istanbul real estate was once a dormitory for the Monks living on the Island and attending the nearby Monastery, however today it is used as a boutique apartment holiday rental. The apartments themselves are full of original detail and charm and consist of two or three bedrooms; they have been completely re-furbished and re-designed from top to bottom. Each apartment boasts its own unique qualities and include grand ornate living rooms and bedrooms, private gardens, open and covered terraces and enjoy beautiful sea and mountain Views. Although each apartment is independent from one another with its own gas central heating, water and electricity, the development was created with the notion of friends or family sharing the overall property, so this is why the residence is being sold complete one mansion.

This Istanbul property stands on a plot of 320 square metres and the property boasts almost 500 square metres of internal living accommodation. This beautiful old timber building was built in 1875 as ‘Grand Bretagne Hotel.1-Living1cropped

When this hotel re-opened in 1898, the original hotel was sold to the English family the Splins and Kastriadises, later the ownership changed to mining industrialist, banker, amateur Aram, Hrant and ArtinKaramanyan brothers.

9-Garden-1cropped1

The present owners are British citizens. One is a filmmaker and the other a frequently publicized haute couture fashion designer. The building has been restored with enthusiasm and beautifully furnished by the owners, with great respect to its history. The renovation was completed in August 2008, and is fully insured for building and contents. Kitchens and bathrooms are fitted with luxury units. Many of the furnishings have been hand-picked by the owners in Europe and imported.

5penhouse3croppedCurrently operating as a small business, the apartments are let weekly for holiday rentals and over the past four years has steadily grown in turnover.

The season is April to October and on the present pricing structure and running at full capacity the turnover could be approximately 95,000GBP. The apartments are also popular over Christmas and New Years Eve and have even had bookings in November and March.

The property price includes all of the bespoke furniture, high spec kitchens and bathrooms each of which has been decorated and designed with local Turkish tiles. The sale also includes the website and rental sites with the history of bookings and business growth from the past 4 years – This is an invaluable foundation to build on for any buyers interested in carrying forth the lucrative rental business.2-Bedroom-1-Master-Bedroom

This truly is a unique opportunity to own an opulent Istanbul residence and a part of history, on an exclusive Island in Istanbul surrounded by the sea and natural beauty.

This rarely found mansion property in Istanbul is ready for enthusiastic and interested new owners and would be ideal to live in permanently, use as a family holiday or rent out as an investment property.

www.lilimont-istanbul-realestate.com

Istanbul & Its Street Art Culture

Mural 3The attraction of living in a foreign city for most, is the opportunity to experience a new culture and way of life. Istanbul offers this in abundance, due for the large part, to its straddling of two continents and its historic, strategic importance for the Romans, Byzantine and Ottoman Empires.

 

But culture comes in many shapes and forms and isn’t necessarily confined to food, religion or nationality. Art has long been a strong influence within culture whether it be music, poetry or painting, but as times change, culture changes with it and this artistic expression manifests itself in different ways.

Wall paintings date back some 40,000 years in both Europe and Asia, but the modern day graffiti artist is often thought of as a blight on society. Without the consent of the owner, as is often the case, graffiti is a criminal offence and punishable by law. However it provides the less privileged in particular, with a vehicle to express underlying social and political angst.

Particularly in recent years, street artists such as Banksy, have seen graffiti and street paintings become a legitimate form of art, with his work now fetching a high price. Major cities around the world have become a blank canvass and Istanbul is one of those leading an artistic revolution.

Mural 2

Since 2012 Istanbul has held the Mural-Ist Festival, organised by the Kadıköy Municipality in the Anatolian side of the city, it celebrates street art through the creation of enormous wall paintings.

 

 

The aim is to brighten up some of the city’s more subdued areas, filling blank walls with vast amounts of colour, each narrating their own story. Once again the festival will bring as many as 10 mural artists from around the world, keen to make Istanbul their blank canvass, with each artists taking around 10 days to complete each masterpiece.

One such mural painted by Polish artist M-City at last year’s festival, was considered one of the best of its kind worldwide.

Not only are these works of art becoming a thread in the fabric of Istanbul, but it demonstrates the city’s open minded approach and acceptance of new forms of expression. This makes it a desirable location of many, not just the artistically inclined and should serve Istanbul well in the future.

If you want a first-hand experience of Istanbul’s street art, Lilimont have a number of properties within the vicinity of some of these artworks and the expertise to help you secure one.

Take Galata for example.

We’re listing this spectacular penthouse flat with panoramic views of the Golden Horn. This fifth floor, two bedroom apartment is one of a kind and packed with historical character.

We’re also listing this sleek penthouse flat, again in Galata, for 350,000 Euro. Offering a mix of regal, historic architecture with a sleek, contemporary design.

Both properties aren’t to be missed and both lie a stone’s throw away from one of our favourite Istanbul street murals!

Panda mural