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

Elections and a good Istanbul Property deal.

First of all, it would be hard not to mention the elections just past, which seemed to have fixed the attention of the entire country.

looking serious

looking serious

_83471165_e76a1016-7576-4c83-a0b2-1c5c912447b2

looks pleased with himself

The big surprise was that the AK party lost its majority and may need to form a coalition, something that has not happened in more than a decade.

The next 45 days look as if there will be a fair amount of uncertainty. Nonetheless, if the bickering that was so present during campaigning can be put aside, then there may be a resumption to a new kind of normal. Distant memories of weak and ineffective coalitions haunt the minds of many Turks, yet there is no reason to be sure that history will always repeat itself. Pessimism at this point is premature. As Abullah Gul wisely said, now is the time to focus on making things work. Indeed.

The first reaction of the markets seemed to indicate some panic and fear, but it has been far from free fall, suggesting that the sentiment is not as dire as it could have been. And voter turnout? Turkey must have one of the highest voting rates in the world, coming in at over a whopping 80%. That suggests that some parts of the democratic system are working just fine. Now if only the politicians could start being a little more collegial to one another!

As you may have noticed, from time to time we feature a property in the blog. Usually, we select this property in Istanbul carefully. Our criteria are essentially that it be an attractive property in some fashion and also makes for a good Istanbul investment vehicle.

This week, we are putting forth a one bedroom apartment just off Omer Hayam in The Aynali Cesme neighborhood.

pretty istanbul property

pretty istanbul property

This property in Istanbul was renovated from A to Z three years ago and remains in top condition. It is 65 square meters with an open kitchen plan and windows facing lively, colorful and vibrant Tarlabasi. In the evening sun, the view of dilapidated old Istanbul buildings in Tarlabasi is suffused with other-worldly hues. It really is a fantastic and nostalgic view for those appreciating this side of Istanbul life. feature-540x359

The asking price is 115,000 euro and it rents out strongly at 1500-1700 TL. It is also being offered with all furnishings. At a roughly 6-6.5 percent yield, this makes for an investment that provides immediate and steady returns. Being in a historical Istanbul building, the flat has high exposed vaulted ceilings and original wood flooring.

Galatasaray, at the midpoint on Istiklal, is a mere 5 minute walk.

This school has been around since the 15th century

Galatasaray school has been around since the 15th century

The price represents the entry level for properties in the area, so it is ideal for those seeking to take that first step on the Istanbul property ladder.

An optimistic view would look past the immediate political instability as a long term view points to democracy working in Turkey as opposed to a good amount of other countries. The political middle ground will most likely be found relatively soon followed by economic stability and in a relatively short time investments such as the property above could well look like shining stars against a backdrop of over leveraged Western property investments. Warren Buffets quote springs to mind – ‘Be fearful when others are greedy. Be greedy when others are fearful’.

www.lilimont-istanbul-realestate.com

 

An Istanbul property buying opportunity.

Many medium to large size investors use their invested amounts to leverage better Istanbul real estate deals for themselves. If they are investing in larger developments, they can also negotiate much better prices than those just coming off the street and looking to purchase single properties. They can further secure further discounts by getting in very early in the construction phase. Developers have been known to give up to 30 percent discounts in the first phase of a project as compared to the delivery stage. Therefore, wealthy investors, rather than developing their own project and assuming all the risk, sometimes piggy back on the developers and purchase large numbers of properties in Istanbul at steeply discounted prices, which they sell on delivery of the project, often at lower prices than what the developer is offering at that time.

Currently, one of Lilimont’s clients has 5 units in the very popular ‘My Home’ project in the booming Maslak area. The area, about ten minutes from the city center and immediately adjacent to Levent 4 metro stop. As the area has really become a focal point for high rise tower development, a surge in prices is evident.

My Home in the country

My Home in the country

This price growth has enabled our client to offer these units at a discounted price compared to what is on offer by others. Furthermore, as he has identified an attractive investment requiring a good deal of capital, he has made the rational choice to let these properties go at a great price. His stated desire is to sell them to one investor, rather than one by one, which would be too time consuming, albeit more profitable.
The properties are large 2 bedrooms, with starting prices as low as 775,000 TL and would make for a good bulk purchase, with possible further price slashing by a hard-nosed negotiator. One of the units has already been tastefully furnished and you can see it here  - http://www.lilimont-istanbul-realestate.com/for-sell/residential-apartments-maslak/

The developer is the Turkish legend, Ali Agaoglu, a regular on TV screens and the printed press and known for his ability to offer quality projects aimed at the burgeoning middle class and their demands for green space, quality design and high quality finishes.

Ali with his disceet family runabout

Ali with his discreet runabout

A Kuwaiti investment fund alone bought hundreds of units in one of his projects, predicting strong demand in their home country.
As Maslak has become a new business and residential district, the rents have also soared and the demand is being driven by the upwardly mobile Turks who favour Istanbul property on high floors with sweeping views over the city and the nearby forest.
Rental yields are estimated at a solid six percent, with plenty of room to grow further, as can be seen in nearby Levent.

As the summer season draws closer, an influx of foreign holiday makers will be looking for such opportunities. Particularly, Middle Eastern investors are often looking for such a chance, allowing them to house a large number of family members in the same location.

www.lilimont-istanbul-realestate.com

Keeping Property in Istanbul in Perspective

It has just been announced that housing prices in Istanbul notched a record rise this year.

Great news, but not without need of caveat.

In my decade plus here in Istanbul I have lived through the following:

  • -Istanbul property prices were originally billions of Turkish Lira.
  • -Or you could buy a piece if istanbul real estate for 100,000 Turkish Lira.
  • -The Turkish Lira was almost on par with the dollar some years back and now it is worth virtually 3 Turkish Lira.


Of course, there is a bit of leger de main at play here, as I am comparing the old Turkish Lira and the new Turkish Lira.

The Mightly green back

The Mightly green back

However, the relationship between the mighty dollar and the Turkish Lira has been a case of decline of the lira over the past 5-7 years. This means that Istanbul house prices have had a harder time keeping pace with the blazing dollar, and has also meant that those holding USD now find the prices very attractive in Istanbul. The record price rises should be viewed within this context, as well as the opportunity that currently is taking shape in Istanbul. In the city center, as opposed to the far-flung suburbs, the Istanbul housing market is robustly marching along in terms of lira prices. The outer areas, however, are about to feel the pinch. As istanbul developers try to pass on their increased costs due to dollar strength, they will likely find that their TL earning consumers will have reached the max in terms of affordability.

In downtown Istanbul, the market is readily propped up by dollar-wealthy foreign investors who have an appetite for anything they deem reasonable value. In a sense, this is not so different from how London operates, though on a less grand scale. During the interminable crisis that has come to shape the perspective of many investors, London became what they term a ‘buy and leave’ destination for investors, who often parked cash in properties that they neither rented out nor lived in. This simply does not happen in the TL dominated World of suburban Istanbul and is why I strongly favour sensible investment in the center. Commentators wryly referred to the London phenomena as being akin to a safe deposit box. Many Middle Eastern (GCC, MENA and countries to the near east of Turkey) now view Istanbul in this light.

Just buy and leave... simple as long as you have a million quid

London, Just buy and leave… simple as long as you have a million quid

Central Istanbul property shares some similarity with this investment trend. Investors often see the bustling downtown, with a vibrant economy, despite the bumps along the way, as a good position to hold, often taking a long-term view. Be it the ’flight to quality’ or ’safe haven’ or the less prosaic, more humorous ‘buy to leave’, there is the common thread that sees the big money investors in istanbul are staying away from what are viewed as the riskier non-downtown areas of large metropolitan areas. Legendary Irish poet Yeats may have exclaimed that ‘the center cannot hold’ but he certainly was not referring to real estate in the new millenium, but, then again, he lived in a castle.

Another oft-neglected aspect of this flight back to the center is the inevitable rise in transportation, of which the cost of public transportation is the most sensitive. In Istanbul, sudden price rises of 30% or more for single-line transport have been known to happen. Once a bargain, the costs of daily commutes are starting to add up, with consumers constantly making calculations taking into account lost time travelling and the monthly AKBİL total (like an Oyster card). In addition, as metro lines expand, so do the number of people using them, often making it more crowded and less comfortable (I can attest to the fact that after the Levent line was expanded to Yenikapi, I now always have to stand, regardless of the time of day).

In spite of all the possible outcomes over the next half-year or so, it seems that the most likely is that central ıstanbul will retain its primacy and will be less adversely affected by the spasms of an EM currency.

www.lilimont-istanbul-realestate.com

Istanbul Property Assessment and Valuations

Lately, I have been getting quite a few requests to give valuations on Istanbul properties from foreigners who have bought property in Istanbul over past years and who are considering cashing in. In all cases, the goal is to give as clear a picture as possible on the current fair market value on the property in Istanbul. This is often easier said than done.

take time collating the info

take time collating the info

We must consider that the fluctuations in the TL can add additional complexity for the owner. What was worth 200 thousand dollars six months ago may not equal that today, given the currency has depreciated over ten percent. Naturally, foriegn owners looking to sell up their real estate in istanbul are interested in what they will take away in terms of dollars, euros, and so on. However, when doing a valuation, it is crucial to do it in TL terms, as it is in the end an asset in Turkey, and issues such as affordability and rental incomes on properties are gauged in TL. Once we have a TL valuation we can then convert to the owners desired currency but this should not influence the valuation.

What is the thought process and what are the main points when giving a valuation?

1-The first step must be to identify comparable properties which have been sold in the same area in the past six months. Finding a perfect comparable is not always possible, as the property types are so variable, as well as street by street differences. Additionally it is exceptional difficult to assess concrete property sales data in Turkey, cadastral records (land registry) can also be consulted, but are not usually so accurate.. However, if we can find properties that can be said to be reasonably equal, this is a strong basis for getting a working figure for a valuation.

2-Once property comparables have been found, then a differentiation process can begin. Which property has a better view, more light, is in better condition generally, has a higher rental income, is located on a street where the nearby properties are maintained better? For example, if property A was sold at 500,000 TL six months ago, but it has a better view, though not in such good nick internally, what is the value relation of these multiple factors. It is not an exact science, for sure, but having intimate knowledge of neighborhoods, street by street, is essentail in coming up with an as accurate as possible assessment and dealing with what are sometimes fuzzy distinctions.  Of course, this does not apply with large compounds where you have maybe hundreds of almost identical properties. These types of valuations are simpler, as the variation decreases and the comparative data is usually much greater.

prevailing price trend

prevailing price trend

3- General market trends. This often can also be a good starting point, particularly if the owner divulges the price they purchased the property for. For example, if the owner says they bought for 200,000 TL three years ago, and the data signifies that the particular neighborhood has been appreciating at 10% yearly during that period,   İt will be up to the assessor to disprove a similar trajectory for the property in question, and to provide rationale for the exception.

4- Always involve the owner. Home owners often are keenly aware of neighborhood developments and often know quite well the price that Mr. Jones, the neighbor, sold their property for last year. It is important to ask the owner what their expectations are for the price and also why they feel that way. They may be reluctant to tell you, but if there is trust, they should and often will. If it is unrealistic, reasons must be given.

5- Allow for ten percent error either way. It is best to give the valuation with the caveat that there is an error factor of ten percent either way, which can largely be attributed to market factors that change rapidly. Also, without feedback from live, breathing clients, it is impossible to get ultimate precision.

On the lighter side. After one particulary vehement objection to a property assessment I once gave years back on a 140 square meter apartment in the depths of Tarlabasi, I was bold enough to ask the owner the grounds for so vigorously disagreeing with my assessment. After brushing aside the methodology I explained I had used, he waved his arms in frustration and exclaimed that he had to buy new apartments in Umraniye (a new suburb on the Asian Side) for his three brothers who all jointly held a share in the current property, as that was the condition for agreeing to sell this apartment. Now, thats’s the job for an alchemist, I thought.

Six months later, he called me back and agreed that I had, indeed, given an accurate valuation.

www.lilimont-istanbul-realestate.com

Ferikoy: bargain hunter’s kill zone

Ferikoy is surely a neighborhood that will experience very good capital growth. It is very central in Sisli, and only about a 10-15 minute walk to Osmanbey, the nearest metro stop. In many ways, Ferikoy has not had its day in the sun due to the impressive surge in popularity of adjacent Bomonti, which is truly booming and has the crown jewel of the sparkling new Hilton.

Once quite ethnically mixed neighborhood composed of Armenians, Greeks and a Jewish community, it now is home to working class Turks. However, a change is discernible, with many local business owners becoming wealthier, their appetites for more appealing housing has become evident with the many new constructions sprouting up.

Pretty smart

Pretty smart

Furthermore, many Turkish people, revolted by the commutes to outlying suburbs are scouring these once forgotten neighborhoods, undoubtedly seeing that the calculations tips into Ferikoy’s favour when travel costs and ever-important time is taken into account. Add to the fact that Ferikoy actually has a neighborhood feel and a sense of vibrancy, it is no surprise that it is starting to get much-deserved attention.

An exceptional Antiques market

An exceptional Antiques market

As prices in nearby Bomonti seeme destined to break the 3000 USD/ square meter mark and Nisantasi, a brisk ten minute walk, considerably well beyond that mark already, it makes sense that prices in Ferikoy, which start at 1500 USD/sqm, are at attractive levels for investors as well as those locals desperately trying to avoid coughing up a large portion of their monthly income to generally rising rents.

The only thing that stops nearly every single property in this area from getting snapped up is the stringency of the banks and their common approach of rarely exceeding loaning more than sixty percent of the true market value of these properties, thus making it difficult for budget (i.e. Low-mid income buyers) to come up with what still amounts to a sizable downpayment. Further keeping a lid on matters are the high loan rates that drive up monthly payments to the point where the loan terms are mostly not much more than five years, with borrowers eagerly closing them before the full term, if at all possible. Here’s a great deal  - Lilimont Ferikoy

Rental properties in the area start from 600 USD for a one bedroom and up to 1000 USD for a two bedroom, with rental contracts usually agreed in TL.

If nearby neighborhoods provide any example, it seems likely that these will steadily increase in the next few years, possibly as much as 40-50%, making the future yield look very strong.

With Bomonti starting to look more and more like one of Istanbul’s most successful urban regeneration zones, it does not tax the imagination to feel that where Bomonti goes, so will Ferikoy.

Flats in need of tasteful renovation abound and are ready for the enterprising investor who, mind you, should look for a realistic return, perhaps 20 percent for a project.

www.lilimont-istanbul-realestate.com

 

Buy to let Istanbul Property

Naturally, many if not most Istanbul real estate investors are seeking to gain rental income from properties that they purchase. for_rentApart from those who are buying to live in a property, the vast majority are quite keen to know how much a prospective Istanbul property would fetch on the rental market and often base decisions on whether or not to purchase based on such projections.
Unless you are intimately familiar with the rental market, you will probably just be guessing and your figures will be well off. Below are some tips to provide more precision for your calculations:

  • -ask the realtor directly what the income is. Obtain proof by way of a rental contract or monthly bank deposits, if possible.
  • -scan the internet for properties with similar character, size and location. Try to get five, and then average them, finally subtracting ten percent for assumed negotiated final prices.
  • -use common sense. If the figure being given just seems too high, it probably is. Better to err on the side of caution.
  • -find an online index giving rental values in particular neighborhoods, try this or this. Look a few years back to add some historical perspective, as well as give you insight if rents are trending higher.

A few points to be aware of:

  • -if you are considering a property in Istanbul with an in-situ tenant, find out how long the tenant is staying. Sometimes, they may be on a shorter contract (3-6 months) and hence will likely be paying a higher rent than those who have been living in a property for years. This may artifically inflate the yield.
  • -again for in-situ tenants, understand the current contract. Some tenants prefer to get a contract with utilities included, as often their companies pay a lump sum monthly. In this case, they are often overpaying for the convenience of not having to worry about utilities. That can be fine, but just be aware that the yield may decrease when you get a new tenant in and they just want to pay the basic rent.
  • -be aware of any tenant that has a close connection to the owner, be it a relative or close friend. Understanding the nature of their agreement is not always easy and you cannot be sure what you are getting into. Better to start fresh with your own tenant in this case, unless you feel good about the tenant.

What are some other points to consider when aiming to maximize your investment and minimize fuss?
Sometimes in our efforts to sign on with tenants, owners can be too kean and overlook diligence in properly screening the tenant.

This guy?

This guy?

In my experience, avoid tenants in Istanbul who do not have steady work, as the temptation is too great for them not to pay when the going gets tough, and favorable tenancy laws make this easier. It is better to review the tenant properly before signing, as this will save headaches later on.
Another good idea is to immediately set aside ten percent of the rental income for repairs.

or this guy?

or this guy?

In my experience, this is usually more than enough, and it can be viewed as an acceptable amount for painting, etc. However, if you have not set the funds aside systematically, it can lead you to negative thoughts on your rental, where there should be none.
Istanbul is a good city to be a property owner. The rents are high and demand or to in most areas is pretty brisk. Small apartments in Aynali Cesme or Talabasi should always have good income potential, take a look at the potentials – Aynalicesme and Tarlabasi.

Time is money!

Time is money!

If your property is remaining empty for several months, you should be honest with yourself and ask if it is really properly priced and if it is in acceptable rentable standard, these being the two roadblocks in successfully renting out your property.
Finally, it should be noted that some properties outperform others on the rental market, but may not achieve the same capital growth. This should be considered prior to any purchase. There are often good reasons for this, yet they may not be obvious on first glance (for example, a student rental property may get higher yields as many people may share the space. Yet it may nor appreciate so well if the property gets more wear and tear).

www.lilimont-istanbul-realestate.com

How’s Istanbul property faring with the new year?

With balmy spring-like weather for most of January, the Istanbul real estate scene for 2015 is off to a zippy start. Lilimont has been keeping busy with a handful of transactions, as well as a few renovation projects and our proffessional services for foreigners (these will both be discussed in future blogs).

As global currencies seem to be flying all over the place, often unpredictably due to strong intervention by central banks, it often means great buying opportunities for investors, with property in Istanbul coming at discount prices.

Perhaps another driver has been the absence of bad news. It is a curious thing that often this is enough to float markets higher. You often do not always need really good news to push real estate in Istanbul forward and bring life to the market.

So, in short, it has been a good start to the year, but we will continue to keep the pulse and offer regular updates to followers. Of course activity also means that new sellers often enter the market, sensing that it is the right time to sell.

We have several new properties, but I would like to focus on two in particular, owned by the same couple, who are moving on to what is often termed Istanbul’s sister city, Berlin. Anyone familiar with the art scene here will know that there are deep and growing connections between the artistic communities in both cities and it has become de rigeur for young local artists to do a stint in Berlin, and many are opting for longer stays due to the lower cost of living.

The first property is located just 50 meters from the Osmanbey Metro, making it incredibly convenient and central. It is on a quiet side street in a very well- maintained building.

Great pad in Osmanbey

Great pad in Osmanbey

A two bedroom, 120 square meter in immaculate condition, ideal as a rental property. The list price is 300,000 euro, and with the dip in the currency, the price has really come into its own. The renovation style is universally appealing, a perfect blend of the contemporary and the classic.

 

Cool investment in Aynali cesme

Cool investment in Aynali cesme

The second property is located on a quiet side street in flourishing Aynali Cesme. This first floor flat has all of the classic features; high ceilings, wood floors, exposed brick, and hand made Turkish tiles, all at the tempting price of 200,000 euro. It is also in a building that is well taken care of and organized, and in an increasingly prime location.

Perhaps the enterprising individual could obtain both of these properties, providing an excellent foothold in the Istanbul market. Contact Lilimont for viewings!