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!