So, with a city of this magnitude, it is easy to see why investors are regularly asking us where the prime and most opportune markets lie in Istanbul, where they should place their money, and where the next big projects are going to be – we are here to talk to you about Beyoglu and why you should be investing in Beyoglu at yesterdays prices, today.
As many historical cities suffer from ageing, the formation of slums and ghettos in their city centres are inevitable. So what do you do to bring those centres back to life? The transformation of lagging areas of city centres has been seen all over the world, from London to New York to Paris, and Istanbul is no different. One area currently in the middle of such dramatic transformation is Beyoglu.
An introduction to BeyogluRegarded as the Soho of Istanbul, Beyoglu is found on the north bank of the Golden Horn close to some of the cities most famous landmarks on the European side.
An important part of the history of Istanbul, Beyoglu is young, hip, and busy, and is home to some of the most alluring and charming features you will find in the city, a nostalgic tram, historic cafes, famous restaurants, there is a friendly buzz of a district rising from the ashes to become one of the new centres for bohemian life in the city amongst the young city dwellers and trendy modern businessmen.
Three must see areas in Beyoglu
- Galata is rich in history and is where you will find the landmarks of Galata Bridge and Galata Tower. A favoured spot for investment with heavy development resulting in powerful property opportunities, Galata is one of the oldest and most historic districts in the city and today is used as an important commercial and business hub.
- Taksim is one of the busiest and most frenetic parts of the city where thousands of people congregate on a daily basis to visit the famous Istiklal Caddesi shopping street to purchase anything and everything, or dine in some of the most prominent restaurants and cafes in the city. If you are interested in catching some live jazz music, Turkish folk music, or even a puppet show or magician – Taksim is the spot for you.
- Cihangir is known for its cool mix of writers, musicians, intellectuals, and artists in a melting pot of bohemian harmony that is simply a must see for anyone in Beyoglu. A treasured neighbourhood, Cihangir is known for its narrow streets, antique stores, book shops, and laid back lively attitude that offers something to do day or night.
Main attractions of Beyoglu
- Galata Tower – believed to have first been built during the reign of Emperor Iustinianos in 507 CE, Galata Tower came to prominence under the Byzantines and stands nearly 67 metres tall and is renowned as one of the most famous and iconic landmarks in the whole city.
- Pera Museum – exhibiting works of art from the Ottoman period, Pera Museum hosts permanent as well as visiting exhibitions, making it a favourite spot for those returning to the city, as you never truly know what to expect. Featured artists include renowned painters such as Rembrandt and The Tortoise Trainer by Osman Hamdi Bey.
- Istiklal Caddesi – one of the most famous streets in the city, visited by more than three million people per day, Istiklal Caddesi is awash with boutique shops, luxury brands, art galleries, book stores, pubs, restaurants, cafes, and anything else you can think of. If there is anything you need, you will find it here.
- French Street – once an old ghetto, regeneration projects supported by the government has turned French Street into an amazing and bustling area that has been compared to what China Town is to New York. You will find many restaurants, live music, and a small taste of France.
- Nevizade Street – found in a modern part of the city, Nevizade Street is your best bet if you are looking for a night out with friends in some of Istanbul’s best bars and clubs. On any night of the week, you will find plenty to keep the party going here.
Why invest and what real estate can you buy in Beyoglu?With huge development and regeneration underway, Beyoglu has become a hotspot for savvy investors looking for tomorrows next big project or opportunity in Turkey. Called by the Beyoglu Council as the ‘Great Transformation’, the astronomical renovation project is overseeing a huge transformation in selected parts of Tarlabasi, breathing life in the area, and with it – increased housing values, rental potential, investment opportunities, and growth all hand in hand with one another.
Old historic buildings – purchasing an historic building in Beyoglu would allow one to nurture the property into a luxury boutique hotel where the sky truly is the limit. Investors are keen on the idea of occupancy rates upwards of 80% year round, making owning a hotel in Beyoglu a superb prospect to capitalise on the huge footprint of tourists that head to Istanbul every year. With clever investment and management, it would be possible to see a total return of your original outlay and investment within 10 years, figures show in London this could be up to 20 years – investing in a hotel in Beyoglu just makes economical sense.
Modern trendy apartments – with the renovation process well underway, many young businessmen and city works are moving into the area to benefit from the superb location and great access around the city. Historic buildings are also being renovated into modern residences to attract those elite level businessmen and dwellers into purchasing or renting a luxury apartment – meaning that owners benefit from high rental income, and great re-sell value as the area further develops.
Purchasing a piece of real estate in Beyoglu is a rare opportunity to invest not only in a home, but also in the future of the area itself.