subject: Have you Renovated an Istanbul Property in Old Galata or Beyoglu yet? That is the old Constantinopolis, but you already knew that [print this page] Have you Renovated an Istanbul Property in Old Galata or Beyoglu yet? That is the old Constantinopolis, but you already knew that
The old city of Istanbul is being beautifully renovated! Yes, you have heard it right. Renovation property in Istanbul is the next big thing in this monster city. Savvy investors are rushing in to do their deals with owners of old blocks in areas such as Tarlabasi, Galata, Beyoglu and the like. These ancient districts of Istanbul, some of which have long fallen from grace, are now being returned to their former glories.
Here is a brief history of this exciting part of the city. Districts such as Beyoglu (Istiklal Caddesi and the surrounding areas), Tarlabasi, Galata (where the 1500 year old Galata tower stands, from which Ahmet Celebi flew in 17th century all the way into the water's of Bosphorus) were the Ottoman Empire's most multi-cultural areas. Christians, Muslims, Jews lived in harmony and traded with each other as well as with many other parts of the outside world. Streets were paved of gold as they say. With the creation of the Republic of Turkey in the early 20th century, following the 2 world wars, the feelings of harmony seemed to have deserted this ancient part of Istanbul. Minorities left making space for migrants from rural and eastern Turkey to come in and settle in these beautiful historic buildings.
In the last half of 20th century, mostly ignored by incoming governments and in the hands of migrant workers from Anatolia and eastern Turkey, what used to be the city's most glorious areas, turned into shanty towns and inner city ghettos.
Since late 1990's however, there is a move toward regenerating the inner circles and Beyoglu area in particular, including Galata and Tarlabasi. There has been considerable success also. Istiklal Caddesi, which is the main street running from Taksim square down into Beyoglu all the way toward Galata, has been mostly renovated with shops, restaurants and now a very vibrant nighlife. A job well done indeed. Prices climbed up of course and many businesses sprung up to take advantage of the immense foothold in this area. The area is always bustling....
Renovation projects are now moving toward the back streets of Istiklal Caddesi and in areas surrounding Galata Tower. Next on is Tarlabasi. Mr. Cameron Deggin of Place Overseas Projects, says "what's happening in Istanbul is simply unbelievable. We spent 3 full days covering the area around Beyoglu and Galata in search of buildings that can be purchased for renovation projects. We focused on next on streets, at the edge of areas, where crowds have already moved in with spending power obviously. We were never the only ones looking at our target properties. One of the owners of a beautiful Galata building in need of major renovation works, had his phone ringing every other minute with enquiries of all sorts. There is major activity happening here, make no mistakes, Istanbul is the next big thing".
Mr. Deggin continues "there is a significant shortage of quality hotel accommodation in old Istanbul. Some of these renovation projects are converting into small concept hotels and some of them are converting to series of shops with residences. For as long as there is huge demand for quality property in Istanbul and a return to the city's old quarters in their millions, renovation projects in Istanbul, executed well, will deliver very handsome returns on investment".
The local saying 'the streets of istanbul are paved with gold' could indeed be true, but certainly not without kissing many ugly frogs along the way.....be savvy, know what you are doing and if you do not, then ask someone who does.....
