Invest in Property | Istanbul Beyoglu | City Guide
Table of Contents
LOCATION
Beyoğlu is situated optimally almost in the exact geographic centre of the city. It is around an hour away from both of the city’s airports (the new Istanbul Airport as well as the older Sabiha Gökçen Airport on the Asian Side), about half an hour away to the historical (Sultanahmet), political (Fatih), and financial (Maslak) centre of the city. If you ever wish to get some fresh air, Beyoğlu offers some of the biggest parks in town and is close to the Belgrade forest that surrounds the city. It is also a hub for many ferries, metros, and buses due to its position. In other words, it is unlikely to find a more central location in Istanbul.
NEIGHBORHOOD DESCRIPTION
Beyoğlu embodies the epitome of the Istanbul’s distinct way of life. The heart of the city and its denizens beat right in the various mysterious and ancient streets of this neighbourhood. Although it is not the official centre of the city (that is still Fatih), many consider it as such, and it most certainly continues to be the entertainment and shopping centre of the megalopolis that is Istanbul. The region has been inhabited non-stop since 7th century BC when City of Byzantium was first founded. By then it has been home to many Byzantines, Genoese, Venetians, Ottomans from all around the Empire, and ultimately the Turkish people of the modern Turkey.
Beyoğlu is the most cosmopolitan part of Istanbul. Here you can see a 14th century mosque alongside a 9th century church with a 21st century state of the art shopping mall in between, a Turkish bartender chatting with an Arabic shopkeeper, Greek coffeemakers helping Thai kitchen helping hands with their newly arrived cargo, and many more. It is the only place in the town where you can communicate in English rather well with practically anyone that lives there. It is an older part of the city thus the streets are mostly smaller and cosier, while the actual roads are always kept in mint condition and tended much better than most of Istanbul. You can find people, ingredients, shops, cuisines, companies from all over the world in its tightly packed bundle of streets, and see how anyone can call it home, and wants to call it home, in such a short time.
Beyoğlu was always a cosmopolitan centre. As early as the 10th century AD Byzantines allowed the Italian merchants to settle there so that they could set up their shops and companies. French people, as well as more Italians followed them during the Ottoman period. The remaining Byzantine, thus Greek, people of the city conglomerated around this part of the town after the Ottoman conquest. Even when Italians and the French mostly left this part of the town, Greeks continued to inhabit it for centuries and still do in some parts of Beyoğlu which is apparent by its many Greek eateries and cafes. Especially the last decade saw a rise in the number of expats that live in the area. People from all parts of life, but mostly academic that teach at the prestigious universities of Istanbul call Beyoğlu home more often than other neighbourhoods. Lately, there has been a surge in the amount of Syrian, Lebanese, Afghan, and Arabic establishment in the region with shawarma and falafel spots decorating the streets. In short, one can find all sorts of people from all around the world in Beyoğlu.
Because even though the neighbourhood had a very interesting past, is a great spot right now, its future is even brighter. There are renovation projects, as well as huge new living complex that started to rise up all around Beyoğlu. Older buildings are being replaced by newer ones, poorer areas of the neighbourhood are being improved in every aspect, tourism is booming, and the area (as well as the Istanbul itself) has never been safer. There is an almost nation-wide effort into renovating older living quarters all around Turkey to turn them into more profitable assets, and Beyoğlu is certainly an example at how good that can be for everyone involved in the trade.
Main Attraction Points & Neighbourhoods
Beyoğlu is full of opportunities, but the five most suitable regions to look into the buy your next house are these:
Taksim: The Centre of Attention
Taksim Square is the centre of most attractions in Beyoğlu. There is metro station in the centre, surrounded by a fairground, a huge park, some of the most luxurious shops and hotels in the city, a cultural centre, and the beginning of Istiklal Street which can be considered as the Champs-Elysees of Istanbul.
Karakoy: Where the Youth Unites
Karakoy, though mostly known for its active nightlife, is actually a very quaint part of the neighbourhood during the day, and one of the most beautiful with its many colourful stairs and abundance of floral decorations. Especially tourists frequent this area thus it is very suitable for establishing an Airbnb or renting out your house.
Galata is a square with a tower that gave its name to the region in middle and all sorts of shops and eateries around it. It was the historic centre of the neighbourhood and thus houses of many different variations (from old Italian manors to French apartments) can be found here.
Asmalımescit: Narrow Streets Full of History
Asmalımescit can be found nestled in the middle of Istiklal Street on a few side streets. It features some of the best spots for nightlife in the city, as well as a huge market for seafood, books, memorabilia, and antiques. Its inhabitants are some of the oldest in Istanbul and this part of Beyoğlu has always been a respectable and frequented one.
Sishane: The Heart of the City
Sishane can be found between Asmalımescit and Galata. Much like Taksim Square, it also has its own metro station making it extremely easy to access anywhere else in. Istanbul, and skyrocketing the real estate prices in the process. With the ever-growing metro networks of Istanbul, the value of your house can only go up in Şişhane.
HOUSING MARKET DESCRIPTION
Istanbul in general has a rather huge supply of suitable housing, as well as a positive portfolio for good investment returns. Beyoğlu is, simply put, Istanbul but better in almost every imaginable way.
For starts, you are looking at spending around 500.000 TL to buy a house of 100 metre square in Beyoğlu. This is just an approximation but there most certainly are many places for lesser and more price tags than this all around Beyoğlu. This is about 100.000 TL more than the average for Istanbul but fear not as your investment is most certainly worthy. While it takes around 20 years to get your money back, per se, via renting your house or your office space on average in Istanbul, that period is merely 14 years in Taksim. You are looking at 6 years less to get your initial investment fully back, which you will likely want to spend back in Beyoğlu’s profitable real estate market once you experience how good it is first-hand. The region is seeing a huge amount of rise in its real estate prices for at least the last decade and there seems to be no stop for that in sight. Prices have gone up by 2 percent merely in the last one month, 16 percent in the last three years, and a staggering 30 percent in the last five years. Therefore, not only you can get your initial investment back through renting your place for about 14 years in Beyoğlu, it is more than likely that in the meantime your house will actually double in its price.
Beyoğlu is not only the heart of Istanbul, but also the centrepiece in its future. It is more profitable than ever before to invest in Beyoğlu so start looking for your own house in the neighbourhood where everyone wishes to live, and where all investors make a huge buck after a few years of waiting.
