Istanbul is considered one of the very ancient and important historical cities as well, because of its location and strategic importance on the Bosphorus Strait. It was a populated city. Previously it was known as Byzantium and Constantinople. After the conquest by the Ottoman Empire, it was called Istanbul and Islambul. It is the largest city in Turkey, and it was the capital of the Islamic Caliphate. During the era of the Ottoman Empire from the year 1517 until the dissolution of the Ottoman Empire in 1924 AD, and after the end of World War I and after the Turkish War of Independence in 1923, the Turkish Republic was established and Ankara was replaced as the capital of the Republic of Turkey instead of Islambul, and its name was changed to Istanbul in 1930. In the upcoming Turkish elections of This year, Turkey will have completed 100 years since its founding, and the Treaty of Lausanne that was signed will have expired, and Turkey will have the right to explore for underground resources and benefit from the passage of ships through its maritime straits. What interests us in today's article is talking about the development of Istanbul during the last 70 years, as it expanded rapidly, accidentally and almost randomly, for example, in the past, industrial areas were located in the Topkapi area near Al-Fateh, which is the first industrial area, but with the expansion of the city it is known That the factories should be far from the residential neighborhoods, the industrial area moved to be concentrated in the Basin Express area, but with the rapid and occasional development, even the Basin Express area became a residential and commercial area that includes dozens of hotels, and therefore when the need to expand the industrial areas, the Turkish state resorted to the Hademkoy area, which is far from The center of Istanbul is about 45 km away, and until today, the expansion of industrial areas beyond Hadimkoy is being studied. Even in the early stages of the last hundred years, there were factories in the center of Istanbul, such as Sisli and Beyoğlu. This rapid and accidental development, as we described it a little while ago, as random, led to the formation of areas close to the center of Istanbul, such as the Kagithane area north of Sisli and south of Maslak, most of which consist of old buildings and are at the same time close to the modern towers in the areas of Sisli and Levent. Hence, the Turkish government started the urban renewal project in the old buildings and started licensing the construction of new projects gradually in place of these old houses that occupy a privileged location near the center of Istanbul, but they are old and small.
Benefits of urban renewal projects :
- Building projects designed on the basis of their resistance to natural disasters such as earthquakes with the latest design methods.
- Renewing the infrastructure that has become outdated in many of these neighborhoods.
- Acquiring larger spaces in multi-storey buildings instead of single houses.
- Securing a larger number of apartments close to the center of Istanbul.
- Providing opportunities for real estate investors who wish to obtain real estate close to the center at reasonable prices.
Urban renewal areas in Istanbul
The city of Istanbul contains 39 municipalities, where the city has developed and expanded rapidly. Many and many areas need urban renewal in order to keep pace with the current urban development. Among these areas, we mention the most important of them:
- The areas close to the center of Istanbul, but with the attention that the areas very close to the Bosphorus such as Besiktas, Beyoglu and Sisli in the European section of Istanbul and Uskudar and Kadikoy in the Asian section of Istanbul do not build many projects at the same time and the prices in them for investment properties start from 250 thousand almost a dollar.
- As for the areas of urban renewal that are witnessing a rapid renaissance, we can say that with regard to the European part of Istanbul, we have Kagithane, Eyup Sultan, Gazi Osman Pasha, Bayram Pasha, Bagcilar, Gungoren, and Zeytinburnu. As for the Asian section of Istanbul, we have Atasehir, Umraniye, and parts of Maltepe and Kartal.
How to determine the best for real estate investment
If we talk about the specifications of the investment property and compare it with the above areas, we will realize which area is best for real estate investment, if you take into account the following points :
- The closer the real estate is to the center of Istanbul, the greater its investment importance, because the center of Istanbul includes tourist areas, business centers, and major companies, and also includes a sophisticated lifestyle that a large number of locals or foreigners are keen to obtain, and therefore during all the past years and prices Real estate in the center of Istanbul is constantly rising, and no matter how much Istanbul expands west and east, the great importance of the center of Istanbul will remain and even increase.
- The real estate that you want to invest in must be distinct from other real estate. For example, if we take the completed projects that are being completed in the Atasehir region, which is one of the reconstruction areas in the Asian section of Istanbul, we will see that these projects are adjacent and their number is small compared to the old buildings in them, and just to think In investing in it, you will say to yourself, How do I invest my money in an area surrounded by old buildings, but if I think a little that the old buildings will turn into urban new buildings, and the entire area will witness an urban transformation, and the price of the property will double immediately after the end of the urban renewal phase in the area, meaning that the area It presents a suitable and excellent investment opportunity that will change your idea of it. We give a picture and a second example of the Kagithane district in the European section of Istanbul. From the first look at the area, you will immediately say that this place is not beautiful, and investing in a new building within this neighborhood is a waste of money, but if we see a section of Kagithane after the completion of reconstruction, we will immediately realize This modern building will double the price of the property once the urban renewal phase is over in the area.
- Investing in an urban renewal area needs a study of the region's past and future, and this will only be able to do it correctly except an old real estate consultant in the market. Therefore, we advise investors wishing to obtain investment properties in urban renewal areas to obtain advice from a real estate office due to the sensitivity of this type of investment.
- That it has a demand from the local market, whether for rent with a high return or for later resale, and therefore we can conclude again that the demand will be higher for the areas near the center of Istanbul, and therefore the urban renewal areas near the center of Istanbul will have greater importance, but we stress again that not every property In an urban renewal area close to the center of Istanbul, it is suitable for investment, as its price may be more high than it deserves, or it may be with specifications that are not the most appropriate, so we, MBANY Real Estate, are keen to provide advice based on our long experience in the market before directing the investor to this type of investment.
- To be within a residential complex that includes protection services and means of entertainment, especially for children. We are sometimes surprised by the request of some investors to obtain a property outside a residential complex in order to provide the monthly maintenance expenses and also the one responsible for paying them is the tenant and not the owner of the property in the event that the purpose of the investment is the return of rent, thus they miss the opportunity to obtain On the high rental return that real estate within residential complexes can offer.
Find out about the projects available in the urban renewal areas :
MBANY Real Estate, through its website, provides you with the most prominent completed and under construction projects in the urban renewal areas in Istanbul, as follows:
European section:
Asian section:
At the end of the article, the real estate market is rapidly renewing in Istanbul and prices are rising day by day, so yesterday's opportunities are different from today's opportunities. If you want to get an investment property, contact us to learn about the best investment opportunities today.
21-01-2024 
