Bosphorus palaces attract the attention of foreign investors
Recent fluctuations in the Turkish lira have contributed to foreign investors’ ownership and investment in Turkey. Some have been interested in owning palaces and apartments overlooking the Bosporus. There are approximately 60 palaces and 40 apartments with direct views of the Bosporus for sale.
Qataris are particularly interested in owning these properties. Where the location, the length of the waterfront, historical value are the main factors in pricing these deficiencies. The neighborhoods of Bebek, Yeniköy, are the most expensive in the European section of Istanbul, and the Vanikoy, kandilli and Anadolu hisarı are the most expensive in the Asian section.
The Directorate of Housing warns of the need to verify the documentation of the deficiencies by going to the Antiquities Council, which in turn will determine whether there is a violation of the building law of historic buildings.