Last weeks property search for our client ended in success. We found a very attractive two bedroom right next to Bilgi university in lower Tarlabasi (see photos below). It has fantastic character and is in reasonable shape. We will do some small renovations and then let it out, most probably, to teachers working in the area. Now, we are finalizing the paperwork.
The” Istancool festival” got underway yesterday and the streets are abuzz with artists, musicians and theatre people of all varities. Take a look at http://www.facebook.com/ISTANBUL74
A quizzical look at how statistics are reported in the media. A reputable local newspaper made a big deal of how home sales were down twenty percent in January, February and March from the previous three months. Hardly an unusual development, given that the winter months are always slow, especially as it was an unusually wet winter. Barely mentioned, was the fact that home sales were indeed up 9 percent on the same period from last year. I suppose they will report it in the same way next year, when predictably, home sales will be down again for the winter months as opposed to Autumn. Hmmm?
So, the task for this week is even more challenging than last week. A European based property fund that has sizable holdings in downtown Istanbul has tasked me with finding them a large building in a central location. Their demands are simple…it should be historical in character, central, in need of full restoration and around the 2000 dollar per square meter mark. They are divesting of their portfolio in other developing markets and betting big on Istanbul, which has by far outperformed their other holdings in Eastern and central Europe. They are very pleased with the capital growth and the yields they have achieved on their acquisitions in Istanbul. The competition is fierce for these kinds of buildings, but with patience and readiness, they can be sourced. Keep tuned…or drop me a line with any questions you may have (please keep them related to property issues, thanks…
