One of the must-see sights in Cihangir is the mosque that gives its name to the area. Sultan Suleiman commissioned the building of this mosque with the great architect Mimar Sinan. Legend has it that he built it for his son, Cihangir, who was often bed-ridden, so he could watch the ships pass by on the Bosphorous. The view is nothing short of stunning, if you have 30 minutes on a quiet day just go and sit there, you don’t have to do anything else. In fact, one of the very reasons for Cihangir’s rise to real estate prominence is the fact that the views are amongst the best in the city.
Cihangir is now one of the prime neighborhoods that have undergone dramatic change over the past 15 years. Once a rough and ready home to alternative artists and long-dwelling locals, it has been propelled into a well-known domicile for famous Turks and expats of all kinds, yet has managed to retain its essentially artistic core. Turkish soap opera stars and film directors are in evidence on every street corner cafe. The Firuzaga Tea Garden in the centre is all bustle but on the coldest of days. New cafes, yoga centers, pilates studios, and bakeries are now a familiar part of the urban landscape.
In the same vein as London’s Notting Hill and New York’s Greenwich Village, its property regeneration progressed slowly over a number of years. The government did not have money for extensive regeneration projects 15 years ago as they do now, and Cihangir has been alone in finding its feet. This organic process has been a positive as it has not attempted to direct it on any pre-determined route which can often leave a neighbourhood without its sense of community and history. In contrast, Cihangir is all about these values.
The buildings, many of which are being restored or have already been so, offer flavours of Greek, Italian and French architecture, with high ceilings, bay windows, hand-made Turkish tiling, with the odd marble staircase. They tend to be reasonably sized and look quite elegant. As with a lot of Beyoglu and central Istanbul, Cihangir was mainly populated by well-to-do Europeans and Turks in the early 20th century who were often owners of the many trading businesses or worked in shipping, thus having the resources to create and decorate these handsome properties. The area fell into a 60-70 year decline through a myriad of political and economic problems, and only in the past 15 years has it rediscovered an admiring wealthy audience once again.
The café, bar and restaurant scene is possibly the best in Istanbul. An evening can start with cocktails in one of the hip bars or cafes such as Zenka with its cool ambiance, moving on to the White Mill Lodge and its great hidden garden and finally ending by getting down and dirty with the underground night crawlers at the infamous Mini-Music Hall!
So what of Cihangirs future? My view is that we will see a steady progression in property value combined with a slickness that normally wouldn’t be associated with Central Istanbul outside of Nisantasi. It is evident on view of local municipality works such as pavements and curbs as these tend to be of a better level and finish than neighbouring wards. Now that the community is moving back once again to its wealthy European roots and additionally with the influx of the Turkish media crowd the pressure is on to raise the local living standards. I have found properties for senior International execs both for purchase and rental in Cihangir, when at one time these guys would have been safely ensconced in Bebek or Etiler never to be seen downtown. The amount of large scale regeneration and infrastructure projects, such as Taksim Square redevelopment in the immediate vicinity raises the International bar considerably. My view is that prices will rise but without the aggressive energy witnessed over the past 10 years. Maybe we’ll see 5-10% year on year capital growth of property with a possible rental return range of 5-7%… not bad in a developed low-risk neighbourhood, especially now that money can be well levered with a mortgage . Cihangir is here and is not going anywhere South for the foreseeable future!
If you like the sound of the above and you want to own property in Istanbul within a five-minute walk from the very centre, then you are probably not too startled to hear that prices start out at around 2000 euro/ square meter. Majestic Bosphorous view properties in prime location and well-restored buildings have been known to eclipse 6000 Euro/ square meter. The average price would be about 3000 Euro/ square meter at time of writing.
The rents start out at around 1000 Euro/ month for something smart, but not too large, whilst properties commanding the coveted view, of large size (140 sqm and above), and in fine condition can be upwards of 4000 Euro/ month.