The Neighbourhood Watch – Galata

Galata is one of the magical neighborhoods of Istanbul that conjures up a mystical past. The Galata Tower, in fact, is arguably the most iconic of symbols in this city that is resplendent with them. Its stocky, tough yet elegant stature gives testament to the city’s durable character. Built by the Genoese in 1348, it has withstood numerous earthquakes, fires and so forth. Although little of what remains from the Constantinople area still stands today, Galata has managed to retain an oddly gothic feel, with narrow winding streets and plenty of lung-busting hills.

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Those medieval streets

Those medieval streets

It has also become a center for fashion, architecture and design with many smart and sleek offices peppered throughout.   It pushes the boundaries with some of the highest real estate prices with inimitable names such as Dogan apartment, the I-Pera projects, Kamondo Han, and Galata A.S. to mention only a few. An area that 10 years ago was plagued by wandering groups of glue sniffers (tinerci) and plenty of trash, has now almost completely transformed into a very frequented tourist area and an address of the fashionista and legions of Istanbul hipsters, artists, and musicians. Galata is home to many famous actors, designers and alternative artists. Increasingly, it has become a place where the Istanbulu elite have weekend pads.

Perched at the corner of the Golden Horn and the Bosphorous, it is not hard to see why the Genovese booked this spot for their famous lookout tower. In many ways, it is the gateway both geographically and culturally to the city, both then and now. It also retains its commercial feel, as a place where lots of to and fro on prices is exchanged in the music shops on Galipdede St.

Just a few years ago, it was a struggle to find a decent restaurant, whereas nowadays there is a chic café on every corner and many good restaurants, including the Kiva and Enginar restaurants, which specialize in Turkish food.  Try the Nardis Jazz  Club for a chilled out night.

Galata is now superbly connected with the rest of the city in terms of transport. Utilizing the new Sishane line, you can go all the way out to Sariyer at the north of the Bosphorous and in future it will be extended South with a connecting link to the airport. The Tunel line connects you to the Galata Bridge, where you can carry on with the tram until the airport. It also has easy walking access to the old town and evening walks over the Golden Horn mingling with the fishermen on the Galata Bridge are a very cool past time.

The Location

The Location

The Galataport project, which is still a few years away, promises to add further shine and star power to the area, with its plan to offer the multitude of services and attractions necessary to keep the mega-liner crews and passengers entertained.

Although many of the buildings of Galata still require refurbishment, when one considers that this neighborhood was practically untouched by this trend all but 10 years ago, the pace of change is frankly staggering and shows little signs of abating. It leaves little doubt that this will become one of the most well-known tourist areas within the next 10 years and will become an almost household name such as Montmartre, Soho, or Las Ramblas.

Kiva Restaurant

Kiva Restaurant

Given this trajectory it is quite predictable that real estate prices have risen dramatically in the past years and seem set to move upwards, albeit at probably a more subdued speed. As there’s not much scope to create more building stock in these areas we expect to see a similar capital growth progression as Cihangir with possibly a 5-7% per annum property price inflation. Rental returns are good but not eyepopping coming in at approx 6-8%, though short term holiday lets can be much better if done well.

One of Lilimonts slick offerings!

One of Lilimonts offers!

Currently, for the in-demand properties, one could expect to pay a minimum of 2000 Euro/ sqm and go well upwards of that for anything with a view. The highest square meter price I have on record is about 8000 Euro/ sqm for a property with a lift, stunning views and an inspired architect’s interior finish.

The rents follow suit, with nicely finished properties of between 60-80 sqm costing a minimum of 1000 Euros monthly with peak prices for a very high end Bosphorous View Penthouse reaching 5000 Euros. Expect a good average sized 2/3 bed apartment to cost 1500 – 1800 euros per month.

If you fancy a Galata pad, get in touch with me – www.lilimont-istanbul-realestate.com

The Neighbourhood Watch

As I’m sure we all now know, Istanbul is fast becoming a vast metropolis on a scale
only matched by the world’s biggest cities. This can become a headache for
the-would be property buyer as it poses the question of where?
Where indeed?- In our experience, it’s best to start in the center, as with
a ripple in a pond. It is no real surprise that the centers of the world’s
major cities are usually the most valuable, New York/Manhattan,
London/Mayfair, etc. The out-skirts of cities have their own potential and
can often, in the good times, outstrip the performance of the historic center,
however, in the down times it is downtown property that most often holds its own and
resists the dip. This most definitely rang true in Istanbul in 2009.

oh.....I get it..

I find visuals always help….

Once you have made the decision to target property in the center of Istanbul the
overwhelming nature of the city becomes more manageable and smaller
neighbourhoods can be identified. If we take Taksim Sq as the center then
immediately south we find Beyoglu comprising predominantly of the
neighbourhoods of Cihangir, Galata and Tarlabasi. Go South again across the
Golden Horn and into the ancient Byzantine town and heavy tourism with the
neighbourhoods of Sultanhammet and Balat. North of Taksim we move into Sisli
and Besiktas with some very upmarket neighbourhoods such as Nisantasi.
Finally further North into the expensive modern semi-suburb neighbourhoods
in Levent. All of these neighbourhoods are accessible and within close
proximity to (or sitting on) the historic sites, the Bosphorous and
nightlife. As with other International cities, the very fact history is
within most of these neighbourhoods adds integrity and long term capital
value to real estate.

The bit we're talking about

The bit we’re talking about

But which neighbourhood suits you best? Is the purchase for lifestyle or purely for investment? – Over the next few weeks I will take a detailed
tour of each separate neighbourhoods mentioned above and what I consider to be the
highlights and qualities of that particular city zone. This will be a unique
exercise and will offer an exclusive insight into their separate cultural milieus,
local flavoring, my take on their history, the pros and cons of actually
living there and finally (when buying istanbul property) the ‘all-important’ what you get for your money in terms of square meter pricing.

In time I will progress this “undercover” behind the scenes survey to other areas of the city
but for the moment we have more than enough to be getting on with.

Cihangir will be our starting point. keep tuned in.

www.lilimont-istanbul-realestate.com

The advantages of working with one real estate agent

Istanbul is a massive and sprawling mega-city that can be very hard to grasp for first time visitors. It can also be quite challenging to get from one end to another, if there ever really is one end or another.
If you are considering purchasing property here, the logical first step is to research and find an agent that shares a common language with you. As you probably have a finite time, be it a week or two, to find the property you want, it is best to start out with one agent that you have created a long distance relationship with and see where that gets you.

Try to find an agent that has a grasp of your needs, but be under no illusions as it’s up to you to outline your wants pretty clearly, agents are not clairvoyant . For non-resident clients, as an agent I like to have a pretty firm budget in my hands and at least a general idea of location (city center, outskirts, European side, etc). Also, any information on physical characteristics of the property is useful; is a view a necessity? Historical building or new? Also, before putting in a lot of research, an agent dealing with offshore clients would usually like to know how the property purchase will be funded. These are not meant to be invasive questions, but rather serve to limit everyone’s loss of time.

So, you have fulfilled your part, now what should you expect from the agent? If you have arranged a travel date, they should state clearly that they will indeed take you to view some of the properties that you have selected from their website and give you some idea of how long it will take to complete the viewings. A good agent will help you wade through the bureaucracy of the actual sale and contract and then help with after sale issues, it then becomes apparent that you are getting good value with the commission. It’s worth noting that a good Istanbul based agent will most probably run rings around a generic agent from London.

Maybe steer clear of this guy

Maybe steer clear of this guy

It is also important to be clear and discuss up front the associated fees of a completed transaction (be aware of anyone who is not transparent in this regard).
The agent should also disclose all potential problems there may be in a particular property…is it in a zone where foreigners can buy? Is it residential or commercial? What are the issues, if any, with tenants? Property problems come in all shapes and sizes but do not dispare as these are not likely to be dissimilar to issues seen in the Western world.

If you feel the agent is showing you properties that are close to fitting the bill, but you haven’t found exactly what you are looking for, don’t be shy about asking the agent to contact another agency for alternatives. If you try to do all this by yourself, it can lead to a great loss of time and can be very unproductive, as someone who you have not been working closely with will likely just try to sell you what they have on the books and not necessarily what you want. They may drag you half way across the city to show you a 2 bedroom, when you specifically asked for a three bedroom.

If your agent feels you are a serious client, they will likely go the extra mile for you, and you will have seen more properties that are to your liking in a more efficient manner. Ultimately, it helps to do a fair bit of research prior to arriving in the city and to have at least one person you feel that you can begin to work with.

My kind of agent!

My kind of agent!

Even though I mainly work in Beyoglu, if I feel good about the client, I’ll gladly extend my search to other areas.

www.lilimont-istanbul-realestate.com

Bond, James Bond…returns to Istanbul

http://www.hindustantimes.com/Entertainment/Hollywood/James-Bond-returns-to-Istanbul-on-50th-anniversary/Article1-849054.aspx

There was certainly quite a bit of fan fare during Daniel Craig’s visit to do filming on the new Bond movie in Istanbul. Yet, it was not the first time that Bond as an enterprise has graced Istanbul’s shores. Not only is it the favorite city of the director of the current Bond film, but it was also apparently the favorite of the film series’ prolific writer, Ian Flemming.

Of course, anyone familiar with Istanbul will not be surprised that it has featured in 3 Bond movies…with its winding streets, stunning waterscapes, bridges, steep slopes and grand monuments with every specimen of humanity trampling about…it can hardly be a surprise that film makers of all stripes lust after shoots in Istanbul.

007 looking good in Istanbul in the 60’s

One can just imagine the difference between 1963 and To Russia with Love and today’s skyscraper-filled skies. The new skyscraper center, Atasehir, more closely resembles what some high-tech vision of some emerging giant Chinese city would reveal.
In any event, it seems to the history that adds the magical, surreal element to the city. After all, if it were just stunning modern architecture, there would be countless rivals: Dubai, Singapore, Mumbai, and so on. Istanbul remains unique in its combination of older than old history and blazing modernity.

Not as confident in the 90’s

Unfortunately, the undercover property agent did not get a chance to meet the real undercover agent Bond on this occasion, but I did follow around his stunt crew who seemed to be looking for a little after hours action up in Taksim. Despite their sticking out rather obviously, they seemed to get lost and were asking passers by for directions. I had a chuckle to myself…even the Bond boys were out of their depth in Istanbul.

Back to his best now

If you fancy catching a bit of the Bond spirit, take a stool at the Orient Bar in The Pera Palace Hotel and try one of their divine Martini’s.. http://www.jumeirah.com/en/Hotels-and-Resorts/Destinations/Istanbul/Pera-Palace-Hotel-Jumeirah-Istanbul/Restaurants–Nightlife/Orient-Bar/

A tale of two cities: real estate prices in central Istanbul and Budapest

Over the summer, I had the opportunity to explore the real estate scene in Budapest. To be frank, I was quite surprised at how cheap it was (now don’t drop reading and rush off to Budapest just yet…or at least not without calling me first!!!). It really got me thinking. I was looking at quality, un-renovated historical properties in reasonably good locations that were going for under 1000 euro per sqm. I have been in a lot of European capitals over the years, yet I have not found prices like that anywhere, even in raunchy Bucharest or relative backwater places such as Sofia.
The prices are less than half that of equivalent properties in Istanbul, which is not even part of Europe, a.k.a ‘the bubble belt’.
I reflected on this at length and I came up with a few pseudo-theories that I think stack up.
Apart from the obvious economic facts which any economist could rap off in their sleep… such as Istanbul’s being one of the fastest growing dynamic mega-cities  or its geopolitical importance in the 21st century, bridging Europe and Asia, etc…are the other, less tangible reasons why I feel real estate prices are higher in Istanbul and will likely surge higher. Much like Moscow, New York, and the undisputed king, London.

In Istanbul, you can buy anything and at ANY TIME. It defines the insomniac modern city. And everybody is selling something. It is deeply immersed in the culture, so much so that I am appalled at how concerned I have become about the price of trivial items, of one kind or another, I have been indoctrinated. When my friend buys a new pair of socks, I cant resist…’how much?’ In Istanbul, dinner parties often deteriorate into a game of monopoly, where people call out street names and prices of property. In Budapest, I suspect doing so at a dinner party would be met with, ‘go directly to jail. Do not pass go.’ a major social faux pas.
By contrast, In Budapest, nothing is open on Sundays and it felt perpetually as if it were a Sunday afternoon, even on Friday night. It lacked bustle, not to mention hustle. Lovely for relaxing, not so great if you want to make real estate skyrocket (not that I do).

Estate agents looked at me with suspicion, whereas in Istanbul they salivate; often sleeping, drinking and chatting in their offices until all hours. In Europe, the baseline for all commercial activity seems to peak at about 35 hours a week. That would be a good weekend for our unshaven, slightly dishevelled Istanbul hack property agent.
On a more technical note, the big difference in city center prices between the two capitals is the transportation reality.
In Budapest, an area that takes 15 minutes to get to by public transportation is considered a bit out of the way, and by no means central.
15 minutes in Istanbul can be chewed up just walking to the nearest metro stop, or getting through a set or two of lights while on the bus.
Obviously, if you work downtown in Istanbul, you lose an enormous amount of time if you live outside the city center. Throw in high gas prices and it becomes  a bit more apparent the factors that drive up prices in central areas. It can be a false economy to rent or buy on the outskirts of the city.

Budapest street scene

Population is a big factor, though so obvious as hardly worth mentioning. Istanbul belongs with Asian giants at an estimated 20 million.

Istanbul street scene

On a psychological level, our Magyar (Hungarian) brothers, seem to have a bit of a grudge, as if history had been unkind to them, which it often, indeed, was.
Contrast that with the Turks, who are walking with more of a swagger these days and harking back to their Imperial past and Ottoman glory. How does this reflect real estate prices, you ask?  Perhaps the sense of belonging at the top of the heap gives a bit of confidence, dare I say arrogance, to its possessors.

One of the final points I would like to make concerns the demand and supply side.
Istanbul, though a large and sprawling city, has an undersupply of well-established and beautiful neighborhoods, so the ones that fit this bill, command very high prices. Most of the neighborhoods and building stock are pretty drab and unattractive. Therefore, areas like Bebek, Nisantisi, and parts of Beyoglu are in demand due to their attracive old buildings or sea views.

In Budapest, lovely old historical buildings are a dime a dozen. The architecture is cohesive and the neighborhoods often blend imperceptibly into one another.  People will pay more to live in the popular second district than they will to live in the grittier eighth district, but the divide is not as great as that between Nisantisi (4000 euro per sqm)and some barrio on the Asian Side of Istanbul (400 euro).

And comparing the Bosphorous with the Danube? Like comparing Pele and Ronaldhino, my friend…

Bosphorous

Danube

In my entry next week, I would like to continue with some future predictions on real estate prices for both cities. I hope you will be interested in what I have to say on this. By the way, it hit 30 degrees today, the middle of October. Add that to your reasons to come to Istanbul!!!

What’s going on in Istanbul this fall?

Wondering what you can do in Istanbul during the last warm days of an Indian summer? Well, if the hundreds of trendy new cafes and restaurants that have sprouted up throughout the city don’t keep you busy enough, why not take in one of the many festivals that enrich the city’s cultural life so much?

In October there is a jazz festival, it’s not huge with little commercialism, but very low key and delivering great jazz. Archie Shepp and Cecil Taylor have turned out in the past so dont miss it as they’ll be some laid back legends jamming around. For more info: 0212 334 010. http://www.pozitif.info/tr/festival/2012/akbank-22-caz-festivali/228/

Social Inclusion Band

If you are one of the growing legions who enjoy documentary films check out this festival which runs in November. Most of the venues are located around Beyoglu, so you can just give me a ring when the film is finished! http://www.1001belgesel.net/en/Default.aspx  Admission is free.

Also in November is the popular Istanbul International Short Film Festival (Uluslararası Istanbul Kısa Film Festivali), which has showings in Beyoglu and at the wonderful Istanbul Modern (which is a venue worth whiling away a half day or so in its own right). Admission is free. Who said you need to have millions to enjoy Istanbul?
0212 252 5700  http://www.istanbulfilmfestival.com/

Istanbul Modern

Drop me a line if you know of any other great events coming up and I will be sure to add it to our space. Enjoy, folks!

The Renovation Trap

I often walk into a property that a client or friend has recently renovated with a slight degree of trepidation. I have many things to consider, is it worth telling the truth and alienating a friend…or a client? Have they done what is logical in relation to the market and should I tone down any subjective reaction I may have to what they have done with the property? I rarely enter into detail about what they have spent. That is of less concern. I worry about the final product.

At times, I have had good reason for this fear, as I have seen many a fine property degraded by a poor or personalized renovation. But, happily to say, in Beyoglu particularly in the past few years, I have mostly been happily surprised with property renovations rather than disappointed. There are a lot of creative and bright people around and they invariably come up with something great, at times even jaw dropping and inspirational.

Here’s an example – 

This property is simple with easy clean design, without getting to engrossed in high design. Please see the full listing and photos on http://www.lilimont-istanbul-realestate.com/for-sell/residential-apartment-cihangir-3/

The problem with a poor renovation is that in addition to the expense, it often actually decreases the value or salability of a property. Quite often, it would have been better to leave the property un-renovated and to sell it as is. The paradox, too, is that the same people who implement a poor renovation are the ones who also expect a high premium for their dubious efforts. Of course, there exists a fine line between having a renovation budget and cutting corners. It is also a combination of the quality of materials and the workmanship involved. As finishing and design standards can be a bit low, it is imperative to ensure that the these are in line with the value and location of the property and that the materials used are neither too far above the market norm, nor too far below. Unless the owner has zero need for a future resale it is imperative to assess the salability of a property before embarking on a costly renovation.

Here’s another good one – 

This apartment utilizes a lot of the Turk Ottoman influence invoking an Agatha Christie era without getting too fussy. http://www.lilimont-istanbul-realestate.com/for-sell/residential-apartment-aynali-cesme-3/

I work with a group of International developers who have developed properties throughout Europe and their view is that in an area experiencing redevelopment, such as central Istanbul, an influx of owners from different countries tend to raise the stakes regarding renovation and quality finish. For example, an owner from Berlin may insist on a very high finish level and a Roman owner will quite possibly want to utilize a higher degree of design. This has happened in central Istanbul over the past 10 years and it’s readily evident that local tradesmen and architects are upping their game to meet these requirements. An International influence will also help direct the design trend in-line with the current ‘zeitgeist’ as opposed to lagging behind, which in itself will attract buyers. It is a combination of current International design with a Turkish cultural foundation that provides the most salable properties.

To undertake a renovation project without paying heed to current trends is to invite potential disaster. It is a bit like a surgeon performing surgery without being updated on current research in his or her field.

As a team, my partners and I have now renovated countless properties over the past 15 years, we can confidently say we know how to refurbish an apartment economically and to a degree that allows an easy onward sale. http://www.lilimont-istanbul-realestate.com/

Turkish Vs Foreigners part 2

In last week’s blog we discussed client purchasing habits A La Turca and saw how cool our Turkish brethren can be while making important investments.

On the other hand, foreign buyers seem to come to the battle field with significantly more information and much higher expectations from their realtors. In this, they could be said to be the opposite from Turkish buyers, though variations exist from nation to nation, with Germans, as if by some genetic pre-disposition, are at the top when it comes to preparedness and fastidiousness,  and the İtalians, apart from their insistence on square meter pricing, closer to the Turkish end of the spectrum.

As a general rule, foreigners typically do not make an offer on a property until they have had a good survey of the market. They tend to ask the realtor many questions and are quite prepared to offer a free lunch to get them! At least that is my excuse for my chronic battle to keep trim.

The issues that they most focus on are: legal issues, local planning and renovation codes, prices of course, rental laws, and down the road projections for re-sale, just to mention a few. They are also very fond of local tales of the past that give them insight into the neighborhoods. So, I always try to have a few of these on hand while we wait for a sleepy relative of some property owner to fumble for misplaced keys.

İn general, I like working with foreign clients for the reason that they do come to appreciate any knowledge or expertise I may have in the area.

The main task is to try and demonstrate the parallel lines in what often seems a jumbled and bewildering real estate market. And they do exist, and there are some wonderful opportunities in Istanbul, but at times, if one focuses too much on the details, they can often miss the bigger picture. Istanbul is, at present, an Alpha economy and things are developing at break neck speed. Neighborhoods and streets are changing rapidly. What was considered expensive last year, is now the norm.  Bosphorous property has become a global commodity and people from every corner want their piece nearly as much as they want property in Knightsbridge. These are some of the issues that foreigners, who are often not here on a day to day basis, have a hard time adjusting to. Finding value is best achieved through doing homework and working with someone who knows the scene and is patient to explain it to you. I can put you in touch with one such fellow if you leave your mobile number!

Just a few humorous (er..) anecdotes, on the nationalities and their real estate quirks.

The French:  always the most dramatic, prone to using ooh la la in excess. But don’t be fooled. They are ferocious bargainers.

The English: most prone to scoffing at cheap prices. They can hardly reveal their delight at a good, low price. I pre-coach them not to do this in seller’s ear shot. Luckily for us they have been conditioned by sky high London prices.

Russians: most likely to crush bones in a handshake. Is this an ‘in’ joke of theirs? Meeting with Russian clients…note to self…remove all rings.

Italians: still most likely to be very late and almost make up for it by giving you a sly wink and a wide grin.

Americans: true to form, seem to have an almost primordial obsession with the availability of parking. I usually lightly jibe that instead of buying one flat, they should just buy the whole building and turn the entrance floor into a garage. İt becomes a kind of Eureka moment for them and I am sure they never look at another building in the same way again.

Asians: masters of the great disappearing act. Nowhere to be found on İstanbul real estate scene. I suspect they are en route, backtracking the Spice Route. Though I did hear some rumours lately about Singaporean giants lurking the waters. How exciting!

Turkish V Foreigners Part 1 + spot Johnny Foreigner

As a 2 part study over the next 2 weeks I will assess the differences between Turkish and foreign buyers, with a liittle game at the end!

While selling real estate in İstanbul,  it can be quite interesting to observe the differences in how Turkish and foreign clients arrive at their decisions to buy a piece of Istanbul real estate. No doubt it is a bricks and mortar world, but the psychology of the buyer is much more liminal and indeterminate than we may often imagine.

Firstly, after much experience, when I meet for the first time with a Turkish client, I do not go out of my way to demonstrate any particular knowledge on property in Istanbul, which is quite odd when you think of it. But one must understand the cultural context of the encounter. As a Real Estate Agent, the bestowed social status in Turkey is quite low, with probably about the same status given as to any tradesman (or lady). Many of my clients are newly minted rich and on the rise fast, and they have a few ideas of their own. Realty and property, as a profession, used to be to a large extent the domain of early-retired government workers, or in many cases the Kapici (bldg superintendent), who get their start by doing side deals with the properties under their management.

Needless to say, the profession as a whole is very much in its infancy. There are wide, sweeping reforms being discussed that would probably make it the playground of smartly dressed, multi-lingual young college grads. But for now, it is certainly not that. Think playground, Congo-style.

So with the Turkish “musteri” ( client, pronounced mooshteri) I opt for a low key profile and a certain humility (veiled, anyway) in front of my chirpy Turkish buyers. They usually assume that as a foreigner that your knowledge is very incomprehensive and incomplete. They also frequently come armed with a an extended crowd of relatives and it is not uncommon to have three generations being towed along on the tour. Now, I am hardly going to dive into a headlong debate on the merits or demerits of a particular property, being outnumbered as it were.

And the clients seem to play along well with this game, hardly deigning to ask me a question throughout, while they squabble and generally offer plenty of rich commentary amongst themselves during the process.

The really peculiar part of it all is… and I will contrast this with your typical foreign property buyer later…that Turkish buyers seem strangely oblivious to most of the normal metrics on real estate; rental yields, types of mortgages, property appraisals, square meter prices, interest rates, and so on. And this happens to be where I shine.

That is not to say they make poor decisions. They do not, they just arrive at them a different way. They are more intuitive and quite perceptive. They don’t use data to make their decisions (these are of course all generalizations). They seem to have a natural ‘feel’ about the location and price dynamic for a property.

And they do not seem to take well to the hard sell or the used car seller’s methods. They seem to like to be left alone to make their decisions whether they be with clan or solo for the day. And I respect that; in some ways even like it, though it does leave me feeling like the Maytag repairman at times.

So while Kemal, his wife and her brother and father enter the penthouse flat on the Bosphorous, I stand obsequiously in the backdrop somewhere, getting a positive jab in every now and then, “My, lovely original flooring, isn’t it?”

To be continued next week.

As a little light relief after that “highly” informative blog I’ve devised a game. I’m now exceptionally adept at spotting where a potential client hails from at 100 paces, feel free to have a go yourself and see if you can spot their great nation:

Renting in this big beautiful City

People who are familiar with the Istanbul real estate scene know that the rents in the city center are pretty high and the market is reasonably dynamic, producing a good yield if the property is purchased at the right price.

Not all of our clients are purchasers of Istanbul property, however.  Many come to us seeking long term rental properties in Istanbul city center, normally because they have been relocated by their company or a new job beckons. Luckily, we have lots of expertise in this area and we do our best to help clients find the best value, whether it be for a budget studio or a glamorous penthouse apartment in a luxurious compound.

High end luxury in a signature development

with a view to die for

It is hard to nail down per sqm prices in the neighborhoods because they really vary greatly from street to street and can also be based on the quality of the building.

In general, however, a furnished 1 bedroom apartment in a decent neighborhood with quality construction, starts from around 1800 TL or approx. 1000 USD and 2 bedroom apartments are on average about 20% more. Naturally, the price jumps up significantly with a sea view.

Great value with a superb terrace

http://www.lilimont-istanbul-realestate.com/rent/ 

Contracts are typically one year. If you plan to stay longer than a year, make sure you are aware of any rental increases prior to signing a contract. If you are not familiar with the language, have somebody along to help you with the contract process who is familiar. Mostly, the contracts are standard, but they should be read and understood prior to signing.

A note on the landlords. Unfortunately, in Turkey, the landlords are quite hands off, except when it comes time to collect the rent! You are assumed to take care of small items that need repair by yourself. Larger issues should be brought to their attention and should be handled by them. In our experience, if you pay the rent on time and keep the place in reasonable condition, the tenant/landlord relationship should be amicable.

Have a look at a few of our stunning rental offers this season…. http://www.lilimont-istanbul-realestate.com/rent/ . If there’s nothing to your fancy on my site then give me your needs, we’ll put the feelers out and I’ll don my detective mac…. our team enjoy a task and a city search.