Called “Pearls of the Bosphorus”, historic waterfront mansions in Istanbul saw record interest during the pandemic as total sales numbers in the last 20 years were eclipsed.
There are 600 waterfront mansions in Istanbul, 366 being accepted as historical artifacts. Due to their astronomical prices, sales of these mansions are made discretely.
The total number of mansion sales, 35, equalled the past 20 years, and this trend is expected to continue as foreign investors show increasing interest in these luxury mansions.
The increasing demand resulted in rising prices of rents and sales. Sales prices for mansions vary between 20 and 750 million Turkish Liras while rent prices for mansion apartments rose 65 thousand Turkish Liras per month and waterfront mansion prices up to 150 thousand Turkish Liras.
During the coronavirus pandemic, the demand and interest for waterfront mansions and mansion apartments increased dramatically as homebuyers started opting for large gardens and balconies to enjoy unique Bosphorus view and spacious interiors with lots of daylight. This interest resulted in increased prices while making it almost impossible to find mansions for rent in Istanbul.
The number of waterfront mansions and mansion apartments for sale in Istanbul reach 55. The most expensive districts for these luxury properties are Vaniköy, Kandilli and Anadolu Hisarı on the Anatolian side, while Yeniköy and Bebek lead the way on European Side. Located on the Anatolian side, Çengelköy is also among the most popular districts regarding mansions with its fascinating view of Bosphorus and July 15 Martyrs Bridge.
Those who would like to live in a mansion should be aware of the historic statuses, settlement and reconstruction issues of the mansion they intend to buy. This information can be received from the High Council of Real Estate Antiquities and Monuments.