More than 50 palaces are offered for sale on both sides of the famous Bosphorus Strait, which connects the European and Asian sides of Istanbul, at prices ranging between 4 million to 90 million US dollars, and this offer was popular with foreign buyers, especially since the opportunity to own property next to the Bosphorus for the wealthy of the world is an ideal opportunity that many around the world wish for.
Learn about the luxurious Istanbul palaces on the Bosphorus
On both sides of the famous strait, there are dozens of palaces with amazing architectural designs, amounting to about 600 palaces. The palaces in the area between the Boğaziçi neighborhood and Sultan Muhammad al-Fatih neighborhood are among the most valuable and expensive palaces, but the most desirable neighborhoods for wealthy buyers are Yeniköy neighborhood on the European side of the Bosphorus, and on the Asian side of the strait we find the most attractive neighborhoods for buyers, the Kandilli neighborhood.
Many real estate experts tend to believe that the decline in the price of the Turkish lira will be a clear catalyst for an increase in the demand for these properties. The value of these properties in the Turkish lira has decreased to about 35-40% compared to the price before the recent fluctuations of the Turkish lira, which means that many of the palaces whose prices did not suit many buyers, and it has become possible to buy it, especially after-sales in Turkey are limited to the Turkish lira.
In this context, real estate consultant Sinem Yilmaz spoke to a Turkish news agency, saying:
(Foreigners are thinking of taking advantage of the new exchange rates of the Turkish lira against the US dollar, especially after its value fell to 6 liras per dollar after it was 3.75 liras per dollar a year ago. This means that other currencies, “and the Gulf in particular”, have also become valuable. higher compared to the Turkish lira, and if we do not forget that Turkish real estate here is sold only in the last currency, according to the latest new presidential amendments, all of this combined gives foreigners a greater incentive to buy the mansions overlooking the Bosphorus).
In response to a question about the foreign nationalities that these palaces attract, Ms. Yalmaz replied:
(Citizens of many Arab countries and the Middle East flock to buy these palaces, and the largest share was from the State of Qatar, where we noticed an increase in Qataris buying luxury real estate in Istanbul)
In a related context, Ms. Yalmaz said: (Such properties were previously sold in dollars or euros, but due to the recent fluctuations and exchange rate change, many Turkish local buyers complained about the high prices compared to the Turkish lira, which prompted the Turkish government to re-price real estate sales in lira Turkish only to avoid any major change that may occur in real estate prices, of course, this decision positively affected foreigners because they can benefit from the price difference between the dollar and pricing in Turkish lira)
It is mentioned in this aspect that the palaces on both sides of the Bosphorus are not all private or modern palaces. Some of them are historical palaces whose new owners need to review the departments of antiquities to obtain permissions for any modifications to them, even paint and banners, although this seems somewhat routine, it preserves The historical peculiarity of the area.
Quoting Demir Win News Agency: On both sides of the Bosphorus, there are about 600 palaces of the most luxurious palaces in the world, including about 360 palaces with historical features.
Despite what these historical palaces have been subjected to overtime to accidents and natural and other human disasters such as fires and others, they still preserve their aesthetic and special attractiveness in addition to the historical touches that tell the creativity of civilizations that passed on Turkish land.
These palaces, which were built with the simplest materials of wood and stones several centuries ago, were in the past homes for tourism and summer vacations for members of the ruling families, the pashas, and the distinguished personalities of doctors, sages, scholars, and other wealthy people of those eras, and the sons of the rich classes.
Why do the Bosphorus palaces in Istanbul attract the world's rich?
The answer is not reduced to a word or two. Rather, they are several reasons that have gathered in these palaces, from the unique location between the continents of Asia and Europe on the strait separating them, in addition to the history of these palaces and the beauty, mastery, and creativity of the historical engineering design, in addition to the vastness of the areas of these palaces and The views are charming and it doesn't end at the long waterfront.
In addition to the above, those looking for the finest apartments in Istanbul can direct their eyes to both sides of the Bosphorus, where the most expensive and most valuable apartments appear, especially since getting a view of the Bosphorus in itself is a goal for many foreign buyers.
