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Waterfront homes along Bosporus listed at sky-high prices amid rising maintenance costs

Turkish Minute

This photograph taken on September 28, 2018, shows a general view of waterside mansions on the Bosphorus River coast on the Asian side of İstanbul. They are among the most iconic sights of Istanbul -- magnificent waterside mansions strung out along the Bosphorus as the waters of the strait dividing Europe and Asia lap almost at their front doors. Once the preserve of the Ottoman elite and affluent foreigners working in what was Constantinople, these mansions were made famous in novels and more recently modern Turkey's hugely successful soap operas. (Photo by OZAN KOSE / AFP)

İstanbul’s historic waterfront mansions along the Bosporus, some priced as high as $173 million, are hitting the market in increasing numbers due to rising maintenance costs and inheritance disputes, Turkish media reported on Wednesday.

These stately homes have become symbols of opulence as they combine rich Ottoman history with modern exclusivity. However, rising maintenance costs, inheritance disputes and the changing economic situation in Turkey have led to a surge in offers, with prices ranging from 300 million Turkish lira to a staggering TL 6 billion ($173 million).

Located on the Bosporus Strait, which separates Europe and Asia, there are nearly 400 preserved historic mansions that are among İstanbul’s most valuable cultural and historical artifacts.

The former summer residences of the Ottoman elite boast wooden facades, ornately carved verandas and breathtaking views of the bustling waterway. They are often referred to as the “pearls of the Bosporus” and embody centuries of architectural and artistic influences.

Today, around 100 of these houses are on the market, some of which will fetch record prices. Of particular note is a mansion in Bebek, which is being offered for TL 6 billion ($173 million), while the historic Müşir Zeki Paşa mansion in Rumelihisarı is for sale for 120 million euros ($126 million).

The recent wave of sales is mainly due to two factors: rising maintenance costs and family disagreements over inheritances. Speaking to the Gazete Pencere news website, realtor Mustafa Hakan Özelmacıklı explains: “Many of these properties were once bought as a hobby but are now being sold due to lack of use. The maintenance costs are extremely high and the natural risks along the Bosporus deter some owners.”

These risks include fast currents that can damage the foundations on the shore as well as the financial burden of annual maintenance of the structures, which are often made of wood and require frequent repairs.

Prices rise by 30 percent

Zuhal Balsar, deputy managing director of EVA Real Estate Valuation, told Gazete Pencere that prices for villas on the Bosporus have risen by an average of 30 percent in the last year. This trend is particularly pronounced in prestigious districts such as Sarıyer, Yeniköy and Beykoz. At the same time, rental prices have risen by up to 50 percent, reflecting the growing demand for these luxury properties.

Although the majority of villa owners are Turkish, international interest in these properties has increased significantly. Buyers from Qatar, the United Arab Emirates and Kuwait have shown particular interest along with Russian and European investors. The economic downturn in Turkey and the devaluation of the Turkish lira have made these luxury properties more attractive to foreign buyers, many of whom see them as an investment opportunity.

Some properties are sold discreetly and without public advertisements to protect the privacy of the sellers, many of whom are descendants of Ottoman royalty or prominent Turkish families. Real estate agents who specialize in luxury properties often act as intermediaries, screening potential buyers and maintaining confidentiality.

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