Why buying a traditional Istanbul house can be a good investment ?
Traditional Istanbul House.Owning a piece of Istanbul’s living history has an undeniable romantic appeal. But beyond the charm, traditional Ottoman homes in this great city also present savvy investors with an opportunity for stable returns.
Here are eight compelling reasons why buying a traditional Istanbul house can prove a smart real estate investment:
As a historical rarity, Istanbul’s remaining Ottoman-era timber homes are a finite asset, growing more scarce over time. Their value steadily appreciates as original examples of Turkish vernacular architecture. Investing in one today could mean enjoying significant gains over the long run.
Built to Last
During the Ottoman period, homes were built by master craftsmen to stand the test of time and elements. Solid elm, oak and cedar woods treated with natural preservatives were common. These homes have survived centuries and with proper upkeep can easily last hundreds more years.
Most remaining traditional homes sit on prized land in historic inner-city neighborhoods like Fatih, SultanAhmet, Samatya, Fener and Balat. Their petite size makes them unsuitable to tear down and replace with towers. You can’t beat the central locations near Istanbul’s top sights.
The quintessential timber frame homes with ornate overhangs provide the perfect blank canvas for contemporary renovations. Blend modern interiors with original woodwork and period tiles for Instagrammable dwellings. Many have been transformed into boutique hotels.
Given their uniqueness, traditional homes attract travelers seeking an authentic Istanbul experience over chain hotels. Renting them out as urban guesthouses can earn higher yields than modern units in outer districts.
Timber homes typical have 3-4 floors of compact layouts. Individual floors can serve different functions like your residence, office, shop or rental apartments. Their versatility lends to mixed-use potentials not possible in concrete high-rises.
Districts like Tarlabaşı that retain most old homes are undergoing revitalization. New cafes, galleries and improved infrastructure are attracting young residents. Purchasing early can ride the wave of rising property values as neighborhoods gentrify.
Turkish Citizenship Investment
Some restored Ottoman homes fall into the $400,000+ price bracket that qualifies foreign buyers for expedited Turkish citizenship. Satisfying the investment criteria while owning a piece of history is a win-win.
Hurdles to Consider
While rewarding, owning a traditional Istanbul house has unique considerations:
- Supporting structures like roofs and foundations may need strengthening.
- Floors are compact with small layouts not suiting larger families.
- Facades and interiors require careful restoration by specialists.
- Street access can be narrow with limited parking options.
- Title transfers may have complex inheritance issues.
With the right expertise and vision, these rare historic gems can transform into showpieces delivering enduring value. For history lovers seeking an Istanbul investment offering cachet and returns, there are few better options than the city’s finest Ottoman-era homes waiting for restoration.