My Bricks guides you through the complete buying process.

My Bricks stands by your side for the duration of your investment, with full property management services.

My Bricks has 18 years of experience in all property related matters throughout Turkey.

Keith’s Weekly Property News June 14-2021

By in Keith's Zoom News with 0 Comments

Keith’s Weekly Property News June 14-2021

Lots of info here this week, folks. But first, an important side note. There will be a Biden/Erdogan meeting this week. The implications for the TRY can be huge. The state of US/Turkey relations has an outsized impact on the currency.

Numbers, numbers and more numbers (all figures in Turkish Lira, except renovation estimates):

-8000-9000 TL/sqm average cost of unrenovated properties in our target neighbourhoods – Mesrutiyet, Kurtulus, Bomonit (a bit higher usually).

-10.000-11.000 renovated properties. This number can go up if there are good views/terraces/elevators.

-14.000 + / sqm for new build (but not in gated compound or new high rise).

-5-6% our target yield on properties in the secondary market.

-3-4% target yield for new projects.

-12.000 + /sqm for buildings.

-20-30% add for historical properties with good features, high ceilings etc. If it is a landmark historical building it can be as much as 50%

-350 USD/ sqm for quality finish on A-Z renovation project (we are quoting in USD as our costs in TRY regularly go up/fluctuate. Can be a bit higher/lower depending on the size of the property. Click here for a reference property of A-Z + standard…

-3 months, under normal conditions, delivery time for renovation project.

-6 Our current comfort zone capacity for renovation projects at any given time. We hope to increase that to 8.

-6 full time staff at MyBricks not including construction crews, contractors.

-5KUSD – 6K USD average cost of full legal costs for CBI.

-15% + expected capital appreciation bump from renovations.

-5% per annum for the next 3 years., expected capital growth from properties in our target neighbourhoods. Many should outperform.

-2-4% stamp duty. This can be hard to understand for newcomers. Sometimes sellers want an ‘in pocket’ amount and leave closing costs to the buyer. Legally they should be shared, but in reality they are often now. Solution? Focus on the ‘all in’ final price. If you like it, that is what matters. The stamp duty issue, properly considered, should be viewed as part of the negotiation process.

-6-7 months, average time for obtaining citizenship (assuming no big delays with documents).

New Build Projects: 

Getting it right:

Buying a new build project can be a daunting task. Undoubtedly, any prospective property buyer who comes to Turkey is bombarded with offers of fancy projects. Glossy PDFs, high definition photos and CGIs of blissful environments come flowing in from eager sales representatives. There are literally hundreds of new projects in Istanbul. Given this cognitive overload, what should you do when you have made the decision to purchase a new build property? We at MyBricks have visited dozens and dozens of projects over the past year, sometimes for our clients, sometimes out of curiosity. Below are some of our ‘dos’ and ‘don’ts’ for when you buy a new build project.

1- Always be skeptical of numbers. ALL OF THEM. Check the net sqm, ignore the brute (gross) number. It is purely a distractor. Ignore rental return projections. You have to come up with those yourselves or with the help of a trusted agent.

2- Rental guarantee offers. A big PASS. Always just negotiate the final price. Pay the least possible. Reverse -engineer their rental guarantee offer and try to get the price down by that equivalent. For example, if they are offering 8% for 2 years, just say ‘No, thank you’ and try to get the base price down 16%. You will probably end up pretty close. That is just an example and that kind of reduction may only be possible on rental-guarantee projects.

3- Try to get a sense of the percentage of Turkish vs Foreign ownership. It should be at least 70% Turkish. If not, it may mean that it is being heavily marketed to foreigners, who may be more unaware of the disadvantages of the project (relative price, location, types of units on offer – generally Turks are not big fans of studio apartments). There are other reasons why this is important. If there are too many foreigners, a lot of the restaurants, cafes, markets that are included in the plan, will not function well because the foreign clients may only use a few weeks of the year. Yes, true, some do give to rent, but lots of Arab buyers do not. That lovely Carrefour market with a wide array of products can quickly turn into a nasty and cheap ‘Mom and Pop’ market. Starbucks becomes Starf…. You get the idea.

4- Location. Probably this should have been number 1. There have to be reasons to buy in this location. Proximity to Metro Lıne, universities, hospitals, etc. These are important. I like aiming for projects that are establishing a new name as an alternate downtown, such as Zeytinburnu and Kagithane. These are much, much cheaper than anything downtown in areas near Nisantasi, etc. A strategic choice here can lead to a good return down the road. Look for areas that will establish their own centre of gravity; where people will live, eat, work, shop in that location most of the time. There needs to be sufficient development for that to occur. A project stuck in the middle of nowhere, no matter how big, will not achieve this. People want variety in their immediate vicinity, not always stuck inside one complex.

5- Avoid over-eager sales staff. If they try to hard sell you or ask you to put down 1% to hold the property on first dialogue, walk away. The reputable operations do not rely on gimmicks nor pressure clients in that way. You can always go back if you really like it, and probably with additional bargaining power.

6- Pay attention to the facilities. Do they make sense for the scope of the project? A smaller, more bespoke project will not have swimming pools, etc. A huge project might have too many generic restaurants or not enough green space, or space, between the buildings.

7- Monthly fees. Find out what they are. Remember these can be important when estimating rental return and, more generally, the cost you would bear by keeping the property untenanted.

8- Check the track record of the developer. It can tell you a lot about what you will get if it is an unfinished project. Generally, we look at projects that are close to being finished or finished. We do not believe that early buyers necessarily get the best deals. Also, that waiting period for the project to complete has a cost to you. You can tell a lot more about a project that is 80% complete than a project that is just a hole in the ground.

9- Perhaps not exclusively, but generally avoid USD pricing. Most Turks will not sign a contract with USD pricing. Why would you?

10 – DO IT. If you are determined to buy a new build, just do it. There are good offers out there. Some projects are very successful and although the yields may be lower, some decent appreciation compensates for that. If you follow the above guidelines, you should be able to navigate to safe-land purchase. It takes research, that is all.

Please find at bottom of document sample renovation estimate from January of this year + samples of standard that we deliver 

On the bright side, there seem to be many new entries on the market, so plenty to check out this week.

Properties that moved/offers accepted this week (all good locations within 10 minutes of Osmanbey Metro/Nişantaşi).

1-Garden floor, 50 sqm + 20 sqm garden, needs renovation. 400.000TRY.

2-Top floor with lift, 145 sqm. 1.25 mil TRY.

3- Property in NEF 11 project, 5 year old building. 65 sqm. 495.000TRY.

4- Top floor duplex, 95 sqm, with terrace and city views. 1 year old building.1.1 mil TRY.

5- Top floor with terrace, 90 sqm. 1 mil TRY.



Keith's Weekly Property News June 14-2021

Keith’s Weekly Property News June 14-2021

Kurtulus St

February 2021

Keith Boyle

MyBricks Real Estate

61 Kodaman St, apt 10



To completely renovate the property for Sebastian Hitier.

-Duration of project: 12 weeks.


  • To maintain the budget outlined below.
  • To ensure a high standard of workmanship and timely delivery.
  • To work with Michael to achieve his general desired aesthetic.



Demolition of washroom ceramics

Demolition of internal flooring

Demolition of kitchen ceramics/walls.

Demolition of hallway floor ceramics

Demolition of doors and frames

Demolition of radiators and water pipes

Demolition of wall of the main bedroom

Demolition for balcony area (windows)

Iron support construction for roof

Removal of rubble, including transport

Total: 10500

cement rendering of walls/floors, smart screed of flooring.

Cement rendering of the walls; washroom and kitchen and the hallway floor 4000,

smart parquet screed 4500

extension of the wall in the living room 800

Total 9300

Plastering and painting of walls

Walls and ceiling plasterwork  7000

Walls and ceiling painting  3500

Decorative concrete application in living room and bedroom arches,the paint is not included 3000 

materials (paint, decorative concrete, etc) 4200 

Total 17.700 

Electric, complete renewal 

Electric infrastructure, internet and antenna, distribution panel, rubble removal, Bedas. 

total 14000 


lamps (7 ceiling lamps , 15 wall lamps etc): 15400 (potential to go up or down depending on final choices, but this price is sufficient and in line with general standard desired. 

switches/sockets for 4-5 work stations :4000

total 19400 

Pimapen windows 21000 

total: 15.000 

Doors, etc.

Entrance door : NO NEED TO CHANGE, possibly some minor repairs.

Internal doors:

washroom door. 2000

bedroom door :2000 x2: 4000

handles 350×3 =1050

2 new locks 450×2 =900 

total 7950 

Ceramics for kitchen/washroom 

Washroom walls ceramics price 18 .m2 x 220  m2 =3960 

Washroom floor ceramic price 4 m2 x 270= 1080 

Kitchen floor ceramic price 12m2 x 270 =3240 

Kitchen wall between the counter and draws ceramic price 6 m2 x 500=3000 

Ceramic plaster Flex price 20 bags x75=1500

Ceramic joint grout 2 bags x 75=150 

Ceramic clips and ctr… for installation 850 

Balcony surface ceramics 4 m2 x 270 =1080 

Installation work 100 x 40 m2=4000 

total 18.860 

Flooring laminate parquet in the living room, corridor and bedrooms: 

Laminated parquet good quality, installation work is included : 80m2 x 115m2= 9200 

Parquet hardeners and planks 3750 

Total 12.950 

Water pipes/plumbing (complete renewal) + kitchen/ washroom/ radiators pipes 

1- hattinda kalorifer çekilecek. 

2-central system pipes. 

3- renewal of the flat’s water system. 

4- Built in reservoir, drain pipe renewal. 


6- Taps/faucet, radiator installation. 

total 12.000 


cabinets : 12.6 m x 950  1 m2 =11970 

Counter marble stone 10 m x 950 per 1 m =9500 

embedded 3-piece set : 2600 

total 24.070

Washroom and kitchen accessories: 

washroom cabinet 2200 

washroom combination faucet 800 

toilet flush 120 

Plastic flush  21×2=42 

wall hung/or embedded toilet 1100 

toilet seat 300 

shower set 2300

faucet for washroom sink 750 

kitchen tap 900

kitchen sink 1100 

hanger inside shower 130 

toilet paper holder 125 

hanger for towels 220 

bidet 350 

pipe connection mats 560 

shower cabinet: 2200 

total 13.192

Heating system 

Radiators : 1 section 116 x 110 sections =12760 

Combination heat/hot water heater:3600 

gas meter 210 

total 16.570 

Sub-total ALL: 191.492

Project management fee (12%) : 22.979 

Total: 214.471 TL / approx 28.000 USD Dec 25/2020

MilestonesPayment Plan

1-Complete all demolition, reconfiguration and  infrastructure works by week 4-5.

2- Complete orders of all final finishing products by week 6-7.

3-Weeks 8-10 installation and final finishing.

4- 1 week ‘snagging’ process, cleaning, etc.

Payment Plan

25% at start

25% after 3 weeks

25% half-way payment

20% week 7-8

5% on satisfactory completion

Property links distributed during weekly zoom session

Tagged: Istanbul propertybuying property in Istanbulcentral IstanbulIstanbul apartmentsIstanbul buildingsIstanbul investmentIstanbul propertyIstanbul property sale, Istanbul real estateIstanbul renovationsProperty in Istanbul.

Share This
About The Author

My Bricks Istanbul is solely involved in the business of international real estate. My Bricks have over 13 years experience in negotiation, purchase, renovation, development of Istanbul property. My Bricks’s investment approach is opportunity-led as opposed to investment- led. When the property is fully researched and well sourced, only then will we suggest to clients.

Copyright © 2021  All rights reserved to My Bricks Real Estate. Back to top

Translate »