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Keith’s Weekly Property News May 23-2021

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Keith’s Weekly Property News May 23-2021

We have a number of newcomers to the group and hopefully many will attend today.

In light of that, this week will mostly be a review: Where do we buy and why? And how. Below is a summary that just touches on the main points.

Areas we look to buy (map attached)

ŞIŞLI: all of the below micro-neighbourhoods are located within the larger ŞIŞLI municipality. They are all within walking distance of the Osmanbey Metro stop and Istanbul’s premiere luxury shopping area of Nisantasi. They are also walking distance to Macka Park, the best inner-city park. They are real downtown. Each neighbourhood has a distinct feel, with the one underlying feature in common being that the prices are attractive. They are all, in a sense, classic gentrification tales.

The kinds of properties we buy

Prices for unrenovated properties range from 8000-9000 TRY/ sqm (approx 1K USD/sqm). 12-14.000 for renovation.

A-Z renovations approx 350-400 USD/sqm.

-We target properties that are under market value.

-We aim for properties where we can add a minimum value of 15% post-renovation.

-We anticipate that these neighbourhoods will enjoy robust growth over the next 2-3 years.

-We target 5-6% yields, better in some cases. Some can also be less, but there might be other considerations why we would still look at these.

-We also look at new build properties if we see something that makes sense.

1-Kurtulus/Bozkurt. A gritty neighbourhood in the midst of rapid regeneration. Usually 8000 TRY/sqm, more if there is a good city view, elevator, etc.

2- Bomonti/Merkez Lots of new high rise developments. More gentrified than many of the other neighbourhoods, but still the odd opportunity on the secondary market.

3- Mesrutiyet. Very close to Nisantasi. Textile neighbourhood in midst of transforming to more residential. Personal favourite and where I reside.

4- Ferikoy. This is a new addition for us. SQM price can be as low as 6000 TRY, but it is a bit further to the Osmanbey Metro. Value play.


5-Kagithane. Central, a good place to start for new-builds. Entry-level sqm prices are much more attractive than core downtown.

6- Taksim/Cihangir/Galata. Part of the Old Quarter. Generally harder to find a good deal, but every now and then something comes up. Main tourist area.

7- Asian Side. Usually only if it offers a great sea view. The rationale is that the prices for a Bosphorous view on the European Side are exorbitant. Some good prices for view properties in Uskudar and to a lesser extent, Kadikoy.

The two main property search sites are: 

https://www.hepsiemlak.com/ (do not need to register) 

http://www.sahibinden.com/  (you will have to register). You can conduct searches in English.


For CBI buyers, lawyers charge 5-6 K USD for the whole process, including as many property transactions as required. Avoid ones that work with agencies that also sell properties. 

You need to issue POA. The lawyer can then open a Turkish account for you. This process takes anywhere from 3-4 weeks, so you cannot really begin bidding on properties until that is in place.

Property Management

We provide a full range of services. Contact Keith for details.

Buying process (from 13 April session)

Here is the standard buying procedure in Turkey.

-Identify the property

-negotiate (anywhere from 1-3 days)

-pay down a small deposit (5% range)

-move to finalise sale anywhere from a few days to a few weeks.

The buying procedure for CBI buyers 

-Repeat the first 2 steps above.

-Do initial checks to see if there are liens or mortgages (should be done by lawyer)

-Send the property for valuation (2-3 days).

-If the lawyer does net yet have POA or the Turkish account is not set up, the process will be delayed until that time. The time frames for this are very imprecise. That is why I am suggesting it is not a good idea to offer properties until these are in hand. Then there is also the time needed to set up the bank account (2-3 days + wire transfer, which typically seems to be 1-2 days).

Non-CBI buyers can move faster if they are okay with their agent doing the deposit and sales agreement. The lawyer can be part of this process or not, but they will not sign the sales agreement if they do not have the POA. The only problem with this is establishing a time frame for closing which should be written in the contract. Given the range of times needed to execute POAs etc, this might not be the best option, but may be considered on a case by case basis, or when the deal is just too good to pass up.

In sum, it is best to be with a POA + account open before entering negotiations on properties. Research and working towards identifying properties is a great strategy until that time. It gives enough time to get a real sense of the market.

Of course, clients who are in-country can speed up all of the above significantly. It can take just a few days to be in the buying position. So, if you see that property that you want, sometimes putting down a small deposit can work. Then you could order the valuation, fly over and tie it up within a week.

So, as you can see, various time frames. You have to select the one that works best for you and that you are most comfortable with.

Assuming all of the above are in place – POA/funds in Turkish account – you can move very fast if something really attractive comes up. You can be almost sure there will be others giving serious consideration to such a property in that situation. In those cases, we try to apply pressure to the seller by saying that the client is only here for a few days and just wants to buy a property quickly, making them think they may have caught a good buyer. Whatever works, right?

Further info

Some of our renovation projects:


A few of our Youtube videos


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.

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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.

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