Advantages of Habitation and Investment in Old Istanbul Houses
Last Updated: 2023-07-27
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Advantages of Habitation and Investment in Old Istanbul Houses
As you move between Istanbul's historic neighborhoods, you must have noticed the old Ottoman-style houses that give an aesthetic to these places. Do you know that some of Mersat Real Estate Company's customers want to own those old houses?! Perhaps it is something strange, since investors are usually looking for the most modern and luxurious properties in Istanbul.
In this article, you will read:
- Istanbul's old houses occupy important locations.
- Istanbul's old houses are big.
- Istanbul's old houses provide privacy.
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Istanbul's Old Houses Occupy Important Locations:
Old properties are usually located in central areas, forming Istanbul's old centre near historical and archaeological monuments, and near museums and mosques, for example the historic Balat neighbourhood within Istanbul's ancient walls, which is adjacent to the Golden Horn.
Balat is one of the city's most important attractions, a staple destination for both local interested people and foreign tourists, as well as producers of television work and films.
Visitors to the Balat neighborhood seize the opportunity to learn about history, see the old-time cafes in their traditional form, and the old houses with their ornate balconies take them on an interesting journey back centuries.
Tourists also find in the neighborhood a miniature embodiment of the ancient city of Constantinople, over which civilizations fought for and was dubbed by some leaders as the "Capital of the World", moving between its alleys and archaeological sites and carrying their cameras to immortalize the beautiful moments.
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Istanbul's Old Houses Are Big:
In the past, the number of family members was large and this is the reason why the old houses of Istanbul were spacious. In addition to the low costs in that period, this is what gives the old houses in Istanbul an additional advantage over the modern ones.
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Istanbul's Old Houses Provide Privacy:
Regardless of the location of the houses, whether they are in the center of Istanbul or on the outskirts, they give their habitats great privacy. It is as if you own the land and the sky at the same time, as it is said, since there are no neighbors above the residents and usually consist of two floors or more, and all floors belong to one family, which gives them privacy that cannot be gotten by those who live in housing complexes.
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Istanbul's Old Houses Are an Investment Opportunity for Reconstruction:
Perhaps the most important point of this article, which is the center of investors attention, is that Istanbul's old houses and their important location will be a huge investment opportunity by demolishing and rebuilding them. It is also part of the urban transformation plan, which requires the demolition and rebuilding of six million houses, that needs several steps to be done, starting with the demolition permit, which is a document authorizing the demolition of ramshackle buildings.
This license is granted by the municipality and is mandatory for buildings at risk of collapse, where they can be obtained after obtaining documented approval from the notary of the residents of the building, and then apply for the license.
However, if the building is located within an urban transformation area, real estate owners must check the municipality and agree with a contractor, who is responsible for submitting an application for a demolition permit on behalf of the owners of the building to be demolished.
The required documents must also be prepared in addition to the demolition request provided that the building is evacuated from its residents, and these are the required documents:
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Demolition application.
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List of house owners with title deeds.
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A consent of the property's owners that is documented by the notary.
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An official report about the peril surrounding the building.
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Closing electricity and water subscriptions and confirming this with official documents.
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Photos of the building after its evacuation.
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The demolition permit is obtained within six working days from the date of application.
The building will be demolished within 60 days from the issuance that can be extended to 30 days. If the building is not demolished, the demolition management will carry out the demolition work.
After the demolition, the project to be built is licensed, and here we must note that most of the high-end projects located in the center of Istanbul are originally old houses and then turned into residential and tourism projects that bring huge financial returns to their owners.
Edited by Mersat Real Estate Team ©
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