Covering two different continents, Istanbul is a unique city in which each neighborhood has its own culture and charm. The Kadıköy district was one of the first settlements on the peaceful Asian side of the city and is today recognized as one of the “the coolest neighborhoods in the world.”
Once known for its sleepy streets and historic buildings, it has become more upscale in recent years and is now one of the wealthiest and most desirable neighborhoods in the city.
“It is one of the prime neighborhoods for local high-income families and in recent years it has started to attract the attention of foreign families and businessmen,” said Gökhan Çolak, Marketing Director of Istanbul Homes, a real estate company specializing in international markets. buyers.
Situated along the eastern shore of the Bosphorus Strait, Kadıköy boasts a lively cultural scene and modern beach properties with views west towards the Sea of Marmara and the European side of Istanbul. “The best view of Istanbul is from the Kadıköy coast because you can see the historic peninsula – the center of the Ottoman and Byzantine empires,” he said.
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Kadıköy is bordered to the east by the D100 highway and to the west by the sea. It stretches from Bostancı Lunapark to the south and Karacaahmet Cemetery to the north.
Prices in Kadıköy are around 15% lower than equivalent luxury properties in the more affluent neighborhoods on Istanbul’s European side, ranging from $10,000 to $20,000 per square meter, said Tolga Erkutel, founder and director of Turkey Homes, a London-based property company with offices across Turkey. Four-bedroom apartments start from US$800,000.
The recent economic crisis in Turkey, which led to a sharp devaluation of the lira, which lost around 40% of its value against the US dollar and the euro last year, means that most luxury properties in Turkey are currently sold in US dollars.
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When it comes to price, “the most important thing is location,” Çolak said. “The most luxurious properties in Kadıköy are located on Bağdat Street, which is the most valuable street in Istanbul, perhaps in Turkey.”
Home prices vary by neighborhood, size and amenities “but average prices for luxury homes range from $500,000 to $5 million,” he said. These prices apply to villas along the coastline and apartments near Bağdat Street, most of which are located in new secure developments and offer exceptional amenities such as landscaped gardens and community swimming pools, luxury interior finishes and five-star services.
“You have access to facilities such as a gym, sauna and Turkish bath for the residence. You can live on the 30th or 50th floor, with a nice view, or you can live in a detached house or a villa on the coast,” he said.
In recent years, many of Kadıköy’s crumbling old buildings have been razed to make way for spacious beachfront villas and modern luxury towers. “Over the past five years, renovations have been carried out as part of the urban transformation project in Kadıköy…Turkey is located in an earthquake zone and this renovation is a very beneficial change in terms of increasing building safety … People generally prefer new. modern buildings and architecture, local and foreign,” Mr. Çolak said.
In addition to the area around Bağdat Street, new developments near Kalamiş Marina are popular with wealthy buyers, Ertukel said. “On the luxury side, most properties have 24/7 concierge services, five-star hotel-style cleaning services, luxury restaurants, mini malls, high-end quality gyms , saunas, sports areas, indoor and outdoor pools, indoor and outdoor pools. outdoor parking lots,” he said. “These are all freehold properties, they are not leasehold properties, but residents pay a service fee…depending on the size of their unit.”
What makes it unique
With its coastal promenade and numerous parks, Kadıköy is a quaint, family-friendly neighborhood that is home to a diverse community of locals and foreigners and dotted with historical landmarks including mosques, churches and synagogues. Well connected by train and metro with the rest of the city, it is also close to Sabiha Gökҫen International Airport and has its own bustling ferry terminal. Boats depart every few minutes for Istanbul’s European side, a scenic 20-minute ride, and for the nearby Princes’ Islands, where cars are banned and horse-drawn carriages whisk visitors from place to place .
Kadıköy is also known for its vibrant cultural scene, filled with art galleries, concert halls, cinemas and theaters, as well as the Süreyya Opera House, built in 1927 and home to the Istanbul State Ballet and Opera Organization. “It offers a high quality of life and 24-hour entertainment. It is popular for its cultural and artistic activities, nightlife, shopping malls, historical buildings, restaurants and seaside bars. It is also popular for its football matches as Fenerbahҫe, the biggest football team of Turkey, is located in Kadıköy with a stadium with a capacity of 50,000,” Çolak said.
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A popular shopping destination, the area has several large malls as well as exclusive designer boutiques. One of Istanbul’s culinary hubs, Kadıköy is famous for its boutique cocktail bars and restaurants, including Mythos, a seafood restaurant tucked inside the historic Haydarpaşa station, Çiya Sofrası, which serves a an eclectic range of traditional Anatolian dishes from different parts of Turkey, and Şiraz, in the trendy seaside district of Moda, which offers a selection of Greek and Aegean mezes paired with characterful wines.
There are several private schools in the area, including Keystone International Schools, which caters for kindergarten through 12th grade, and Lycée Saint-Joseph, which runs kindergarten through high school. Founded in 1870, it offers courses taught in English, French and Turkish. “These schools are also preferred by wealthy Turkish families,” Çolak said. The health infrastructure is also excellent, with 28 private hospitals and five public hospitals in Kadıköy alone, he said.
Who lives here
As one of the oldest parts of Istanbul, Kadıköy is in high demand. “You will find that the majority of the luxury properties in this area have been bought and invested by local Turks as opposed to foreigners, despite the current price hike, as these are the investors who believe aggressively in Istanbul,” said Mr. Ertukel. . The region attracts wealthy local families, as well as foreign buyers from America and Europe and people attracted by Turkey’s Citizenship by Investment program, which attracts buyers from North Africa, Iran, Turkey. Iraq, Pakistan, Bangladesh and Malaysia, he said.
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Famous residents include several well-known local celebrities such as Turkish pop singer Tarkan. “He lives in the United States but he has a house in Kadıköy, so when he comes to Turkey he lives there,” Mr Çolak said. “The famous actor Kıvanҫ Tatlıtuğ lives here. Many football players in Turkey also have homes in Kadıköy, for example Roberto Carlos who played for Fenerbahҫe.
Prices have risen due to global supply chain issues and the rising cost of building materials. Prices in Kadıköy have risen 40% over the past 18 months, Ertukel said. “I don’t anticipate the same level of increase that we’ve seen…but I don’t anticipate anything less than 20% annual increases over the next 12 months,” he said.
“There is an ever-increasing demand for Kadıköy,” Mr Çolak said. “If you buy now, you’re in luck. Soon, I think the economy will stabilize, but housing prices in Kadıköy will tend to continuously increase due to demand from foreigners and locals.
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