Last Updated on 29/09/2022
Opportunities for real estate in Istanbul: Bomonti area
The year 2022 has been active and challenging for the market of real estate in Istanbul mainly. The supply overcame the demand, which led to prices growing at startling rates. This situation produced new investment opportunities in specific areas.
Bomonti, a valuable area for real estate in Istanbul
Situation of Bomonti
Bomonti belongs to the Sisli district sharing a border with Nisantasi, an elite neighborhood and a valuable area of real estate in Istanbul. It is situated in a central location at the city’s beating heart. Moreover, it provides quick access to Besiktas and the Bosphorus and is adjacent to Beyoglu municipality, including Taksim, one of Istanbul’s primary tourist destinations.
History of Bomonti district
The Bomonti name dates back to the 1890s when two Swedish brothers who settled in Istanbul and established the Bomonti Brewery factory in the area. It was an industrial town with a large working-class population.
It is the place where the campus of Mimar Sinan Fine Arts University was established. Besides, Armenians and Georgians constitute a small part of the neighborhood’s population.
As a result of the arrangements and constructions made in recent years, the face of Bomonti has changed and it has become a remarkable region in Istanbul in demand by local and international investors. Thus, it has become one of the attractive central areas for real estate in Istanbul.
A thriving urban regeneration model
After the huge damage caused to Istanbul due to the earthquake of 1999, The Turkish government realized the necessity to establish a robust structure in all of the city. In fact, in 2004, the government launched a program for urban renewal. It started implementing stringent building regulations. These made it possible to replace the outdated constructions with new, anti-seismic buildings. Therefore, the initial target was Bomonti. As it used to be a ghetto neighborhood riddled with dilapidated factories and warehouses, the area was ready for revitalization.
Rapid urban reconstruction and Turkish government investments in infrastructure and metro lines have drastically changed Bomonti’s neighborhood during the previous ten years. Elaborate compounds and skyscrapers with new constructions replaced the majority of the old houses. The most stylish restaurants have begun to migrate into the neighborhood, and numerous five-star hotels, such as Bomonti Hilton, and Divan have also begun to appear.
Bomonti earned its prominence from the establishment of the two road tunnels linking Bomonti to Besiktas and Kagithane from the west and east providing quick access to the seaside and Bosphorus. Additionally, the metro M2 facilitated transportation to Taksim and old Istanbul in a few minutes.
The urban regeneration that Bomonti area has undergone makes it a center of business and attraction and turns it into one of the most privileged areas of real estate in Istanbul.
A promising opportunity for real estate in Istanbul
Property developers were drawn to the area of Bomonti by its rapid urban regeneration and affordable prices compared to the nearby neighborhoods such as Besiktas and Nisantasi, one of Istanbul’s fanciest districts. to clarify, Bomonti’s urban renewal presents a chance for investors to achieve significant capital gains, especially with infrastructural improvements like new hospitals, universities, and most crucially, new transportation connections integrated with renovation projects
Yet, with all these prominent factors that added urban value to the area, the increasing demand versus the limited supply increased highly the price of the new constructions. In fact, the lack of empty lands slowed the new development in the area. On the other hand, renewing old buildings will take from 4 to 5 years. So until then, clever investors would opt for second-hand opportunities as a profitable alternative for real estate in Istanbul in the current situation. Resale options would present high-standard properties with the same quality but for more affordable prices which constitutes a worthwhile opportunity for both buyers and sellers.
In conclusion, it’s importan to point out that Bomonti’s second-hand property market presents a variety of opportunities. However, it is not the only area in Istanbul with such potential. Therefore, investors should make deep study. MEO Consultants professionals will provide you with a more in-depth series of articles to explain and analyse the adequate areas for resale opportunities. Interested investors can get a risk-free initial consutation.
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