Foreign buyers look to snap up Bosporus mansions - Hürriyet

Foreign buyers, particularly Qataris have shown great interest in 60 waterside mansions currently up for sale in Istanbul, 30 of which are historical, Hürriyet newspaper reported on Tuesday. 

The price range of the waterside mansions on Istanbul’s Bosporus Straits varies between $4.5 million to $95 million. There are also 40 mansion apartments currently on sale with prices between $1.7 million and $12 million.

There are 600 waterside mansions in Istanbul and 366 of them are recognised as historical buildings, Hürriyet said.

Sinem Ayıkcan Yılmaz, a real-estate expert, said the decline in the value of the Turkish lira, which has dropped by 40 percent against the dollar this year, had increased foreign interest in mansions. 

In a presidential decree published on Sept. 13, Turkish government said any contracts, including those for property sales and rentals, previously made in foreign currency must be converted into lira within 30 days.

“After the value of the dollar increased, there was a decline in foreign customers’ demand for waterside mansions. But now there is a new law, we cannot use dollars and euros in pricing, therefore we have to convert all prices into Turkish liras,” Yılmaz said.

Yılmaz said Turkish buyers had been asking for 40 to 50 percent discount in prices, but property owners discriminated between Turkish and foreign buyers and declined requests for discount from foreigners.

“Most of the demand is from Arab countries. Especially, there is too much demand from Qatar. Two important waterside mansions were previously bought by Qataris,” she said.