Istanbul

Istanbul's Fener, Balat, Ayvansaray, Galata and Tarlabaşı districts have recently become centers of attraction for the upper echelons of society and particularly the business world. The Fener, Balat and Ayvansaray districts are located on the shores of the Golden Horn, while Galata and Tarlabaşı are situated above these districts. The prices of residences have increased 10-fold in some areas.

The Golden Horn, which has been a center of culture and amusement for ages, had been regarded as an area most people wanted to move away from due to the unplanned construction of industrial buildings, irregular urbanization and environmental pollution. Parallel to this, the Fener, Balat, Ayvansaray, Galata and Tarlabaşı districts failed to attract appropriate attention from society. However, the bleak picture concerning these districts began to alter as crucial changes are taking place in these areas under the umbrella of urban transformation projects.

One of the major reasons behind this change is the increased interest of higher income groups in houses in these areas. The fact that the upper echelons of society began to reside in these areas with higher payments, resulting in the forced migration of the previous residents of the areas, entirely changed the face of social life in this region. The increase in house prices also altered the characteristics of business life in the vicinity, since classic businesses in the area were replaced by elegant restaurants and cafes.

Among the 1,400 parcels of land in the Fener and Balat districts, 750 are considered historical heritage. The UNESCO project, which began nine years ago, had a crucial impact in changing the face of the region, since the area has been experimenting with a significant transformation of its characteristics as compared to a couple of years ago. The project “Rehabilitation Program of the Fener and Balat Districts,” which is being undertaken in cooperation by the European Union and Fatih Municipality, was launched in January 2003. The EU supports the project with an economic package of 7 million euros and the project encompasses the restoration of 200 historical houses, the construction of a social center, the reorganization of Balat Bazaar and improvements in the solid waste system.

Meanwhile, the Galata district has also become a center of attraction recently, and as in the case of the Balat and Fener districts the prices of even ramshackle houses now range from $200,000 to $300,000. It has become impossible to find houses available for rent at a price of YTL 500 in the area, with the rents of certain houses with a view increasing to $3,000. The houses in Galata have predominantly received the attention of foreigners. This interest in the area by foreigners reached a peak in the aftermath of the purchase of some houses by foreign professors. In this regard, the Galata region has become one of the most popular areas of residence for Europeans working in Istanbul.