Investing in Bebek: Bosphorus-View Mansions and Houses

Bebek, one of Istanbul's most popular and expensive neighbourhoods, has been home to wealthy families for centuries. At the time of writing, sales had slowed, yet prices in Turkish lira kept rising and rental demand stayed strong.

A neighbourhood of privilege

Bebek is the most popular neighbourhood on the Bosphorus, home to business people, artists and bureaucrats. It offers a refined city life and the chance to live on the Bosphorus, with waterfront mansions as well as villas and apartments overlooking the water.

Time Out magazine ranked Bebek among the 40 coolest neighbourhoods in the world in the year this article was written. It is a weekend favourite for Istanbul residents, with places such as:

• Bebek Park — built on an area of 16,000 square metres
• Bebek Mosque and the marina
• Aşiyan Museum and Kavafyan Mansion
• Lucca, Bebek Kahve and Bebek Hotel

Long-time residents complain about the growing density as more venues open, but the neighbourhood's popularity continues to rise.

History on the ridges

Bebek has been an elite neighbourhood since the Ottoman era and was also home to members of the dynasty. The ridges above Bebek hold several groves: Ayşe Sultan Grove, where the mansion of Sultan Abdulhamid II's daughter Ayşe Sultan stands, as well as Arifi Paşa, Kortel and Eliyesil groves. These are home to the most valuable residences in the area.

The groves were opened to construction in the 1965–70s period and now contain luxury villas and apartments overlooking the Bosphorus, as well as a limited number of gated compounds. Eliyesil Villas and Süzer Villas are among the most expensive residences in Istanbul.

Prices and the sales market

Owning a home in Bebek is a dream for many, Turkish and foreign buyers alike, but supply is scarce and prices are high, so the area is mainly within reach of high-income buyers. The market was active until a few years before this article was written; since then, economic developments have slowed sales while prices have kept rising.

Some owners and heirs have been asking more than their homes are worth, which pushes prices up further. Even with many homes on the market, serious buyers have become harder to find. Buyers from Iran, Azerbaijan and other Middle Eastern countries continued to show interest, and the neighbourhood's profile was changing with the price increases.

Commercial property is a separate story: there are very few units, and being in Bebek means prestige for many companies.

Rentals: demand does not end

Rents in the neighbourhood have been rising rapidly. In recent years some landlords have let their homes through Airbnb. Despite the cap on rent increases, a growing number of tenants were in legal disputes with landlords over rising rents. Many people want to rent a home a year in advance, and even as sales slow, rental demand continues.

Why new supply is so limited

Bebek lies within the Bosphorus zoning area. At the time of writing, the newest building in the neighbourhood was 40 years old. Because of the Bosphorus view protection, urban transformation is not possible, and residents were waiting for a regulation that would allow them to renew their buildings. As a result, some residents sell and move to Levent, Etiler or Sarıyer.

To explore homes in the city, see our Istanbul property overview.

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