Century-old mansions along Bosphorus up for sale

Over 100 waterfront mansions are listed for sale in Istanbul with around 60 located along the Bosphorus Strait, including historic century-old ones. Prices for these luxurious estates range from approximately $1.15 million to $172.98 million.

Eva Real Estate Valuation Deputy General Manager Zuhal Balsari Keskin shared insights with economy-focused dunya.com into this niche market, highlighting that approximately 60 of the listed mansions are situated on Istanbul’s Asian side, in neighborhoods such as Beylerbeyi, Vanikoy, Kandilli, and Kanlica, while the European side’s sought-after areas include Kurucesme, Yenikoy, and Rumelihisari.

Inheritance issues and high maintenance costs discourage

Keskin noted that some mansions date back over a century and hold significant architectural and historical value, instancing a 124-year-old property in Sariyer’s Buyukdere neighborhood recently hit the market, drawing interest from affluent buyers. However, the high costs of maintenance and restoration, coupled with financial burdens like property taxes, often compel owners to sell.

“In some cases, inheritance disputes among heirs also lead to sales,” Keskin explained. “Additionally, the noise from heavy Bosphorus maritime traffic has prompted some owners to list their properties.”

Mansions attracts buyers from the Gulf

Demand for waterfront mansions is primarily driven by multinational businesspeople, investors, and the owners of major corporations. Buyers from Gulf countries—particularly Qatar, Saudi Arabia, and Kuwait—show significant interest, favoring turnkey properties requiring minimal renovation.

Keskin also noted a 30–40% increase in property prices in 2024 compared to 2023, with areas like Sariyer, Yenikoy, and Beykoz experiencing the sharpest hikes. “The limited supply of these luxury properties and rising interest from both local and foreign investors continue to fuel this trend,” she added.

Featured Bosphorus mansions

• Sehzade Burhaneddin Efendi Mansion: Located in Ortakoy, this iconic property, built in 1880 for Sultan Abdulhamid II’s son, features 64 rooms, four reception halls, a swimming pool, a Turkish bath, and a private dock. It is listed at approximately $105.8 million.
• Sefik Bey Mansion: Dating back to the late 1920s, this mansion in Kanlica was valued at $8.07 million during its first auction. However, a $4.06 million offer failed to meet expectations. The property remains unsold and awaits its next evaluation.
• Zeki Pasa Mansion: This Arnavutkoy landmark, built by a high-ranking Ottoman official, is listed for $125 million. The property, which once housed Boris Johnson’s grandfather Ali Kemal, is renowned for its historical significance and ranks among Europe’s most expensive estates.