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New Opportunities Await Arab Investors at Karakoy, Istanbul


New Opportunities Await Arab Investors at Karakoy, Istanbul

Karakoy has always been the attention spot for the tourists with its historic structure, convenient transport conditions and close proximity to the sea. Recently Galataport which is a cruiser port located in Salipazari area started to receive interest of Arab investors, especially Zurafa Sokak (Street) has the most interest in the area. Estimated Worth at least 750 Million Zurafa Sokak in Karakoy got the Arab investors’ attention due to its possession of 6300 square meters of land area. Planning codes allows to build 7 story buildings on the street, which means 44 thousand square meters of area can be used for construction, with that the calculated minimum value per square meter is 6 thousand dollars and the total calculated value is more than750 million TL, proving that the well known Zurafa Sokak is worth a fortune. More than 1 Billion TL of Investments To make Karakoy an attraction center of tourism and entertainment, the real estate investments keep increasing. The region is full of important representation offices of banks and financial institutions. The latest valuations show that the value of the hotel investments in the region running from Bankalar Street to Rihtim Street and Kilic Ali Pasa Street has exceeded 1 billion TL. New Rival to Nisantasi Buildings between Salipazari and Denizcilik Isletmeleri (Marine Affairs Authority) have been eliminated one by one to build new boutique hotels, luxury residences and stores for the attention of the tourists. Representatives of the company have said that the result of this act would make Karakoy rival to Nisantasi. Global Brands will Come The authorities state that if the agreement is reached on Zurafa Street, the stores of world famous brands will be opened even the ones that currently not in Turkey. Prices of Square Meter have Reached 20 Thousand Dollars Real estate experts state that the prices in the area keep changing. The square meter prices in the area vary from 6 thousand dollars to 20 thousand dollars.

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