The Republic of Turkey (internationally recognized by the UN as the Republic of Türkiye since 2022) is a beautiful and friendly country. It is washed by 4 seas – the Mediterranean Sea, the Aegean Sea, the Marmara Sea, and the Black Sea. The Bosphorus Strait divides European and Asia Turkey and is an internationally important shipping route. Turkey is very popular with entrepreneurs and wealthy immigrants. Among the most attractive incentives are
- the robust economy
- the favorable immigration program granting citizenship and residence by investment in real estate in Turkey
- and the ample opportunities for buyers of real properties, including elite mansions, palaces, townhouses, apartments, and commercial spaces.
Over recent months, we have posted quite a number of articles about the Turkish real estate market, the jobs market, company formation, bank accounts, citizenship, and other popular topics. Now you are probably anxious to know:
- What are the best recommended elite areas in Turkey for permanent residence?
- Where do rich live in Turkey?
- Which rich neighborhoods are the most prestigious in Turkey?
If you have your heart set on relocating to Turkey, you are welcome to explore our offers and get comprehensive assistance from experts in this fantastic country.
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Where Do the Rich Buy Real Property in Turkey? Elite Cities and Rich Neighborhoods
To learn where the rich invest in real estate in Turkey, view the ‘Istanbul real estate’ search results on our portal and find articles on fancy houses and imposing apartments in Bebek, Ortaköy, and Ulus, prestigious commercial property and turn-key business complexes in Levent, and premium high-rise apartment suits in Etiler. These wealthy neighborhoods feature a lot of opportunities for high-yield, low-risk property investments.
To answer the question, ‘where do the rich live in Turkey?’, look at the high-end residences in Bebek, Vaniköy, Kandilli, Beylerbey, Yeniköy, Kuzguncuk, and mansions in the Anatolian fortress (Anadoluhisarı). Many rich families are obsessed with cutting-edge grandeur. Yet, many more give preference to Ottoman-era elite mansions with centuries of history and impressive pedigree.
Istanbul was once the ancient city of Byzantium and then Constantinople. For centuries it was the most influential city in the vast empire and the world. Many cultures and artistic traditions sprung up, encountered, and blossomed here. No wonder the rich neighborhoods in Istanbul are, by far, the most popular places in Turkey for those with a luxury lifestyle in mind.
Depending on the purpose of buying property in Turkey, foreign and local HNWIs choose the following areas:
- The coastal cities and metropolitan areas of Istanbul, Kuşadası, Izmir, Bodrum, Antalya, Alanya, Bursa, etc. These are the investors’ heavenly locations, featuring major construction projects and upmarket off-plan property offers. The value of luxury properties in these regions of Turkey increased by nearly 200% in 2022.
- The areas mentioned above are also the best areas for permanent residence of inbound HNWIs in Turkey. Other attractive locations are in the quiet provinces of Northern Cyprus and the Prince’s Islands.
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Top 10 High-End Residential Areas Where the Rich Live in Turkey in 2023
The elite residential and commercial real estate prices spike in the elite neighborhoods, where celebrities, actors, owners of corporations, and very wealthy families live.
This insight opens up good prospects for profitable investments in the short and long term. It is also a sign you can make a good deal in Turkey if you hurry up.
According to experts’ forecasts, Turkey will remain a popular destination for international investors, business owners, and immigrants in 2023. Therefore, you can expect that the demand will drive a further increase in elite property sales and prices.
The most expensive districts where the rich live in Turkey, are located on the waterfront. Many of them are in Istanbul famous for the elite mansions and palaces near the Bosphorus.
The value of villas and residences in the rich neighborhoods of Turkey is several hundred million dollars apiece, according to premium property records.
|The most expensive districts in Turkey||Price per sq.m. (TRY)||Price per sq.m. (USD)||Rising prices in lira|
|Sarıyer (Istanbul)||63 045||3 433||+220%|
|Besiktas (Istanbul)||61 503||3 350||+217%|
|Çeşme (İzmir)||45 247||2 464||+147%|
|Kadıköy (Istanbul)||44 602||2 429||+196%|
|Bakırköy (Istanbul)||44 035||2 398||+207%|
|Bodrum (Mugla)||43 610||2 375||+161%|
|Beykoz (Istanbul)||37 161||2 024||+185%|
|Şişli (Istanbul)||34 341||1 870||+336%|
|Adalar (Istanbul)||33 329||1 815||+336%|
|Kaş (Antalya)||33 175||1 807||+336%|
Please note: Luxury apartments plus the right to obtain a residence (by investment) are also available in the UAE. You are welcome to choose the most attractive elite properties in the UAE and book our turn-key professional services for high-end real estate purchase and sale.
Elite Mansions, Luxury Palaces, and Rich Neighborhoods Where the Rich Live in Turkey
On both sides of the Bosphorus, there are about 600 luxurious waterfront palaces and elite mansions, over half of them are of historic value.
Yeniköy, Bebek, Kuruçeşme, and Tarabya (in European Istanbul), Beykoz and Kandili, Vaniköy, Anadoluhisarı and Kanlıca (in the Asian/Anatolian Istanbul) are the most prestigious neighborhoods. The Asian side is quieter and very green.
Between 50 to 60 waterfront elite mansions are up for sale, though none of them are advertised publicly.
The most expensive waterfront elite mansions in Turkey have survived since the Ottoman Empire and are now homes for Forbes-list-level business people. They stand on the waterfront along the 20-mile stretch of Bosphorus – from the Black Sea to the Sea of Marmara and the Mediterranean – splitting Istanbul into the European and Asian parts.
These mansions, called in Turkish yalis, are virtually the most sought-after properties in the region. Their value is based on their historical roots, signature style, and decor, their former owners’ prominence, the hosted grand events and VIP visitors, the old parks, the vintage aura, and the stunning views. These elite mansions have been part of the world-known iconic sights in Istanbul for 300 years.
Some of the Bosphorus waterfront summer palaces of Ottoman sultans now provide premises for government offices. A few are operated as hotels. However, most of these graceful wooden and stone elite mansions are where the rich live in Turkey.
The prices for elite mansions range from USD 10 mln to USD 150 mln. The prices for nearby estates built not on the water start from USD 2 mln. The sale, rent, or lease of these properties are only in Turkish liras. No new projects are allowed within the Bosphorus area. Therefore, the offers to buy a residence where the celebrities and rich live in Turkey are limited. The majority of owners and buyers of elite mansions in the rich neighborhoods are the Turkish HNWIs.
Here are some of the most outstanding properties:
- Muhsinzade Mehmet Pasha Mansion was once known as one of the biggest buildings in the Bosphorus. This magnificent waterfront 19th-century elite mansion is worth about USD 155 million. It stands on the Rumeli side. It is called after the Grand Vizier whose family owned it till 1920. The building was restored about 30 years ago according to its original plan. It currently houses the luxury ’Les Ottomans’ grand hotel.
- The Ahmet Fethi Pasa Yali (or the Pink Yali / Pink Waterside) built in the late 18th century is an example of the finest waterfront elite mansions along the Bosphorus. It is named after one of its former owners – Fethi Pasha, the founder of Turkish museology. The building was rebuilt several times and restored in 1948, so it represents the creme de la crème of its lifestyle. A large park behind the mansion is the property of the municipality. The residence is worth USD 150 mln. It is the property of the uncle of the President of the Fenerbahçe Spor Kulübü – a Turkish professional football club based in Istanbul.
- The Tophane Musiri Zeki Pasa Mansion under Fatih Sultan Mehmet Bridge, Bosphorus Strait (near Rumeli Hisari) was built of bricks and mortar at the end of the 19th century by the French Levantine architect Alexandre Vallaury. While most yalis are made of wood, this solid structure withstood decay during its nearly 135-year history. Today this 2-story residence with 23 rooms and its 4,032 square meters of land is worth USD USD 100 million. This house was recently one of the 52 Bosphorus waterfront elite mansions put for sale.
- Tahsin Bey Yalisi in Yeniköy worth USD 115 mln. is an elegant white-and-blue 80-meter-long waterfront elite mansion named after Tahsin Uzel, the founder of the main dams in Turkey. It is actually 2 elite mansions in one property rebuilt in the 1940-es. after adding to the main structure the Selâhattin Âdil Pasha mansion (named after the prominent general, the Commander of Istanbul in the 1920s).
- Kont Ostrorog Chateau situated in Kandilli is called after Count Leon Ostrorog, a prominent academician in the field of Islamic Law who settled with his family in this mansion around the turn of the 20”’ century. Built in the early 19th century, it is one of the best-preserved yalis of Kandilli. The place is also known as Kirmizi Yale due to its red hue. The mansion consists of 2 adjacent elite mansions. They rest in a beautiful garden with a marble column fountain and a Baroque-style marble sacred pool, a Byzantine barrel vault, and a 200-year-old pine. Kont Ostrorog Chateau is presently worth USD 105 mln. In 2000, it became the property of Rahmi Koç from the family of owners of Koç Holding. Their business has grown from a small grocery store in 1917 to a great corporation, the only Turkish company featured in Fortune Global 500. They own 3 waterfront mansions.
The Sabanci dynasty known for their Sabanci Holding owns at least 17 waterfront elite mansions with a total value of nearly USD 1 bln. Among the historic buildings owned by the Sabanci family is the Hasip Pasha mansion in Beylerbeyi, which is worth about USD 160 mln. The palace dates back to the 18th century and is one of the most beautiful residences on the Bosphorus. After a major fire in 1972, the mansion was fully restored ‘to the former elegance and dignity’ and today is property of the Sedes Holding president, venture capitalist, and philanthropist Demir Sabanci.
Among other high-net-worth owners of waterfront elite mansions in Turkey is Murat Ülker – a billionaire, chairman of Turkey’s largest food company, and the 2nd richest person in the country.
Recent years have also seen a growing interest from international buyers. They come to purchase deluxe real estate for residencies and lucrative long-term investments.
Please surf our portal for more details and articles on Turkey’s real estate market and other topics.