Drawing attention with its close proximity to the sea, its historic buildings and transport access, Karaköy has been receiving its share of real estate action in recent years. Having entered the radar of investors with the Salıpazarı Cruiser Port, which is known as Galataport, the region has now become a popular area among Arab investors.
A group of foreign investors supported by an Arab Investment fund, renowned for its capital and reputation in the world, has given authority to a company of investment consultants in Turkey for estates in Karaköy. It has been stated that one of the areas receiving the most interest from Arab investors and funds is Zürafa Sokak (Street).
A Street Worth at least 750 Million
Zürafa Sokak in Karaköy, which Arab investors are showing an interest in, possesses a land area of 6 thousand 300 square meters. Planning permission up to 7 floors is being given to the 4 storey buildings on the street. 44 thousand square meters of construction area results from this, and experts have calculated the value at a minimum of 6 thousand dollars per square meter, pointing out that the street is worth a fortune on its own. The total which has been calculated is 750 million TL, verifying that the famous Zürafa Sokak is worth a fortune.
Investments have Exceeded 1 Billion TL
Investments making the region a center of attraction of tourism and entertainment have begun. The region is lined with the important representation offices of banks and financial institutions. According to the latest valuations, the value of the hotel investments in the region running from Bankalar Street to Rıhtım Street and Kılıç Ali Paşa Street has exceeded 1 billion TL.
It will Become A Rival to Nişantaşı
Buildings between Salıpazarı and Denizcilik İşletmeleri (Marine Affairs Authority) have been fenced off one by one. The plans of the group keenly interested in the region are to develop boutique hotels, luxury residences and stores. Representatives of the company have said that the outcome would be something which will rival Nişantaşı.
World Famous Brands will Come
According to the information provided by the representative of the consultancy firm authorized by the Arab funds, if agreement is reached on Zürafa Sokak, the stores to be opened there will be comprised of world famous brands currently not in Turkey.
Square Meter Prices have Reached 20 Thousand Dollars
Real estate experts state that the prices in the region are changing on a daily basis. The square meter prices in the region range from 6 thousand dollars to 20 thousand dollars.