Under its economy collapse, Turkey sells Bosporus palaces, Qatar buys

NEWS DESK

After the Turkish lira lost nearly 40% of its value against the dollar this year, interest in buying historic and luxurious palaces overlooking the Bosporus in Istanbul, especially by Qataris, has increased.

The Turkish daily Hurriyet reported on Tuesday that 60 palaces along Istanbul's Bosporus, including 30 historic palaces, were on sale for between 4.5 million and $ 95 million.

In addition to the 60 palaces, about 40 luxury apartments are on sale at prices ranging from $ 1.7 million to $ 12 million.

The area between Bugazchi and Sultan Mohamed al- Fateh is the most expensive, while the palaces in the neighborhoods on the European side of the Bosporus, especially in the Yenikoy neighborhood, as well as on the Asian side, especially in the Qandilli neighborhood, are the most desirable.

According to the Demeroyen agency news, the Bosporus has had 600 palaces, including 366 historic palaces.

Sinam Yilmaz an investment advisor said "Foreigners are thinking of exploiting the Turkish lira after depreciating against the dollar, which means their currency is also of a higher value, since the real estate here in Turkey is sold in lira, so the foreigners have a greater opportunity to buy.

Yilmaz referred to the recent decision to use the lira to buy, sell and lease real estate in a new step to support the local currency.

"There is a new law now, we can no longer sell palaces in dollars or euros," he said, adding that the recent rise in the value of the dollar against the lira has led to a rise in lira deficits, prompting local buyers to demand a price cut.

"Citizens from Arab countries are looking to buy, we were seeing an increase in Qatar in particular," he said.

H/S

ANHA