Urban Transformation in Beşiktaş: Not Just Buildings, But Also the Perception of Real Estate Value is Being Renewed
Even in top-tier residential areas of Besiktas like Etiler, where property values were once largely measured by location, view, and transportation advantages, factors such as building age, earthquake safety, parking, technical infrastructure, and living comfort have become much more decisive for buyers and tenants.
In the Beşiktaş Etiler region, urban transformation is taking place in the form of individual plot-based building renovations.
The only major project currently under construction is the Mandarin Oriental Etiler.
Even in Etiler, the highest-end residential area of Beşiktaş, while the value of real estate was previously largely measured by its location, view, and transportation advantages; today, factors such as building age, earthquake safety, parking, technical infrastructure, and living comfort have become much more decisive for buyers and tenants.
Corporate executives, foreign professionals, and high-income users now place great importance not only on location but also on the technical quality and safety of the building when choosing a residence or office. This can lead to significant value differences between two similar properties in the same area.
Today, the value of a property in Beşiktaş cannot be explained solely by its location on a particular street or in a specific neighborhood.
The market now also prices the answers to the following questions:
How old is the building?
Does it comply with earthquake regulations?
Are there parking and social area facilities?
Is the energy efficiency and technical infrastructure adequate?
Does it meet today's user expectations? Therefore, urban transformation means not only the renovation of old buildings, but also the redefinition of the market position and perceived value of real estate.
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