Istanbul's central Beyoğlu district experienced sweeping gentrification throughout the 2000s, as its popularity increased among locals and a boom in tourism brought more and more visitors. But a devastating string of terror attacks and woeful city planning have driven away locals and tourists alike, prompting a swift process of decline. [...]
Long known for its intellectual and bohemian character, Cihangir of the early ‘90s was home to one of the city’s first punk venues, which occupied the top floor of a building that looked out at the iconic strait that divides Europe and Asia. The neighborhood was also a hub for the city's transgender community until a wave of new cafes and bars swept through in the late ‘90s and early 2000s, leading to higher rents. Until recently, Cihangir was among the most coveted spots in the city but “for rent” signs are increasingly common now. Rental prices have dropped 20 percent since last year, according to Yalçın Bayazıtlı, a real estate agent who has lived and worked in Cihangir his entire life. Bayazıtlı said that most homeowners won't go any lower, though some properties have managed to depreciate in value even further. “One apartment that was going for TL 5,000 ($1,400) a month is now listed at TL 3,500 ($980),” says Bayazıtlı. [...]
But on a Saturday morning in March of last year, a suicide bomber linked to ISIS blew himself up on Istiklal, killing four people—all tourists. Traffic on the street—formerly a constant, swelling stream of people that was challenging to navigate through—plummeted, and name-brand stores started leaving the neighborhood as fast as they first appeared. Before the attack, adjacent backstreets had become host to dozens of impressive new hotels that seemed to spring up overnight, but many have become plagued by extremely low occupancy rates—about 20 percent as of last August. [...]
Bayazıtlı, the Cihangir real estate agent, doesn't believe that rental prices in his neighborhood will drop any further than the 20 percent figure he shares. “Owners will prefer to keep their homes empty with the hope that things will return to how they were before.” he says. Bayazıtlı admits, however, that he cannot be certain of this. “If another bomb explodes, perhaps they will continue to fall.”
No comments:
Post a Comment