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. [...]
For Güvenç, the city planning decisions made in Istanbul during its boom were oriented toward affluent globetrotters. Though they don't live in the city, urban areas are often restructured to suit their tastes, Güvenç says. “These are the people that can travel the world, stay 10 days in New York, 10 days in Los Angeles, and then fly to Tokyo,” he says. “Their wishes and desires dictate what is to be done and what is to be put aside,” says Güvenç of the weight they carry in the planning of a typical 21st century global city. And as Turkish Airlines, the country's flagship airline, expanded its routes to connect Istanbul to cities throughout the world, cruise ships also docked in the city with more frequency. The long-neglected Istanbul, and its breathtaking views, had become a must-see for this coveted demographic.
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