Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Once the preserve of the Ottoman elite and affluent foreigners working in what was Constantinople, the mansions, known as yalis, were made famous in novels and more recently through modern Turkey's hugely successful TV soap operas.With such a hefty asking price as well as the opportunity of becoming a Turkish national buyers are likely to be foreigners, heralding a drastic shake-up in the mansions' ownership.Under a decree issued last month, Turkey made it easier for foreigners to become Turkish citizens by reducing the financial and investment criteria for citizenship.Foreigners now need to have $500,000 deposited in Turkish banks down from the previously required $3 million while fixed capital investment was cut from $2 million to $500,000 . And crucially, individuals owning property worth $250,000 or more are now also entitled to become Turkish citizens, compared with the previous value necessary of $1 million.Signature of powerAmong the hundreds of mansions along the two sides of the Bosphorus, 360 of them are of historic value, according to real estate broker Pinar Ayikcan Tuna.Some of the mansions are still owned by members of the Turkish elite, including the two largest family conglomerates: Koc and Sabanci.
FOLLOW THIS ARTICLE