The international mortgage crisis, that has also affected the real estate industry in Istanbul, was not able to change the pace of development in Istanbul's Beşiktaş and Şişli districts, according to brokers working the region. Both neighborhoods continue to attract investors as they did in the past years. The sales price of a single luxury apartment in a new project developed in the region has surpassed $6.5 million, while second-hand house prices have also increased immensely.

Most major construction projects in the region are about to be completed  and the majority of the units have already been sold even before getting close to the completion these projects. Both Besiktaş and Sisli districts offer all the convenience and difficulties that come with living in a historic downtown location. Together with the construction of new shopping centers, hospitals and cultural centers in the surrounding area, the demand for apartments located in the region keeps increasing. And, the area also offers high premiums, as the number of high-quality apartments made available to the market increases rapidly. 

However, only a few developers is able to provide high quality properties that can meet the expectations, due to the difficulties of finding and securing land in this part of the city. 

Source: Milliyet