26.04.2025 11:50
The earthquake measuring 6.2 that occurred in Istanbul on April 23 has also caused concern among the owners of waterfront mansions along the Bosphorus. Particularly foreign property owners who possess historical buildings have put their mansions up for sale. The latest figures on mansion prices have drawn attention!
The 6.2 magnitude earthquake that occurred in Istanbul has caused great concern among citizens living in residential areas along the coastline. Seismologists emphasize that the structures along the coastal strip surrounding the Sea of Marmara are at serious risk due to tsunami, soil softness, and the corrosive effects of saltwater on the buildings. In this context, attention has turned to the safety of the historic mansions located on both sides of the Bosphorus. Most of these structures have a history of 100 to 200 years. Experts state that these buildings, which are unique in terms of aesthetics and cultural heritage, do not comply with modern standards in terms of engineering and soil strength.
HISTORIC STRUCTURES IN NEED OF MAINTENANCE
According to a report by Türkiye Gazetesi, there are approximately 600 mansions along the Bosphorus. It is known that these structures were built in the 18th and 19th centuries, and naturally, many of them are nearly 200 years old. A significant portion of these mansions is classified as historical artifacts. However, this does not mean that they are resistant to earthquakes. The mansions, built with wooden materials and traditional techniques, have deteriorated over time. Moreover, most of the buildings lack soil surveys and static reinforcement reports. This means there is a risk of severe damage or collapse in the event of an earthquake.
LUXURY MANSIONS BEING SOLD ONE BY ONE
After the earthquakes centered in Kahramanmaraş, the elite of Istanbul began to leave their mansions along the Bosphorus. During this process, many historic mansions changed hands due to the interest of Russian oligarchs and Arab investors. However, the recent earthquake in Istanbul has also unsettled these wealthy investors. According to real estate consultants, there has been an increase in luxury mansion sales following the earthquake. In just the last two weeks, five mansions with a market value reaching billions of lira have been put up for sale. The number of listings for mansions for sale has visibly increased.
THE APPEAL OF THE SOUTH IS INCREASING
The demand for luxury housing has shifted towards safer and more isolated areas than Istanbul's historic fabric. Experts in the real estate sector indicate that individuals from high-income groups are turning to independent, newly built, and geologically safer homes in regions such as Bodrum, Alaçatı, and Çeşme. The fear of earthquakes is making Bosphorus mansions less attractive for both investors and users. This situation is leading to a decline in the prices of mansions that have increased in value for years.