Real Estate

660 Residences in Tersane Istanbul Available for Purchase, Starting at $740,000

The initiation of citizenship-eligible residential sales in Tersane Istanbul has recently been announced, with 660 units available for purchase, starting at $740,000. Here are the details…

Fettah Tamince, the owner of Rixos Hotels, has transformed Tersane Istanbul, built on state land leased for 49 years, into a hub for citizenship sales. Advertisements on Tersane Istanbul’s official website and social media accounts have garnered attention.

In these ads, it was mentioned that 660 residences in Tersane Istanbul are now available for purchase, starting at $740,000.

According to Gökay Başcan’s report in BirGün Newspaper, these residences in Tersane Istanbul are deemed suitable for citizenship applications.

However, experts have pointed out that it is not permissible to construct residences on leased state land, raising questions about the legality of the sales.

According to the information provided in the Environmental Impact Assessment (ÇED) file of the project, the development includes 2 yacht ports with a capacity for 70 yachts, 1 City Lines Ferry Pier, and 2 Temporary Berths-Passenger Transfer Piers. The project also features three 5-star hotels with a total room capacity of 700, office buildings, commercial units, a religious facility, dining and entertainment areas, and a congress and cultural center. Notably, the project documentation does not contain any reference to residential construction.

Despite this, Tersane Istanbul’s sales representative emphasized the sales are conducted through a “timed title deed” and “leasehold residences,” highlighting their suitability for citizenship.

It has been clarified that the units, given a 49-year operational right, do not possess the characteristics of residential properties and are not included in the project file. Nonetheless, on social media and their official websites, the commencement of sales for 660 residences was announced, with prices ranging from $740,000 to $6,714,000.

At current exchange rates, the residence prices range from ₺23,162,000 to ₺193,246,000 Turkish Liras.

The sales representative stated that those who purchase from the project have the upper right until February 8, 2066, explaining, “Our project is implemented as build, operate, transfer. Rixos leased this land for 49 years in 2017.”

source: prepared by Melisa Beğiç

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