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

Fettah Tamince, the owner of Rixos Hotels, has turned Tersane Istanbul, built on state land leased for 49 years, into a center for selling citizenship. Advertisements on Tersane Istanbul’s website and social media accounts have announced the sale of 660 residences starting at $740,000.

According to Gökay Başcan’s report in BirGün Newspaper, it was mentioned that these 660 residences in Tersane Istanbul are eligible for citizenship application.

However, experts have pointed out that it is not possible to build residences on leased treasury land, and therefore, the sale of these residences might be questionable.

The project, as stated in the Environmental Impact Assessment (ÇED) file, includes two yacht ports with a capacity of 70 yachts, one City Lines Ferry Pier, and two 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 areas, and a congress and cultural center. Notably, there is no mention of residential construction in the project.

The sales representative of Tersane Istanbul emphasized the sale being conducted through a “timed deed” and “leasehold housing,” emphasizing their eligibility for citizenship.

Despite the absence of residential status in the project file, the sale of 660 residences has been advertised on social media and their official website, with prices ranging from $740,000 to $6,714,000.

At the current exchange rate, these residence prices are equivalent to approximately 23,162,000 to 193,246,000 Turkish Liras. The sales representative mentioned that those who purchase homes from the project have the upper right until February 8, 2066, stating, “Our project is built on the model of build, operate, transfer. Rixos leased this land for 49 years in 2017.”

source: / prepared by Melisa Beğiç

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