Why Is Urban Transformation Proceeding Slowly in Beşiktaş Ulus? Its Impact on Real Estate Values
Ulus and Etiler rank among Beşiktaş’s most valuable and prestigious residential areas. Key factors contributing to their status as prime locations include their proximity to the Bosphorus and its crossings, easy access to Istanbul’s major transportation arteries, and—conversely—the fact that they offer a tranquil living environment somewhat insulated from the heavy traffic and bustle of those main thoroughfares. Residential complexes form a significant part of Ulus’s real estate landscape; however, the structures within many of these complexes are aging. The prevalence of low-rise buildings—typically up to five stories—within these complexes ensures that Ulus retains a residential character largely spared from the dense high-rise development seen elsewhere; taller structures are generally found only among the area's detached houses. Even though residential units in the area may be becoming smaller or utilized more efficiently through new projects, Ulus’s fundamental locational advantag
Ulus and Etiler rank among Beşiktaş’s most valuable and prestigious residential areas. Several factors contribute to their status as prime locations: their proximity to the Bosphorus and its crossings, easy access to Istanbul’s major transportation arteries, and—conversely—the fact that they offer a tranquil living environment somewhat insulated from the heavy traffic and bustle of those main thoroughfares.
However, the urban transformation dynamics of the two areas follow distinctly different paths.
Urban Transformation Continues in Etiler
Building renewal and urban transformation efforts in Etiler are proceeding at a steady pace. Initiatives aimed at renewing the area's aging building stock—particularly through projects like the MaaNaa blocks—are especially noteworthy.
The fact that a significant portion of new projects in Etiler focuses on residential and premium housing demonstrates that the area is preserving its established real estate character. The limited supply of new office projects reinforces Etiler’s identity as a predominantly high-end residential district.
Meanwhile, large-scale projects in the Akat Neighborhood, such as Kent Etiler and Senfoni Etiler, are nearing completion. The supply of modern housing in the area is expected to expand further once these projects become operational in early 2027.
In the vicinity of Nisbetiye Avenue, lower-density building renewal and urban transformation projects are taking place. Thus, the gradual transformation of the aging building stock in Etiler and its immediate surroundings into higher-quality, modern structures continues.
Structural Constraints on Transformation Along the Bosphorus
Opportunities for construction and transformation in Beşiktaş’s most prestigious Bosphorus-front neighborhoods—such as Bebek, Arnavutköy, and Kuruçeşme—are evaluated within a distinct framework.
Due to the Bosphorus Law and associated conservation regulations, construction and renewal processes in these areas operate within a legal framework that is significantly different from—and more restricted than—that of other parts of Istanbul.
This situation is a key factor naturally limiting the supply of existing premium housing stock along the Bosphorus.
Ulus: One of Beşiktaş’s Prime Residential Areas with High Transformation Potential
Against this backdrop, Ulus stands out as one of Beşiktaş’s prime residential areas holding significant potential for urban transformation.
Gated residential complexes constitute a major part of Ulus’s real estate landscape; however, the structures within many of these complexes are aging.
The fact that most buildings within these complexes are low-rise structures—limited to five stories—has preserved a residential fabric in Ulus that is largely free from dense, high-rise development. Taller structures can, however, be found among the area's detached houses.
Consequently, the primary issue in Ulus is not merely the renewal of old buildings. The crucial challenge lies in transforming the existing housing stock into next-generation residences while preserving the area's low-density, premium character.
New and Modern Residential Projects in Ulus
Among the newer and more modern residential projects in Ulus—when compared to the existing building stock—Platin Sitesi, Savoy Ulus, and Ulus Tepe Konakları stand out as notable living spaces.
However, looking at the region as a whole, it is currently not possible to speak of urban transformation and new project development on the same scale and with the same continuity seen in Etiler.
At first glance, this situation might appear to be a disadvantage for Ulus. Yet, from a real estate market perspective, a different outcome may emerge:
The limited supply of new, high-quality housing could make the future transformation of the existing premium housing stock even more valuable.
Why Is Urban Transformation Important in Ulus?
Key factors distinguishing Ulus include its proximity to the Bosphorus, access to the premium commercial and social hubs of Etiler and Beşiktaş, its tranquil atmosphere, and a refined residential fabric that appeals to the upper-income bracket.
When the aging of the existing building stock is added to this mix, significant potential for urban transformation arises in the area.
However, the critical point here is that Ulus's transformation should not follow a high-density construction model; instead, it should proceed via a model that preserves the region's existing low-density, premium lifestyle character.
In other words, the future real estate value of Ulus depends not merely on the construction of new buildings, but on renewing the building stock while preserving the quality of the existing living environment.
Future Value Potential of Real Estate in Ulus
The fact that urban transformation in Ulus remains limited at present does not negate the area's long-term real estate potential. On the contrary, when factors such as limited new supply, a prime location, an aging building stock, and housing demand from high-income groups are considered together, there is significant potential for transformed properties to achieve substantial value differentiation.
Given the combination of proximity to the Bosphorus, access to central business and lifestyle hubs, low-density development, and a tranquil environment, the supply of high-quality, new buildings in Ulus is likely to become increasingly valuable in the future.
Consequently, should urban transformation take place, a significant gap could emerge between the market values of existing structures and new developments. However, rather than citing a precise figure—such as a "2.5-fold increase in value"—for any given property, it is more accurate to assess that there is potential for substantial value appreciation, contingent upon the nature of the transformation, land share, project quality, location, view, building density, and market conditions.
Ulus from a Strategic Real Estate Perspective
Rather than evaluating Ulus solely based on the current age of its buildings or the existing supply of projects, it is necessary to assess the area through the lens of the building stock transformation expected over the next 10–15 years.
Even if living spaces in the region become somewhat smaller or are utilized more efficiently with the advent of new projects, the fact remains that Ulus’s fundamental locational advantages remain unchanged.
Consequently, Ulus can be viewed as a prime residential area within Beşiktaş that holds significant, largely untapped potential for value creation through urban transformation.
For the real estate investor, the key issue is not merely the question of "old building versus new building." The fundamental question is:
"Into what kind of value can the land, living space, and location of the current property evolve in the future?"
Viewed from this perspective, the aging building stock in Ulus—given the right transformation model and investment strategy—could well become a significant subject of strategic real estate asset management in the coming period.
In conclusion, in an environment where urban transformation is progressing more visibly in Etiler and the Bosphorus waterfront is subject to legal and conservation-related restrictions, Ulus stands out as a prime location in Beşiktaş that warrants close monitoring regarding future housing supply and real estate values.
Ozkan OZEL
Strategic Real Estate Asset Management
Besiktas / İstanbul
ozkanozel.com/en
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