International Real Estate Review

This study investigates the effects of revitalization process in Beyoglu, Istanbul. Since the 1980s, spatial impacts of transformation have become apparent on Istanbul and these impacts have taken their most intense forms in the historic city centres, as Beyoglu. While Istanbul has grown through the restructuring of the urban economy, social and spatial reconstruction, and innovative transportation and communication technologies, Beyoglu has begun to regain its characteristics. Projects and investments to reconstruct Beyoglu have been successful in changing this process and have achieved their targets particularly in Beyoglu’s residential areas and the region has started to develop. In order to analyse the development process, this paper focused on the three revitalized neighbourhoods in Beyoglu, which have been popular residential areas in Istanbul. We use social, economic, and spatial indicators, such as population, property prices, and functional transformation. The revitalization process has significant effects on social, economic, and spatial structure of Beyoglu. For further studies, it will be useful to repeat this study in other historical residential areas of Istanbul in order to make comparative studies.lutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.