‘Chinatown’ rising in central Istanbul

Jale Özgentürk - ISTANBUL

Chinese companies opened hotels while Chinese restaurants have been launched in and around Istanbul’s Dolapdere neighborhood

Amid a new flock of Chinese citizens visiting Istanbul, Dolapdere, a central neighborhood, is preparing to become the centerpiece for investors from the Asian giant.

“There are ‘Chinatowns,’ where people of Chinese origin live, in a number of cities across the world. As Chinese interest in Istanbul grows stronger, we may see something similar emerging here,” said Murat Kolbaşı, the head of the Turkey-China Business Council operating under the Foreign Economic Relations Board (DEİK). In 2018, the number of Chinese tourists visiting Istanbul increased by a strong 100 percent to reach 500,000. This figure is expected to rise further next year.

In recent years Istanbul has become a major destination for Chinese tourists, with Chinese companies seeing opportunities in the country’s largest city. Amid all the tourism frenzy, Dolapdere, a neighborhood that is home to low-income families, is under the spotlight and preparing to become the centerpiece of Chinese investments.

In 2018 the number of Chinese tourists visiting Istanbul increased by a strong 100 percent to reach 500,000. This figure is expected to rise further next year.

Istanbul’s Dolapdere neighborhood has been undergoing a transformation. A number of hotels have been opened in Dolapdere, including Regard and Beijing that were launched by Chinese investors.

İstiklal Avenue is the best-known spot in Istanbul, located in the Beyoğlu district, which is surrounded by poor neighborhoods, stretching from Okmeydanı to Dolapdere.

Urban transformation projects were launched in those areas in the early 2000’s and this transformation process gained momentum after 2008, triggered by a boom in the construction industry.

Chinese investments

Chinese investors’ interest in Istanbul has been increasing, with eyes shifting toward Dolapdere mostly, where they see the potential for hotel projects which do not run into any problems. Already two hotels, namely Regard and Beijing, have opened their doors to guests. This is happening against a backdrop of increasing numbers of Chinese tourists, with Chinese restaurants also popping up near historical sites.

“Chinese companies are undertaking investments one after another in the area,” said Murat Kolbaşı, the head of the Turkey-China Business Council operating under the Foreign Economic Relations Board (DEİK).

“There are ‘Chinatowns,’ where people of Chinese origin live, in a number of cities across the world. As Chinese interest in Istanbul

grows stronger, we may see something similar emerging here.”

Asked if Dolapdere could become Istanbul’s “Chinatown,” Kolbaşı said there are indications that this might happen.