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Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.

He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.

In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.

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An old proverb in the Balkans says that in the bazaar (market) of Istanbul you can find everything you are looking for (even milk from a chicken). In its present day version this proverb means that in the biggest city of Turkey you may find any residential real estate, from the smallest to the largest and from the cheapest to the most expensive you could imagined.

During the early Middle Ages after the fall of Rome under the barbarian attacks the capital of Byzantine Empire Constantinopol (Istanbul) was by far the largest city in Europe and maybe not only in this continent. Its population of more than 1 million included the Emperor court with his huge state bureaucracy, the aristocrats with their servants, the religious Orthodox leaders, thousands of traders, middle and small manufacturers and also slaves. They all had different life styles and lived in different kind of residences, from the palaces to sheds.

The raise of the Ottoman Empire and the falling of the city into the Turks' hands in XV century changed little in this picture of different life styles. The big difference was that the prominent place of the Byzantine (Christian) aristocracy was taken by force by Turkish Muslim leaders. The Empire change its national colors but its center continued for centuries ahead to be a magnet for the people living in the areas under its control.

Even after the Republic of Turkey several decades ago decided to move its capital city to Ankara, Istanbul remained the biggest economic and financial center of the country. Residential real estate market in Istanbul is remarkably constant when it comes to the price levels. This can be proved especially in hard times like in the last couple of weeks when the financial markets in the country virtually collapsed. Some have lost everything in the stock exchange panic and they can't afford now paying rents. Other instead have succeeded in withdrawing on time their money and now they are trying to put it in more secure assets like real estates. Thus the crisis that has been a hell for some, has turned to be a paradise for others.

As we already mentioned, in Istanbul you can find everything in a matter of space, price, year of construction, amenities and views. High-ranked national or foreign executives may choose to rent a house with all modern amenities (air condition, pool in the yard, electronic alarm system etc.) and with a sea view for as much as $40-50/sq.meter per month (1 sq.meter = 10 sq.feet). This means that a house of 500 sq.meters (5000 sq.feet) with a yard can be rented for $20-25 000 per month. Not bad, is it?

On the bottom of the rent market are the old condos and houses built out of the regulation plans, some of them with no running water and/or electricity. They can be rented for less than $1/sq.meter per month. Thus a small apartment or house of 50 sq.meters (500 sq.feet) might be rented for less than $50 a month. The majority of the new residential constructions are buildings on 5-8 floors with 20-30 apartments each of an average of 100 sq.meters (1000 sq.feet) per unit. Depending on their exact locations such apartments may be rented for $150-250 per month. If you are looking for buying such apartments their price vary around $400-600 per sq.meter. It is worth mentioning that in the European side of the city prices and rents are 20-25 percent lower than in the Asian side of the city.

The similar sort of house that is rented for $25 000 per month can be bought for up to $5 million, which means $10 000 per sq.meter. On the other (lowest) side of the market prices may go as low as $150-200 per sq.meter. These cheapest properties may suit only very poor foreign immigrants (or Turks leaving neighboring countries) or the new arriving impoverished farmers who can't afford anything better and who are expecting as soon as possible to move in a larger residential spaces.

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See also the directory of companies providing real estate services in, and general real estate information of Turkey.