History of the Karaköy Region

Karaköy, the modern name for Old Galata, is a commercial district in the Beyoğlu district of Istanbul, located on the northern part of the Golden Horn mouth on the European side of the Bosphorus.

Karaköy, one of the city's oldest and most historic districts, is today a major commercial and transportation hub. The area is connected to surrounding districts via streets originating from Karaköy Square. The Galata Bridge connects Karaköy to Eminönü to the southwest, Tersane Street to the west, Azapkapı to the west, Voyvoda Street and Şişhane to the northwest, Yüksek Kaldırım Street, Kemeraltı Street, and Necatibey Street to the north, and Tophane to the northeast. Originally a meeting place for banks and insurance companies in the 19th century, the commercial district now houses suppliers of mechanical, electrical, plumbing, and electronic parts.

Karaköy, a port area across the Golden Horn from Constantinople, has existed since the Byzantine era, when the northern shore of the Golden Horn was a separate settlement. After the city's conquest from the Latin Empire in 1261, the Byzantine emperor granted Genoese merchants permission to settle and do business there as part of a defensive pact.

The region developed rapidly, and the Genoese built strong fortifications to protect themselves and their depots. Parts of the Genoese walls are still visible, but the Galata Tower, the highest and strongest point of the walls, is the most visible of all. In the 15th century, Galata looked just like an Italian city.

In 1455, immediately after the conquest of Constantinople, the region had three population categories: temporary, Genoese, Venetian, and Catalan merchants; Genoese citizens of Ottoman citizenship; Greeks, Armenians, and Jews. The composition of the population soon changed, and according to the 1478 census, almost half of the district's population was Muslim. After 1500, more Sephardic Jews fleeing the Spanish Inquisition settled here.

Karaköy experienced a second wave of Christian influx (1854-1856) when Allied forces, including British, French, and Italian, arrived in Istanbul to fight in the Crimean War. The lack of piers made unloading troops and military equipment difficult. In 1879, a French company obtained a concession to build a dock in Karaköy, which was completed in 1891.

In the last decade of the 19th century, Karaköy developed into a banking district. The Ottoman Bank established its headquarters here, and Italian and Austrian insurance companies opened branches.

With increasing trade activity in the early 20th century, the port was expanded with customs buildings, passenger terminals, and maritime warehouses. Karaköy also became famous for the Greek taverns along the docks.

After 1917, thousands of White Russians fleeing the Bolshevik Revolution landed here and settled in the area.