Istanbul has been a shopper's paradise for more than 1500 years and famed as the trading point connecting the Silk Road from China with Europe. Visitors tend to flock to the famous Grand Bazaar in Beyazit (open 0700-1900, Monday to Saturday), with its Ottoman atmosphere and cool covered streets. It is a good place to get an overview of the goods available and the variety of prices, but sometimes better bargains can be found in the smaller shopping areas of Sultanahmet and Beyazit. Outside of the state-owned markets, most shops stay open as long as there are customers, although the official standard is Monday to Saturday 0900-1800. Even at midnight, however, there are traders on the main pedestrian thoroughfares selling toys, socks, counterfeit CDs and even antiques laid out on the ground.
As a designated tourist quarter, the Sultanahmet area is perhaps the most competitive in terms of price and variety of specialized goods, such as carpets, kilims, silver jewelry and collector's items. For a more authentic atmosphere, Istanbul's many street markets are well worth a look, from the farmers' market to the right of the Spice Bazaar, where you can taste the cheeses and olives, to the enormous Kadikoy market on Tuesday, near Fenerbahçe Stadium. There is also a flea market here at the weekends. On Sundays the restored harbor area at Ortakoy is taken over by a craft and antique market. Cukurcuma (follow Turnacibasi Sokak off Istiklal Caddesi) is the heart of the antiques district. Istiklal Caddesi in Beyoglu and Bagdat Caddesi on the Asian side have the most fashion boutiques and department stores, and the old-money neighborhood of Tesvikye/Nisantasi is where Turkey's top designers have their outlets; good streets to try are those around Valikonagi and Abdi Ipekçi Caddesi. Huge shopping malls tend to be found in the suburbs, such as Galleria in Ataköy and Akmerkez in Etiler.
Value-added tax (KDV) can be from 8 to 15%, but foreign passport holders are exempt in specially designated tourist shops, which issue a special invoice that can be presented at customs for refunds. In most cases, however, it is taken right off the bill. Always make sure to get an invoice for items that could be considered 'antique' as the penalty for smuggling antiquities is very high and customs officials are often poorly informed as to what constitutes an antique.
