Istanbul's commercial and shopping heart, the Grand Bazaar is known for being one of the city's most expensive real estate properties.

A case in point, a shop with a usage area of just 9.20 square meters in the Istanbul landmark, located in Fatih district on the city’s historic peninsula, has been put up for sale by auction for TL 12 million. It is located close to the Beyazıt Gate of the Grand Bazaar.

The shop will be sold at an auction, according to a newspaper announcement made by the Sales Office of Istanbul's 6th Court of Peace.

The sale will be held at the courtroom of the 6th Court of Peace in Istanbul on Jan. 10, 2020.

The area 9.20 square-meter shop is located in the Beyazıt neighborhood, city block no. 2788 and parcel no 5. The announcement revealed that the name of the shop as Stil Gold Exchange Center.

According to the announcement, the shop is within walking distance from the historical and touristic sites including Istanbul University’s Beyazıt Campus, the Spice Bazaar, Gülhane Park, Hagia Sophia, the Blue Mosque and Topkapı Palace.

"The Grand Bazaar is the oldest and largest shopping center in the world with its 64 streets, 16 inns, 22 gates and nearly 3,600 shops. The Grand Bazaar has 45,000 square meters of indoor space, is visited by 300,000-500,000 people, and is the center of Istanbul in terms of trade activities and tourism," the statement read.

The Grand Bazaar is a place frequented by tourists visiting Istanbul from all over the world and given its high brand value in tourism, it is one of the world's most famous shopping centers.