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During the late 1980s and early 1990s, a revival took place, spearheaded and executed by the Istanbul Metropolitan Municipality and Beyoğlu Municipality. Historic buildings were restored, the street was pedestrianised, and the old historic trams were reinstated, bringing back much of the avenue's old charm and popularity. İstiklal Avenue became the center for fine arts and leisure in Istanbul one again and real estate prices skyrocketed. Numerous new art galleries, bookstores, cafés, pubs, restaurants, shops and hotels were opened in and around the street, and venues around it became the host to many international art festivals, such as the annual Istanbul Film Festival.



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