Type: Apartment
Company: Property-Venture
Price: £ 24,150.00 Exchange rate used at date of posting

Are you interested in a real up-and-coming star of the cities? Want 7-10% rental yields and significant capital growth, with some substance? Then this development on the European side of Istanbul can help. New Metrobus station and airport being built nearby, in a centre where there is already lots happening.

Istanbul and Turkey property market

Since June 2003, when Turkey liberalized its property market for foreign buyers, over 5000 foreigners have purchased property in Turkey. The property prices in Turkey are still significantly lower than other European destinations. But as Turkey is becoming an increasingly popular place to visit, or buy a holiday home, because of its great climate and property investing potential, upward pressure on prices are starting to take hold.

There is also increasing interest among investors in Istanbul, a city steeped in tradition and heritage dating from the Ottoman Empire (when it was Constantinople). It has attracted visitors interested in history and culture through the ages, as it occupies a unique spot, where East meets West, where Europe meets Asia, divided only by the Bosphorous river. This may have contributed to it winning the European Capital of Culture in 2010. 

Turkey is an economic success story.  In 2011 its economy is expected to continue to grow at 8%, the rate of growth it experienced in 2010. Istanbul contributes 55% of Turkey’s trade. As the economy grows further, the wealth generated will have a positive impact on the property market.

From a property perspective Turkey is an exciting market to consider in 2011/12. In Istanbul, yields can be as high as 7%-10%.

A top Global Management Consultancy, reports on economically powerful cities and includes Istanbul in the top 25 city rankings for 2025 on a number of dimensions: as a city whose average, annual, household income will be over $20,000, whose population will be youthful (a high proportion below 15 years of age) and with a sizeable population (over 10m, which it already is). It sees Istanbul as a city of tomorrow.

Istanbul Infrastructure

There is currently a new metro (M4) being constructed with new stations which will also extend to Sabiha Gokcen airport. The Marmaray Tunnel (a rail tunnel under the Bosphorous) is being built to connect Asian and European-side metro stations and is shortly to enter service, with latest estimates at 2012. This will undoubtedly have a positive impact on the property prices in this area. Istanbul has a railway, metrobus, tramway and a short underground metro.

The location of this development

The development is located on the European side of Istanbul and is near Atatürk Airport, which welcomed 30m arrivals in 2009. The project is close to the Beylikduzu Center and to the Esenyurt Center. A big advantage is that it is only metres to the metrobus station, which will be operating October 2011, which will take passengers into the city centre. There are moves to decentralise the city with lots of investment in transportation links. Another airport at Silviri is being built and provides another development which will boost this part of Istanbul.

The European side of Istanbul has well-developed infrastructure and transportation connections. There is also a lot of commerce and industry in the area which provides regular demand for housing and rental of property. It is close to a major highway and its connections to the East-West highway, takes commuters to the centre of Istanbul.

For example there are significant retailers like; Carrefour, Migros, Darty, as well as the Torium Shopping centre and a large hospital nearby. It is also close to a number of Coastal resorts.

The Development

This is a major project by a reputable, professional firm, which is financially solid. A bank guarantee is provided for the deposits paid.

The 3 block development boasts the following amenities:.

 - Indoor and outdoor swimming pools

 - Ornamental pool and waterfall

 - VIP sunbathe terraces

 - Fitness Center, pool table and table tennis

 - Turkish bath, sauna and massage rooms

 - Cafe

 - Creche

 - 24 hours security

 - Valet parking

 - Retail stores

 - Lifts

Properties

 1 bed studios and Apartments are available:

1 bed studios start from: £24,150 31.67 sqm

1 bedroom apartments are priced from: £41,055 for 63.35 sqm

2 bedroom apartments are priced from: £63,998 for 95.03 sqm

3 bedroom apartments are from: £86,940 for 127.3 sqm

There is no extra charge for parking.

Payments can be made in Sterling and will be fixed by the contract.  The prices are fully finished prices (no white goods or furniture). VAT is not included in the prices which is 1%.

Timings:

Completion date is May 2013. Building has started with work on the foundations (Summer 2011). 60% of the project has been sold already

Payment terms

30% down payment (bank guarantee) balance on completion.

Rental management company is available.

     

Local Price: £24,150 excl VAT Original currency - used to convert to £
Property Build: New Build
Country: Turkey
Turkish town of: Istanbul
Inland-Coastal: Inland
House Size: 31.67SqM
Livingrooms: 1
Bathrooms: 1
Bedrooms: 1
Home Features:

• Parking
• Modern Style
• Balcony/Terrace
• Garden
• Sauna
• Outdoor Pool
• Indoor Pool
• Security System

Community Features:

• Buses
• Shops
• Restaurants
• Shopping Centre
• Medical Facilities
• Daycare Facilities
• Gym
• Sauna
• Outdoor Pool
• Indoor Pool

Reference Number: PV70014
Property Category: Residential
Investment Category:

• Buy to let Property
• Investment