New Property Developments Continue in Istanbul
TheMoveChannel.com, the leading international property portal, announces a number of new Istanbul property developments for sale.
[UKPRwire, Tue Sep 30 2008] TheMoveChannel.com, the leading international property portal, announces a number of new Istanbul property developments for sale, including:
- Larasu (from £68,116, 35% value increase guaranteed by developer on completion, five star apartments, 1 to 3 bed)
- Park Solaire (from £86,116, 60% value increase guaranteed by developer, 1 to 5 beds, 8% discount for cash payment)
Properties in Turkey may not be an investment opportunity UK investors have considered in the past, so TheMoveChannel.com gives an overview of the property market and Istanbul itself.
Area: 1,830.92 km²
Currency: New Turkish Lira
Official Language: Turkish
Telephone Code: +90 212 (European side), +90 216 (Asian side)
Setting the Scene
Istanbul is situated in the north-west Marmara Region of Turkey, with the Black sea to the north, the Sea of Marmara to the south and the Bosphorus Strait flowing in between.
Istanbul is the only metropolis in the world that’s located on two continents - Europe and Asia.
Formerly known as Byzantium and later Constantinople, Istanbul was the former capital of three major empires – Byzantine, Ottoman and Roman.
The city’s different cultural history is evident in the extensive array of museums, churches, palaces, mosques and markets. The historic areas of Istanbul were added to the UNESCO World Heritage List in 1985 and it has been chosen as joint European Capital of Culture for 2010.
Istanbul lays claim to being Europe’s most populous city and the third in the world. The city’s population has been growing at a rate of 700,000 new residents each year, which has ignited a building boom as the need for housing has increased so drastically.
Historically, Istanbul had been the hub of Turkey’s economy because of its great location for both land and sea trade.
Today, Istanbul still holds onto the position as the economic backbone of the country and in 2005 the city of Istanbul had a GDP of $133 billion. Istanbul made 56.6% contribution of all the exports and 60.2% of all the imports for the whole of the country. In addition, the city generates 55% of Turkey's trade and 21.2% of the gross national product.
Istanbul has become the core of Turkey’s international tourism trade and the country’s other major products include: food processing, textile production, oil products, rubber, metal work, leather, chemicals, pharmaceuticals, electronics, glass and alcohol.
The region has a Mediterranean climate with hot, humid summers and cool, rainy, often snowy winters.
Istanbul is a heady mix of cultures with both modern and traditional influences. The city’s bazaars, teahouses, Turkish baths (hamam) and architecturally awe-inspiring mosques are a reminder of days gone by, whilst the buzzing nightlife adds a contemporary edge.
Turkey has seen a sharp rise in real estate prices since the relaxation of foreign ownership restrictions in December 2005 and nearly 75,000 foreigners, mostly Britons and Germans, have bought properties there.
Istanbul has a growing population of young and affluent residents who are increasingly looking to become homeowners. The city also has an influx of foreign investors boosting the areas property market.
The smaller apartments in Istanbul have an above gross rental income of 8%, according to figures from Global Property Guide. The average yield throughout the districts is 7%. Bigger apartments tend to have lower yields with 250-sq.m apartments generating a yield of around 5.8%.
However, apartment prices per sq. m have an opposite trend with smaller apartments selling cheaper at €1,041 for a 60-sq. m apartment. On the average, units go for €1,439 per sq. m.
Dan Johnson, Managing Director, comments:
“A city sitting on two continents, Istanbul is vitally important to Turkey - both financially and culturally. With an established business environment and a population that continues to grow at a rapid rate, Istanbul has the right ingredients for a bright and prosperous future.”
For more information on Turkey Property in general please visit http://turkey.themovechannel.com/
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Notes to editors:
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
For further information as well as images and interview possibilities, please contact:
0207 952 7650