Istanbul – The property boom has begun

Istanbul, designated European Capital of Culture for 2010, is a bustling metropolis gaining eminence for straddling two continents, Europe to the west of the Bosphorus Straits and Asia to the east. There are an estimated 700,000 new residents arriving in the city each year creating an immense demand for housing which has triggered an unprecedented building boom.

Istanbul, designated European Capital of Culture for 2010, is a bustling metropolis gaining eminence for straddling two continents, Europe to the west of the Bosphorus Straits and Asia to the east. The cultural, commercial, financial and industrial heart of Turkey, Istanbul was also capital city until the baton passed to Ankara in 1923. With a population of 12 million Istanbul makes London look positively petite, but it doesn’t stop there. There are an estimated 700,000 new residents arriving in the city each year creating an immense demand for housing which has triggered an unprecedented building boom. The government claims that there is a current shortfall of two million housing units across Istanbul.

As a regional base for multinational businesses, the city has a large expatriate community and intrepid investors snapping up the right property can make spectacular returns on their investment – both in capital growth and rental earnings from professionals. 2007 could feasibly see price rises of between 40 and 50% across the city, and possibly even higher as the low cost airlines continue their foray into Turkish airports (EasyJet was first off the mark) and the banks in Turkey begin to offer non-resident mortgages. Although the ancient bazaars, fine palaces, trendy bars and eye-opening boat trips up the Bosphorus are reward-enough for those who visit.

Adam Godwin, Marketing Director of Dream Homes WorldWide comments, “International Consulting firm Price Waterhouse & Coopers gave Istanbul top ranking for development prospects in its ‘Emerging Trends in Real Estate Europe’ report of 2006. They cited the fact that the city had a fast-growing economy but a shortage of modern high-quality assets. Of course this is all now changing and national and foreign investment is flooding in to improve residential stock. Leading UAE developer Emaar is just one which is investing heavily. The outlying suburbs are tipped to be Istanbul’s new epicenters of growth and the apartments we have at Astrum Towers in a suburb on the European side of Bosphorus, are backing that prediction up by selling rapidly.”

Astrum Towers is a development of studio, one, two and three bedroom apartments in the Haramidere area of Istanbul close to the sandy shoreline of Büyükçekmece popular as a weekend getaway for city dwellers. Although well served locally with retail and leisure facilities including a large Carrefour, the city centre can be accessed swiftly by the adjacent Esenyurt-Ambarli connection road making Astrum Towers ideal for business rentals. The apartments themselves have fitted kitchens, double glazed windows, central heating, television and telephone connections plus fire alarms fitted with sprinklers whilst on-site facilities include an open-air swimming pool, sports area, sauna, cafeteria and plentiful covered and open parking.

Prices start from just £21,000 for a studio apartment. Favourable payment terms begin with a £2,000 deposit followed by 30% on signing of contract, 30% on completion of shell, 30% on final completion and 10% on transfer of the title deeds scheduled for early 2009.

For further information, visit dreamhomesww.com.