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Istanbul property market benefits from sharp rise in visitor numbers

8th February 2011 Print

A sharp rise in passenger numbers at Istanbul’s Sabiha Gokcen Airport, have once again put Istanbul at the forefront of investor's minds. According to the State Airport Authority, passenger numbers were up by 27.3% last month (January), while the city's other airport, Ataturk Airport, enjoyed an increase of 4.9% during the same period.

When you consider that Istanbul has one of the world's fastest growing economies, with GDP averaging 7.5% per annum over the past five years, it is fairly easy to see why people are making an Istanbul property investment.

Turkey itself has emerged from the downturn as strong as any of the so-called BRIC nations, providing the perfect environment for its engine room, Istanbul, to shine.

As business and tourism flocks to Istanbul, the city that a PricewaterhouseCoopers (PwC) survey recently unveiled as the most popular location in Europe for real estate investors, one development that is attracting more and more attention is the Elite Parla Palace.

With its 200 suites of one, two and three-bedrooms, six luxury A+ restaurants and a Terrace Café in the courtyard, many investors are finding value in The Elite Parla Palace because it caters for both the tourist and also the growing number of corporate travelers.

This development will also be home to a coiffeur, delicatessens, florists, a health and wellness centre, a fitness centre, indoor swimming pool, spa, jacuzzi, sauna, Turkish bath, yoga and Pilates rooms.

However, aside from such a strong economy, very soon, Teknopark Istanbul, a developing science and technology park, will be one of the largest and most prestigious science parks in Eastern Europe and the Middle East, and this will make Istanbul and even more attractive option for investors.

Also growing in popularity are hotel room investments, which are very similar to buy-to-let options because the development management company will manage the leasing.

The reason for their surge in popularity today is down to a simple case of supply and demand. Last year showed occupancy of these units back to their pre-recession best of around 71.8% (STR Global) in what is still an under-supplied market.

Other features of The Elite Parla Palace which are fuelling the growing number of investors making an Istanbul property investment, include:

Airport Transfers 
VIP Limo Service 
Baby Sitting 
Cargo and Courier Service 
Dry Cleaning
Laundry Service
Reception Service
Concierge Service
24-Hours Room Service

For Istanbul, the future is bright. Rising visitor numbers and large developments to accommodate within what is proving to be a powerful and emerging economy.