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Property in Istanbul to take off with arrival of new airport

Tuesday, 16 November 2010 10:50 AM

Istanbul's western suburbs are set to take flight as one of Turkey's premier property hot spots, as the country's largest airport is approved for development.

Given the green light by mayor Kadir Topbas, the region's third airport will be located in the Silivri district, on the city's European side. It is expected to have capacity several times greater than the existing Istanbul Ataturk Airport nearby. This is currently the main gateway for visitors to Istanbul, named European Capital of Culture 2010, with almost 30 million arrivals in 2009 and a 13 per cent increase seen in the opening quarter of this year. With so much incoming traffic, local property markets and hotel developments are already booming.

On the Asian side of Istanbul, the Sabiha Gökçen airport, favoured by a raft of low-cost airlines including easyJet, has enjoyed fantastic growth in recent years. From just 50,000 passengers in 2001, the lively travel hub brought in more than five million visitors during the first half of 2010. Over 11 million are expected to have passed through the airport by the end of this year.

"Istanbul has welcomed a large proportion of these visitors, placing increased pressure on existing transportation systems and accommodation," comments Steve Worboys, managing director of Turkish property experts Experience International.

He adds: "In response to this demand, some 2,270 hotel rooms are planned to be built in Istanbul by western brands including Crowne Plaza, Hilton, Radisson Blu and Shangri-La."

In addition to the growing number of hotel developments, there is also a huge amount of buy-to-let investment potential emerging. Just minutes away from where the new airport will be built, suburban districts like Büyükçekmece, which borders Silivri, are filling up with luxury apartments and modern townhouses.

One example is Crystal Heights, located in the Beylikdüzü suburb of Büyükçekmece. Already under construction – and just 17km from Ataturk Airport – this contemporary development boasts a fine collection of top-notch luxury apartments. So far, Crystal Heights has proved very popular with local residents, as well as foreign buyers eager to capitalise on thriving demand for accommodation in Istanbul.

In the latest phase of its development, a number of one- and two-bedroom apartments have been made available at Crystal Heights - and they are more affordable than you'd probably expect. Prices start from £68,000 with a two-year, seven-per-cent rental guarantee and 70 per cent finance available. Perhaps it's time to see what all the fuss is about. After all, 30 million visitors can't be wrong, can they?
 

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