Istanbul Property market

New Turkish Euro Mortgage Service Launched

2009-04-20T23:29:00.000-07:00

new euro based mortgage service has been launched today by Offshoreonline.org, the UK regulated specialist overseas mortgage broker.

Available to buyers of all nationalities based anywhere in the world, loans of up to 70% of a property’s value are being offered on a capital and interest basis only. Loans can be structured over any term between 7 and 20 years, with the minimum loan size being 50,000 euros.

Interest rates are linked to the European Central Bank’s reference rate, Euribor, with buyers currently able to secure funding at rates from 4.95%.

According to the Turkish Statistical Institute, housing prices have risen by 16.4% over the 12 months to March 2009. For the overseas buyer, though, it is the capital Istanbul and the Turkish Riviera towns of Alanya, Antalya, Bodrum and Fethiye where the greatest interest lies, but outside of these, there are still opportunities in some of the smaller towns on the coast, where luxury yachting and beach holidays are well established in the UK and German markets.

Tim Harvey, managing director, Offshoreonline.org comments, “We see Turkey as a major new investment property market, even before their entry into the EU is decided one way or the other. There is no doubting the importance of the country both as a business and tourist destination, it is a major economy in its own right which is increasingly being adopted by international investors. For us, this new Turkish mortgage service complements our successful French, Italian, Spanish and Portuguese mortgage services.”

This aricle is from the Mortgage Introducer

Kempinski Launches 4th Hotel in Turkey

2009-04-08T12:35:00.000-07:00

The Kempinski group have launched another hotel in Istanbul, named Bellevue Residences.

The hotel opened on Monday in the Levent region, offering top level service and facilities, joining 4 other Kempinski Hotels in Turkey.

Kempinski first moved into Turkey in 2007.

Developers Looking to Ease Istanbul Parking Issues

2009-04-08T01:47:00.000-07:00

Several projects in Istanbul are providing additional parking. Most are offering a space for one or even two cars for each apartment.

There has been a steady increase in demand for parking in Istanbul, therefore developers are taking notice, as they understanding extra parking sells their projects.

Istanbul has a population of 12 million, 4 million dwellings and 2.5 million cars.

Trump Towers in Mecidiyeköy has a six-story parking lot with a capacity of 2,800 vehicles.
Kanyon Shopping Center in Levent has a capacity of 2,300 vehicles.
Kempinski Astoria Mall at Esentepe has a 1,000-vehicle parking lot.
The 64-story Sapphire, to be opened later in 2009, has 174 apartments has enough parking for two cars per residence.

Respected International Property Analyst Comments on Turkey

2009-03-21T00:37:00.000-07:00

This comment was made by Liam Bailey, respected property analyst.

"When you look at the great balance of investment potential versus property prices, Turkey is among the best countries in Europe for property investment. Quality properties are holding their value during the credit-crunch, and with tourism set to rise to 30 million this year, and EU entry on the distant horizon the signs are good for rapidly increasing prices once the world gets back on its financial feet."

I wholeheartedly agree with this statement and think excellent value can be found within this market.

Emaar Looks at Opportunites in Istanbul

2009-03-14T11:46:00.001-07:00

They are looking at potentially two hotels in Istanbul – one each on the Asian and the European side.

The first hotel would stay owned wholly by Emaar, whilst the other would be run separately exercising a management contract.

Both would be branded The Address.

PriceWaterhouseCooper Information

2009-03-13T13:07:00.001-07:00

Here is a useful link directly to Pwc's report on doing business in Turkey, containing useful information from a respected Blue-chip company.

PwC Doing Business in turkey

Huge Expo in Istanbul

2009-03-13T11:54:00.000-07:00

The fifth edition of Intertraffic Exhibition will take place in Istanbul from 27 to 29 May 2009 in the Istanbul Expo Center.

Exhibitors will be displaying many different traffic and infrastructure products, from traffic management systems, parking solutions.

Those of you who drive around Istanbul regularly will understand the need for such innovations to be implemented.

http://www.istanbul.intertraffic.com/intertrafficistanbul2009/e/home

Garden Tower May Be Back on Track

2009-03-13T11:43:00.001-07:00

This amazing tower, reminiscent of the Swiss RE Gurkin building in the City of London, was originally designed in 2006.

The project is rumoured to be on track for starting in the second half of this year, providing both commercial and residential units.

This looks like a truly iconic structure.

Capital of Culture

2009-03-13T06:57:00.000-07:00

This accolade has massively improved the exposure of cities awarded with this title, not only arousing massive public awareness, but assisting in the development of the region economically.

Both Liverpool and Glasgow have seen huge infrastructure improvement that complemented and assisted both places immeasurably.

Istanbul will be no exception and I will look forward to joining in with the celebrations!

No Visit Complete without a trip to the Turkish Baths

2009-02-20T01:30:00.000-08:00

No visit to Turkey would be complete without a trip to the old hammams. Step back in time and be pampered as they did as long ago as the 11th century. There are many to chose from and below you will find some of the most popular ones visited today.

So What Can I Expect When I Visit The Turkish Baths?

An Amazing experience!! The massage and skin exfoliation is very popular amongst others. Wearing nothing but a towel, you will enter a stone walled room usually with a domed ceiling with tiny open holes and plenty of steam. After relaxing on a warm stone tablet the experts get to work, with their mittens on they scrub your skin until its pink and glowing. Then comes another treat, the massage followed by the soap foam filled bags. After a very cold shower, then wrapped the turkish way in soft towels, you will feel like a million dollars. No better way to treat yourself!

Çemberlitas Bath

The Çemberlitas Hammam is located next to the Cemberlias Column near the Grand Bazaar. The Hammam was originally built as a double bath for both men and women in separate sections, but the women's section was demolished in the 19th century under the reign of sultan Abdulaziz in order to widen the road. Lately, the women's section is re-built but nowadays they use the same entrance with the men before going to their own section. The dressing room areas are roofed with large domes. The baths have 38 washing basins (kurna) in the hot areas (sicaklik). In the middle of this hot area, a large and heated marble platform (gobektasi) is located and private bathing cubicles (halvet) are around the room.
It's open everyday between 06.00-24.00.

Galatasaray Bath - one of the most popular

It's located in Galatasaray neighborhood of the Beyoglu District in one of the side streets. The hammam was built in 1715 as a public bath in a classical Turkish Bath architectural design. It was renovated in 1965 loosing some of its historical elements. A womens section was added during this extensive renovation. Being close to the historic Pera neighborhood and Taksim Square, the Hammam attracts many people, both local and tourists.

EUROPEAN CAPITAL OF CULTURE 2010, ISTANBUL TO TAKE CENTRE STAGE

2009-02-17T04:33:00.000-08:00

The spotlight will fall on Istanbul in 2010 when the city becomes European Capital of Culture. There is much planned for the coming year and there is much excitement and anticipation of the year ahead. This is bringing much investment to the area as we have seen in other cities which held this accolade in the past, ie Liverpool.

Many improvements are already underway to welcome in 2010. The Hagia Sofia Museum is undergoing extensive renovation with the help of the European Culture committee, and one of the many sights in Istanbul that are a must see.

Keep checking here for the latest news on whats planned in 2010.

One date for the diary - 28th August - 27th September - International Bosphorous Festival.

Roll on 2010 and lets show the world the true Istanbul!

Dine Above the Clouds in Restaurant Mikla

2009-02-16T04:35:00.000-08:00

Situated on the top floors of the Hotel Marmara Pera, the restaurant Mikla takes you to a new level in Istanbul dining. With the most amazing views over Istanbul you can't help but feel you are dining above the clouds. If you have time, it is worth trying the 12 course tasting menu, it will take around three hours but it is well worth it! Be sure to leave space though for the pistachio and tahini ice cream, delicious! Impeccable service, views and food sum up this modern and stylish restaurant. Reservation is a must though as this gem is booked well in advance.

Phone
212/251-4646

The Best Places to Shop

2009-02-16T02:59:00.000-08:00

Take a visit to the Spice Market near the Galata Bridge, this is essentially a tourist area that provides some tacky items alongside some genuine bargains.

For upmarket, chic shopping check out the boutiques of Nisantası and Tesvikiye, about a mile north of Taksim.

The Turkish Economy

2009-01-31T10:44:00.001-08:00

Turkey's dynamic economy is a complex mix of modern industry and commerce, along with a traditional agriculture sector that still accounts for more than 35 per cent of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport and communication. The largest industrial sector is textiles and clothing, which accounts for one third of industrial employment. It faces stiff competition in international markets with the end of the global quota system. However, other sectors, notably the automotive and electronics industries, are of rising importance in Turkey's export mix. Real GNP growth has exceeded 6 per cent for many years. The economy is turning around with the implementation of economic reforms, and 2004 GDP growth reached 9 per cent, followed by roughly 5 per cent annual growth in 2005-06. Inflation fell to 7.7 per cent in 2005, a 30-year low. The country showed strong economic gains in 2002-06, which were largely due to renewed investor interest in emerging markets. Prior to

2005, FDI in Turkey averaged less than $1 billion (£515.39 million) annually, but further economic and judicial reforms and prospective EU membership are expected to help boost FDI. Privatization sales are currently approaching $21 billion (£10.8 billion). Oil has been flowing through the Baku-Tblisi-Ceyhan pipeline since May 2006, marking a major milestone that will bring up to 1 billion barrels per day from the Caspian to market