A view of the Bosporus view is the most important factor that affects home prices in Istanbul's Arnavutköy district, a favorite with those who want to live hand in hand with history on the Bosporus coast. There is a big price difference between a house with a full view of the Bosporus and a house that barely sees it.
Arnavutköy is located between the districts of Kuruçeşme and Bebek on the European side of the city. The district borders Ulus and is opposite the districts of Kandilli and Vaniköy, located across the Bosporus on the Anatolian side. The district, with the most beautiful view of the Bosporus, also features a bay and flora found only near the Bosporus.
“The price of a mansion sold in the near future is taken as the base price in such popular areas as the Bosporus. The view of the Bosporus increases the price of houses by $200,000 to $250,000,” said Nurettin Bolluk, owner of NBR Emlak.
“We expect house prices to rise with the coming of spring. Purchases generally take place for ready money around these districts. The number of those who buy with housing loans is quite a few given the fact that the houses are addressed to a certain class of people. The firms, on the other hand, grant credits for the purchases via the companies, which want to keep the cash money safe,” added Bolluk.
Saturday, April 26, 2008
Trumps in Bodrum
The daughter of US billionaire tycoon Donald Trump flew in by helicopter last Friday during a break from business meetings in Istanbul to view plots of land to build a villa in Cennet (Heaven) Bay of Göltürkbükü, a popular holiday resort for the high society and business world.
She, and her assistants, spent four hours with businessman Ahmet Hattat, on a boat in Cennet (Heaven) Bay as she was reviewing potential land of about 25 acres next to the sea.
Coming to Bodrum with her photographer, Ivanka Trump was quite cheerful in her sport clothes. She had the photos taken of two plots; it was stated that she will buy one of them and have a luxury villa built with a swimming pool and tennis court within a year.
Ivanka Trump admired the Cennet Bay for its natural beauty and tranquillity. It was also learnt that after having a villa in Bodrum, she wanted a Bodrum-type wooden schooner of 34 metres made at the İçmeler Shipyard.
After her expedition, Trump ate at Ahmet Hattat’s villa before returning to Istanbul by helicopter.
http://www.voicesnewspaper.com/modules.php?name=News&file=article&sid=1732
She, and her assistants, spent four hours with businessman Ahmet Hattat, on a boat in Cennet (Heaven) Bay as she was reviewing potential land of about 25 acres next to the sea.
Coming to Bodrum with her photographer, Ivanka Trump was quite cheerful in her sport clothes. She had the photos taken of two plots; it was stated that she will buy one of them and have a luxury villa built with a swimming pool and tennis court within a year.
Ivanka Trump admired the Cennet Bay for its natural beauty and tranquillity. It was also learnt that after having a villa in Bodrum, she wanted a Bodrum-type wooden schooner of 34 metres made at the İçmeler Shipyard.
After her expedition, Trump ate at Ahmet Hattat’s villa before returning to Istanbul by helicopter.
http://www.voicesnewspaper.com/modules.php?name=News&file=article&sid=1732
Property in Turkey
Franklin Templeton Real Estate Advisors is looking for funds operating in Turkey to invest in.
Currently, the firm has invested in one private real estate fund, which has two local partners in Turkey. Franklin Templeton's real estate investments in Turkey consist of a retail unit and residential properties. The firm manages assets totalling approximately $5 billion, some half of the sum being invested in 75 private real estate funds worldwide.
Turkey a ‘developed emerging market'
Turkey is an attractive investment target because it is a very young market and a large economy, and there is little modern stock in residential, retail and office properties, Raymond J. Jacobs, managing director of Franklin Templeton Real Estate Advisers, told the Turkish Daily News at the annual meeting of the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) in Istanbul yesterday.
“It is important to note that Turkey is not a developing emerging market, but a developed emerging market. Turkey as a market is similar to Brazil in the sense that both countries are developed emerging markets. Whereas Brazil is a more developed emerging market than China and India are, so Turkey is a more developed market than, for example, Ukraine and Romania are,” Jacobs said.
‘Turkish market strongest in Europe'
Hakan Kodal, president and chief executive officer of Krea Real Estate Development and Investment in Istanbul, said at the conference that Turkey offers notable future potential for real estate investment because of its population dynamics, the high number of medium and large cities with unsaturated real estate markets, the lack of quality assets across all market segments and the limited use of leverage.
“The total housing demand is estimated to be around 6.9 million units over 10 years, making the Turkish market the strongest in Europe in terms of new housing over this horizon,” he said. Kodal also noted that approximately 60 percent of the current stock in Istanbul must be replaced due to lack of occupancy permits, sub-standard building quality and earthquake risk. “This means notable investment opportunities in the sector. […] It is the right time to take a medium to long-term position in investing in Turkish real estate.”
The annual conference of INREV, which was attended by nearly 400 real estate investment professionals, ended yesterday.
Currently, the firm has invested in one private real estate fund, which has two local partners in Turkey. Franklin Templeton's real estate investments in Turkey consist of a retail unit and residential properties. The firm manages assets totalling approximately $5 billion, some half of the sum being invested in 75 private real estate funds worldwide.
Turkey a ‘developed emerging market'
Turkey is an attractive investment target because it is a very young market and a large economy, and there is little modern stock in residential, retail and office properties, Raymond J. Jacobs, managing director of Franklin Templeton Real Estate Advisers, told the Turkish Daily News at the annual meeting of the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) in Istanbul yesterday.
“It is important to note that Turkey is not a developing emerging market, but a developed emerging market. Turkey as a market is similar to Brazil in the sense that both countries are developed emerging markets. Whereas Brazil is a more developed emerging market than China and India are, so Turkey is a more developed market than, for example, Ukraine and Romania are,” Jacobs said.
‘Turkish market strongest in Europe'
Hakan Kodal, president and chief executive officer of Krea Real Estate Development and Investment in Istanbul, said at the conference that Turkey offers notable future potential for real estate investment because of its population dynamics, the high number of medium and large cities with unsaturated real estate markets, the lack of quality assets across all market segments and the limited use of leverage.
“The total housing demand is estimated to be around 6.9 million units over 10 years, making the Turkish market the strongest in Europe in terms of new housing over this horizon,” he said. Kodal also noted that approximately 60 percent of the current stock in Istanbul must be replaced due to lack of occupancy permits, sub-standard building quality and earthquake risk. “This means notable investment opportunities in the sector. […] It is the right time to take a medium to long-term position in investing in Turkish real estate.”
The annual conference of INREV, which was attended by nearly 400 real estate investment professionals, ended yesterday.
Wednesday, April 16, 2008
Istanbul property
Istanbul has been named the world’s second best place to invest in property…
This is according to PriceWaterhouse Coopers and the Urban Land Institute, who have officially named Istanbul as the second best place to invest in property, behind Moscow.
According to Turkey’s Land Registry General Directorate, 73,000 foreigners now own property in Turkey, with 8,830 buying in Istanbul. Rental yields are reaching up to 7.6% for apartments in the city centre, while the Global Property Guide has revealed that developments in the suburbs are giving returns of up to 8.8%.
Demand is being driven by Istanbul’s domestic and international population, which is growing at 1.5% a year**, giving year-round rental opportunities for buy-to-let investors. Billions of dollars worth of foreign direct investment is also pouring into Istanbul’s real estate, with the International Investors’ Association predicting an influx of $15billion-$20billion in 2008.
Excellent rental returns
Julian Walker, Turkey property specialists at Spot Blue, commented: “Investors are scrambling to have their own square metres in Istanbul because they feel confident of the city’s excellent rental returns.
“Others are reallocating their funds because the Istanbul market is still showing signs of growth. And while there might be a global credit crunch, buy-to-let properties in Istanbul are proving popular for a younger demographic who are looking to use their profit to get on the UK housing ladder.
Mr Walker continued: “As Istanbul grows, there are other areas on the verge of the city that will go up in value. None of this is overnight, which is why we advise our clients to invest in Istanbul for the long-term. One thing’s for sure – investors are certainly getting a lot more value for their money compared to London.”
This is according to PriceWaterhouse Coopers and the Urban Land Institute, who have officially named Istanbul as the second best place to invest in property, behind Moscow.
According to Turkey’s Land Registry General Directorate, 73,000 foreigners now own property in Turkey, with 8,830 buying in Istanbul. Rental yields are reaching up to 7.6% for apartments in the city centre, while the Global Property Guide has revealed that developments in the suburbs are giving returns of up to 8.8%.
Demand is being driven by Istanbul’s domestic and international population, which is growing at 1.5% a year**, giving year-round rental opportunities for buy-to-let investors. Billions of dollars worth of foreign direct investment is also pouring into Istanbul’s real estate, with the International Investors’ Association predicting an influx of $15billion-$20billion in 2008.
Excellent rental returns
Julian Walker, Turkey property specialists at Spot Blue, commented: “Investors are scrambling to have their own square metres in Istanbul because they feel confident of the city’s excellent rental returns.
“Others are reallocating their funds because the Istanbul market is still showing signs of growth. And while there might be a global credit crunch, buy-to-let properties in Istanbul are proving popular for a younger demographic who are looking to use their profit to get on the UK housing ladder.
Mr Walker continued: “As Istanbul grows, there are other areas on the verge of the city that will go up in value. None of this is overnight, which is why we advise our clients to invest in Istanbul for the long-term. One thing’s for sure – investors are certainly getting a lot more value for their money compared to London.”
Monday, April 14, 2008
Foreigners Buying in Turkey
BRITONS are doing it all over Didim, but the Germans prefer to do it Antalya. Buying homes that is!
Latest figures released from the Land Registry General Directorate reveal that 73,000 foreigners own 38.42 million square meters of real estate in Turkey.
Muğla, where Bodrum is located, leads the list of most property owned by non-Turkish individuals. Antalya comes second with 3.81 million square meters, while Aydın third with roughly 3 million square meters of foreign-owned property.
This demand is not fragmented, however, as nationals of other countries tend to buy property in the same locale. For example, Germans primarily purchase property in Antalya, whereas Britons favor Muğla.
In terms of the number of foreigners owning real estate, Antalya again tops the list with 26,031 persons, followed by Muğla (12,865), İstanbul (8,830), Aydın (7,415), Bursa (5,241) and İzmir (4,145).
Foreign interests do not own even a single piece of land in the cities of Ağrı, Bitlis, Hakkari, Muş, Siirt, Şanlıurfa, Şırnak, Ardahan and Iğdır. Gümüşhane and Van only have one non-Turk each who owns property, an Uzbek and a Brit, respectively.
Land owned by Germans in Antalya amounts to 1.25 million square meters; 6,324 Germans own 4,890 parcels of real estate in the city.
Britons own 777,786 square meters of land in Antalya, followed by the Dutch (351,953 square meters) and the Danish (339,874 square meters).
Muğla has 12,865 foreign property owners, 10,039 of which are Britons. The amount of land owned by Britons totals 2.66 million square meters, according to the Land Registry, followed by German, Dutch, Irish and US citizens.
Latest figures released from the Land Registry General Directorate reveal that 73,000 foreigners own 38.42 million square meters of real estate in Turkey.
Muğla, where Bodrum is located, leads the list of most property owned by non-Turkish individuals. Antalya comes second with 3.81 million square meters, while Aydın third with roughly 3 million square meters of foreign-owned property.
This demand is not fragmented, however, as nationals of other countries tend to buy property in the same locale. For example, Germans primarily purchase property in Antalya, whereas Britons favor Muğla.
In terms of the number of foreigners owning real estate, Antalya again tops the list with 26,031 persons, followed by Muğla (12,865), İstanbul (8,830), Aydın (7,415), Bursa (5,241) and İzmir (4,145).
Foreign interests do not own even a single piece of land in the cities of Ağrı, Bitlis, Hakkari, Muş, Siirt, Şanlıurfa, Şırnak, Ardahan and Iğdır. Gümüşhane and Van only have one non-Turk each who owns property, an Uzbek and a Brit, respectively.
Land owned by Germans in Antalya amounts to 1.25 million square meters; 6,324 Germans own 4,890 parcels of real estate in the city.
Britons own 777,786 square meters of land in Antalya, followed by the Dutch (351,953 square meters) and the Danish (339,874 square meters).
Muğla has 12,865 foreign property owners, 10,039 of which are Britons. The amount of land owned by Britons totals 2.66 million square meters, according to the Land Registry, followed by German, Dutch, Irish and US citizens.
Wednesday, April 9, 2008
Istanbul
Istanbul ranks third among European cities in terms of the increase in revenues per available room in 2007, consulting firm Deloitte announced in a report.
Turkey's most populous city ranks 20th in the global list. Istanbul increased its revenues per available room by 22.1 percent in U.S. dollar terms, rising above the average of Europe, according to Deloitte's “Hospitality Vision - Global Performance Review” report, which evaluates the past year for the global hospitality sector.
“The East-meets-West charms of Istanbul and its promotion as a center for art and culture has assisted this growth,” said Deloitte in the report, noting that Istanbul's average room rates are more competitive than its rivals. Demand is high from Middle East business travelers, particularly in the summer, according to the report published Tuesday.
Istanbul attracts attention as a symbol of the nation's success, said Ahmet Cangöz, Hospitality Industry Leader at Deloitte Turkey. “Istanbul climbed 12 ranks to 20th spot [in global ranking] since 2000. It is becoming a rising star of global tourism,” he said. “The fact that Istanbul has been elected the European Capital of Culture for 2010 offers new opportunities.”
Global performance:
Hospitality sector, which displayed a high performance in terms of average revenues per room and occupancy rates in 2007, attained double-digit growth rates, Deloitte said. Average revenue per hotel room in Europe rose by 15.8 percent to $114, according to the report, in which 165 countries outside North America are compared.
According to the European ranking, Moscow tops the list of revenues per available room with a 23.5 percent rise. Paris ranks second with an increase of 23.2 percent, just ahead of Istanbul. Venice and London follow Istanbul with 22 percent and 18.5 percent increases respectively.
Seven out of top 10 cities that obtain highest hospitality revenues are European cities, said Cangöz. Europe is still the heart of tourism and remains a favorite destination for travelers, he said.
The Deloitte report also focused on the positive impact of “open skies” agreement.
“We will see more competition as transatlantic air travel is liberalized through the ‘open skies' agreement,” the report said. “With European airlines now being able to fly to the United States from any European airport and not just their home country, we expect to see a scrabble for flights to and from Europe's major hubs. Airlines are collaborating with former rivals to create competitive schedules, and all of this is good news for the consumer.”
Turkey's most populous city ranks 20th in the global list. Istanbul increased its revenues per available room by 22.1 percent in U.S. dollar terms, rising above the average of Europe, according to Deloitte's “Hospitality Vision - Global Performance Review” report, which evaluates the past year for the global hospitality sector.
“The East-meets-West charms of Istanbul and its promotion as a center for art and culture has assisted this growth,” said Deloitte in the report, noting that Istanbul's average room rates are more competitive than its rivals. Demand is high from Middle East business travelers, particularly in the summer, according to the report published Tuesday.
Istanbul attracts attention as a symbol of the nation's success, said Ahmet Cangöz, Hospitality Industry Leader at Deloitte Turkey. “Istanbul climbed 12 ranks to 20th spot [in global ranking] since 2000. It is becoming a rising star of global tourism,” he said. “The fact that Istanbul has been elected the European Capital of Culture for 2010 offers new opportunities.”
Global performance:
Hospitality sector, which displayed a high performance in terms of average revenues per room and occupancy rates in 2007, attained double-digit growth rates, Deloitte said. Average revenue per hotel room in Europe rose by 15.8 percent to $114, according to the report, in which 165 countries outside North America are compared.
According to the European ranking, Moscow tops the list of revenues per available room with a 23.5 percent rise. Paris ranks second with an increase of 23.2 percent, just ahead of Istanbul. Venice and London follow Istanbul with 22 percent and 18.5 percent increases respectively.
Seven out of top 10 cities that obtain highest hospitality revenues are European cities, said Cangöz. Europe is still the heart of tourism and remains a favorite destination for travelers, he said.
The Deloitte report also focused on the positive impact of “open skies” agreement.
“We will see more competition as transatlantic air travel is liberalized through the ‘open skies' agreement,” the report said. “With European airlines now being able to fly to the United States from any European airport and not just their home country, we expect to see a scrabble for flights to and from Europe's major hubs. Airlines are collaborating with former rivals to create competitive schedules, and all of this is good news for the consumer.”
Subscribe to:
Posts (Atom)