The Turkish city of Istanbul is a city of contrasts where East truly meets West, and is home to a blend of cultures that can be seen in its architecture and food especially.
It is also a city that is much in demand by Turkey’s residents, putting pressure on available property and resulting in congestion reaching levels that are seriously problematic.
The city has tried several measures to alleviate traffic congestion, and is already home to more than ten different kinds of public transport. The latest – a 47 km monorail known as the Havaray – is set to carry some 200,000 passengers per day high above the bustling streets.
The Havaray will be Europe’s first major monorail system and should help Istanbul to transport its citizens more easily, avoiding the queues by travelling above them.
The monorail is also tipped to have bring other benefits to the city, as Director of real estate firm Universal21 Adil Yaman explained.
He said: “As well as reducing congestion, we anticipate a property investment boom as investors look to be part of this thriving and dynamic metropolis.
“Istanbul is already an exciting investment prospect, and the Havaray will make it even more so.”
Universal21 has two developments within the city, with one of them close to the new Sefaköy and Atatürk Airport route of the monorail at Beylikdüzü.
The Anfa Life Residence (pictured) consists of spacious, luxury apartments that are perfect for the city’s professionals and their families. The 208 apartments are divided evenly between one-bedroom apartments (from US$102,000) and two-bedroom apartments (from US$163,000), complemented by a ground floor with a commercial offering of 12 stores.
Meanwhile the Tulip Residence offers elegant city living just a few minutes’ walk from Istanbul’s centre, with three blocks of apartments, underground parking, a health club, children’s play area, outdoor pool and tennis/basketball court. The development is due for completion by September 2015 and investment ranges from US$50,000 for a studio to US$112,000 for a two-bedroom apartment.
In addition to the new monorail easing congestion within the city, Istanbul is also becoming more accessible from elsewhere in the world. Ataturk airport has already overtaken Amsterdam Schiphol and Madrid to become the world’s fourth busiest airport, with passenger numbers surging 11 percent to 57 million in 2014.
The city’s third airport is also anticipating being among the world’s busiest by 2020, with a US$5.2 billion loan package being signed by its builders in May for the first phase of the hub. It is planned that the first phase of the airport will handle 90 million passengers from late 2017.
With more planes in the skies as well as more citizens zooming above the streets thanks to the monorail, it is easy to see why Istanbul is on property investors’ radar, with the infrastructure improvements on track to drive up prices and enhance the city’s appeal to those looking to rent.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
