Apartments in Istanbul

A Strategic Investment

Turkey, where the security of the West meets the promise of the East, has come to the forefront of many savvy investors’ minds. With a strategic location, population of 72 million with a 2% per annum growth rate creating a huge local demand for housing and no restrictions on foreign ownership of property, the climate is right to enjoy capital growth currently at 15% per annum and rental yields of 10% per annum.

The housing shortage in Istanbul, currently at 250,000 units per annum, urgently needs to be met and now due to restrictions on available land in the centre, developers are looking further afield to burgeoning suburbs such as Beylikduzu on the European side of the Bosphorus Strait.

Beylikduzu already presents one of the strongest growth scenarios within Istanbul due to its proximity and connections to the city centre combined with the benefits of living in a well serviced environment away from the over-crowded CBD.

Crystal Heights is a C shaped tower comprising luxury contemporary styled 1 and 2 bedroom apartments in Istanbul and duplexes.  Investment is from as little as £20,400 (fixed in sterling) and 70% finance is available. A 2 year rental guarantee at 7% p.a. protected on completion in 2011 through collateral from the rental management company is included.

Crystal Heights is located in the Büyükçekmece county of Istanbul, in the town centre of Beylikduzu a thriving suburb on the European side of the city. The nearby seaside resort, only a 10 minute drive away, is one of the most popular day and weekend break locations for the local population and it is close to the two major motorway routes into central Istanbul. Ataturk International Airport is 20 minutes away and the new Silivri International Airport will be only a 10 minute drive.

The metro-bus link is extending to Beylikduzu within the next 12 months giving easy access to the centre. In 2011, the new Istanbul-wide metro system will be completed and Bizimkent Station will be only minutes away from Crystal Heights. In a radius of 5 km can be found the Kaya Millennium Shopping Mall, Carrefour, Bauhaus, Expo Centre, Beykent & Fatih Universities, Medicana Hospital and the Aqua Park. The closest 18 Hole Golf Course is 35 km away.

The infrastructure is being shaped into a modern and cosmopolitan secondary centre to Istanbul. Beylikduzu has one of the strongest growth scenarios put down to its proximity to the city centre combined with the benefits of living in a well serviced environment away from the over-crowded city centre

Crystal Heights is a masterpiece of modern architectural design

The luxury contemporary styled 1, 2 and duplex bedroom apartments in Istanbul feature:

• Reception, Mini Bar & Café
• CCTV security 24/7 & Video intercom system
• On-site management services
• Underground car park with Valet parking and car wash service
• Half Olympic size swimming pool with terrace
• 1st floor terraced green area
• Fitness Club, Turkish Bath, Sauna, Steam bath
• Children’s day-care centre
• Completion: December 2011

All Crystal Heights apartments in Istanbul come complete with all modern conveniences including:

• Laminated parquet flooring
• Balcony Glass Surround
• Fitted modern kitchen with Granite worktops
• High quality ceramic floor in kitchen and bathroom
• Provision for air conditioning (included in furniture package)

Purchase Process

Now

• Fill in reservation form and pay £2590* into UK lawyers a/c
• Fill in Decision in Principle form, forward required paperwork.
• Receive Mortgage decision in principle from bank
• Receive client care agreement,
• Sign, Notarise & Apostilise Power of Attorney and obtain Certified passport copy

30 days

• Complete and sign sales contract
• Pay 30% deposit into UK escrow account
• Pay 2% notary fee
• Sales Contract and amount of deposit notarised and registered with Turkish authorities (within 1 - 2 months of exchange)

Q4 2011

• 3 months prior to completion mortgage application re-confirmed

Completion

• 2 weeks prior to completion - snagging undertaken
• 70% completion paid for by mortgaging bank on title deeds and subject (minus £2000 reservation fee)
• Final purchase costs and Transfer Tax (1.65%) paid

 

Developer

• Track record of completed large projects, to spec, quality and schedule
• Sales contract and deposit notarised and charge placed on title deed

Rental Management

• Management company with British and Turkish owners have excellent track record in long term rentals
• 2 year rental guarantee bank bonded

Turkey

• Fitch upgraded Turkey’s Sovereign Rating two notches to BB+ in Dec 2009
• FT has rated Turkey among 10 top locations in the world where real estate investors can safely buy residential or holiday homes next year.
• Turkish mortgages available since 2007, with falling interest rates
• 65% of the 71 million population is below 34 years old
• Foreign direct investment of $18 billion in 2008 and 5th most popular in the world in 2009
• Very low crime rate

Istanbul

• Current annual housing deficit is 250,000 units pa
• Burgeoning local first time buyers market
• Over 15 million population which is expanding in less congested suburbs
• Huge investment in infrastructure both in the centre and suburbs
• Many international corporations setting up in Istanbul including Sony Ericsson, Vodaphone, HSBC and Tesco
• High demand for rental property from local residents