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Located in the center of the Old World, Istanbul is one of the world's great cities famous for its historical monuments and magnificent scenic beauties. It is the only city in the world which spreads over two continents: it lies at a point where Asia and Europe are separated by a narrow strait - the Bosporus. Istanbul has a history of over 2,500 years, and ever since its establishment on this strategic junction of lands and seas, the city has been a crucial trade center.
The historic city of Istanbul is situated on a peninsula flanked on three sides by the Sea of Marmara, the Bosporus and the Golden Horn. It has been the capital of three great empires, the Roman, Byzantine and Ottoman empires, and for more than 1,600 years over 120 emperors and sultans ruled the world from here. No other city in the world can claim such a distinction.
LIFESTYLE & INVESTMENT
Top 5 reasons to buy in
1. The historical capital of Turkey
Istanbul was the original capital city of Turkey and gave way to the smaller city of Ankara but is still recognized as the historical capital of the country. The city offers a rich past and a bright and diverse future and is i steeped in tradition that welcomes other cultures and people from around the world.
Istanbul is a large city, so it can experience a range of sub-climates. The Bosphorus strait and surroundings are dominated by the Mediterranean climate, (dry summers and mild rainy winters), but the north tends to have more rain. The overall average temperature is mild and pleasant through out the year.
Istanbul has plenty of direct flights worldwide and is the gateway to Europe and the Middle East. Turkish Airlines, Lufthansa, British Airways is just a few of the scheduled airlines operating in and out of this destination.
There is currently a new metro (M4) being constructed with new stations which will also extend to Sabiha Gokcen Airport. The Marmaray Tunnel (a rail under the Bosporus) is being built to connect the Asia and European metro links due for complete ion 2014. This will undoubtedly have a positive impact on the current property prices of these areas.
5. Property Market
From a property market perspective Istanbul is an exciting market to consider, yields can be as high as 7% and above.
Price Waterhouse Coopers consider there is a housing shortfall of 250,000 units per annum in Istanbul. Property demand is significant, given the fact that over 10 million already reside in the city, which does not have the existing stock of property to cater for its growth.
The property relaxation rules around non-Turkish nationals buying property has been relaxed, this has created a new market buyer and demand is continually increasing.
So, a burgeoning economy, strong university faculties, a wealth of culture, a promising property market and easily accessible where does Istanbul fit in your foreign property investment plan?