Key selling points
- High Specification 89m² 1 Bedroom Apartments
- Strong Economic Growth - 7.6% Last Year
- Changing Demographics - Huge Demand By Younger Workforce
- Ideal Location - Within 25 Minutes From Istanbul City Centre
- Excellent Prices - From Just €900 m²
- 25% Under Market Value
Following the outstanding success of our last Turkish offering we have secured another great off-plan deal in Istanbul. The Dome Residence, located in the Tasdelen suburb of Istanbul, consists of top specification, luxury one-bed apartments, exclusively designed and built to cater for upwardly mobile young professionals in the area.
Strong Economic Growth.
Turkey is the 16th largest economy in the world, growing at 7.6% per annum last year and over 9% in 2004. This growth is on par with the powerhouses of China and India.
Changing Demographics
Turkey has a huge domestic market with a population of 70 million, of which 70% are younger than 35 years old. Istanbul holds more than 15% of this population within its geographic boundaries. Because of continuous immigration from the rural areas, the city is growing rapidly by about half a million persons per annum, pushing up demand for residential property. Coupled with a current under-supply of 250,000 units per year, this is an ideal investment scenario.
Ideal Location
Tasdelen is only a 25 minute drive to Istanbul city centre, and is just 800 meters from the peaceful Tasdelen Ormani Forest. Because of local municipality restrictions, there is very few development sites left in Tasdelen, meaning this is the last real option for local Turks looking for affordable accommodation within 30 minutes radius of the city centre. An ideal mixture of employment options, affordability and family friendly environment, it is also a magnet for the growing middle class of Istanbul.
Excellent Prices
There are only 40 apartments available at the Dome Residence for UK investors, the rest are sold into the local market as it is important to get the right mix between the two. For the first 10 apartments sold, prices are just €1,000 per m2 for an 89m2 apartment. This equates to an asking price of €89,000. Similar development to The Dome are priced at over €1,200 per m2, over 20% more expensive than The Dome.
45% Under Market Value
Buying properties at 25% under market value is a smart way to protect your upside and your downside. For the upside, any capital growth is based on the true market value of the property rather than what you actually paid for it, meaning your investment returns will be considerably more than someone paying full price. In protecting the downside, the market would have to drop by almost 25% for your investment to show no returns. In a property market expected to grow by 80% – 120%* over the next few years, we think this scenario is highly unlikely.
New Mortgage Legislation
Legislation has recently gone through parliament which, for the first time, will allow locals and foreigners access to mortgages. The availability of credit within any market has a positive impact on property prices.
Inward Investment creating a Strong Rental Market
Many local businesses have recently relocated to the area, and large international companies such as Ikea, Bosch and Bayer have setup eastern European operations there. These companies bring with them personnel, executives and guests looking for top quality accommodation, which at present is very limited in the area. In renting your apartments to these professionals, you could expect yields up to 11%.
For all these reasons (and the many more within the full document!),
it might be apparent that we’re rather enthusiastic about Istanbul. We are extremely buoyant and bullish about the city and we believe we have sourced another great investment opportunity in The Dome. Please enquire now to receive our full e-prospectus.
Facilities Included
• Sports activities, horse riding facilities
• Go-carting area
• Walking, running areas, horse riding paths, picnic areas in Tasdelen forests
• At a distance of 20 minutes to ?ile where seaside, bars, cafes, restaurants are located.
• A high entrance like that of a hotel
• 24 hours of reception service
• French balconies
• An office-library which could be used by guests and flat owners
• Business centre
• Top quality kitchens where the best quality durable goods will be used
• Two lifts on each floor
• Tv, satellite and internet connection in sitting rooms and bedrooms
• Turkish bath, open-air swimming pool
• Sauna, sports hall and changing cabins
• Closed parking lot
• Finger print locker system
• 10 years of construction warranty
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