Istanbul is tipped to be the property hotspot within Turkey in 2010 according to international property experts at Experience International.

This claim has been echoed in the latest Emerging Trends in Real Estate Europe Report released last week by PWC and the Urban Land Institute who rank Istanbul, European Capital of Culture, number one in City Development Prospects in 2010.

Turkey has enjoyed significant growth over the past couple of years and is now a permanent fixture on the international property scene. The non eurozone country has capitalised on its attractive climate, attractive Aegean and Mediterranean coastlines, low cost of living and ease of access to the UK.

It is not only demand for coastal holiday homes which is fuelling Turkey's property boom however; savvy investors are turning their attentions to rapidly growing cities such as Istanbul.

MD of Experience International, Steven Worboys, said: “The success of Istanbul's property market is a simple matter of supply and demand. Due to the rapid growth of the city (some 400,000 new inhabitants arrive each year to work or study) the existing housing stock has reached capacity.

“It is estimated that 250,000 new homes per annum are required until 2015 according to the Real Estate Investment Trust Association to meet the demand generated by foreign as well as domestic investment.”

The town of Beylikduzu for example located within Büyükçekmece county on the European side of the Bosphorus, is where the new Crystal Heights apartments and duplexes will be constructed.

Crystal Heights affords a strategic location close to the two major motorway routes into central Istanbul, is 20 minutes from Ataturk International Airport and will have a new metro-bus link and metro system connection. Plus it is only 10 minutes from one of the most popular seaside resorts of the city.

Worboys added: “Beylikduzu has one of the strongest growth scenarios due to its proximity to the city centre combined with the benefits of living in a well serviced environment away from the over-crowding.

“The contemporary styled residences of Crystal Heights offer all modern conveniences with first class on-site amenities including rooftop swimming pool, fitness centre and underground parking.”

As with other areas of Turkey, purchasing in Istanbul is straightforward with no restrictions on foreign ownership of property and up to 70 percent mortgage finance available.

Prices remain affordable with apartments in Crystal Heights available from £45,000 (fixed in sterling) for example. Capital growth is currently estimated at 15 percent and rental yields of up to 10 percent per annum are expected.

Crystal Heights offers a two year rental guarantee of 7 percent p.a. which is bank bonded on completion of purchase.
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