Prices in the city are significantly lower than other European cities and now it has been announced that the building of a new airport has been given the green-light, bringing ever increasing numbers of visitors to the historic city.
New airport will be Turkeyââ¬â¢s largest
Istanbulââ¬â¢s third airport will be constructed in the Silivri district of the 2010 European Capital of Culture. It will be able to handle significantly more passengers than the cityââ¬â¢s biggest airport ââ¬â Istanbul Ataturk Airport ââ¬â which is situated nearby.
Ataturk International is presently the biggest airport in the city and handled almost thirty million arrivals in 2009. The numbers of visitors to Istanbul are rising, with a thirteen per cent increase in passengers arriving at Ataturk in the first four months of 2010.
Increase in tourists visiting Istanbul
Steven Worboys, managing director of Experience International, said: “Turkey’s tourism levels ââ¬Â¦ in 2010 have been impressive with a 12 per cent increase in UK visitors recorded in the first nine months taking the total number of international visitors to 23 million so far this year, according to the Turkish Ministry of Culture and Tourism.ââ¬Â
Apartments in Istanbul with a 5 yr 7% net rental guarantee can presently be snapped up for around ã41,800 ââ¬â significantly cheaper than other major European cities. Indeed, quality property in Istanbul costs around 2,386 euro per square metre, compared to 3,932 euro per square metre in Madrid or 14,421 euro per square metre in London.
A recent Global Property Guide report also found that gross rental yields in Turkey can range from 6.1 per cent to 7.5 per cent, ââ¬Ësignificantly higherââ¬â¢ than many other European cities.
