CIP Turkey is pleased to announce that we have secured the exclusivity of the last 30 remaining apartments in the much sought-after, Apollo Kartal Plaza.
The 77 apartments consisting of 1,2,3 and 4 bedroom units all benefit from a 3-meter ceiling height, giving that extra feeling of space and comfort. Facilities include underground parking for each apartment, a sports field, sauna and steam bath, a swimming pool, and a children’s park.
This amazing development, situated on the Asian side of Istanbul, boasts unobstructed views of the Marmara sea, showcasing the majestic Princes Islands, which are just a 20-minute ferry ride from the nearby Kartal marina.
Excellent transport connectivity makes Apollo Kartal Plaza very appealing with investors and residents alike, with metro and Marmaray train station (which travels under the Bosphorus) both within easy reach, while Sabiha Gokcen International airport is less than a 30-minute drive away.
Apollo Kartal Plaza also happens to be on the highly sought-after coastal side of Istanbul’s main highway, the E5, making it easily accessible to the beautiful coastal promenade where you can then enjoy a brisk walk over to Istanbul’s largest coastal park in neighboring Maltepe.
There is also a plethora of shops, supermarkets, restaurants, and cafes within walking distance, as well as 4 major shopping malls, all within a 5-10 minute drive away.
Now to help give you a little more insight for those clients of yours who might be considering the Turkish CBI program, the Turkish property market is booming as domestic buyers have re-entered en masse, along with surging demand from foreign buyers, either purchasing to qualify for the CIP program, or simply for investment or lifestyle purposes.
It is for this reason that we are so pleased to have secured this great opportunity for our clients, and potentially yours. Given that demand is beginning to outpace supply, especially when it comes to key-ready stock, sourcing completed units around the $250K threshold, on the European side of Istanbul, has become increasingly difficult over the past few months.
In addition, if a client is solely investment-focused, then the Asian side of Istanbul could be the better choice for them. A big reason for this, and speaking from 20 years of business travel throughout Turkey, while having offices in multiple cities, was the opening of the new Istanbul Airport, or rather more about the closing of Ataturk Airport, which has shifted our logistics when commuting.
There are far more internal flights available out of Sabiha Gokcen airport than there are from the new Istanbul airport, which is more focused on international hub traffic. So we now find ourselves flying out of Sabiha Gokcen airport far more frequently.
For those investors who might be planning to exit their investments after the minimum 3 year holding period, they would have a greater chance of doing so via the domestic market, as opposed to buying on the European side of Istanbul – particularly in those locations where there is more access to properties in and around the $250k threshold.
Once a property has been owned by a foreign investor it is no longer eligible for the CBI program, so the greatest chance for an exit is through the domestic market.
We are personally witnessing a steady stream of Turkish business associates making the transition over to the Asian side, which is partly down to the fact that open spaces are more plentiful and less traffic less of an issue, offering a far more relaxed and family-friendly vibe.
Also, while on the subject of logistics and the Asian side of Istanbul in general, the second-longest expansion bridge in Europe, the Sultan Gazi bridge, which spans an impressive 2.9km which connects to 500km of newly constructed highway, were recently completed by one of our partner companies, Nurol Holding, in what was a $7.8 billion megaproject. This has resulted in cutting the drive time by around half to the popular destinations of Izmir and Bodrum.
To reemphasize the previous point made about the lack of key-ready stock, Nurol Holding, were one of our primary residential property suppliers at the start of the Turkish CBI program, providing us with access to thousands of completed units across three projects on the European side of Istanbul. We can now tell you they have completely sold out of all of stock from those three immense projects, which reinforces what has happened on a macro level in Istanbul, and in many other popular cities in Turkey.
Therefore, if you have any potential clients who are prepared to act quickly, then please get in touch before the same situation occurs on the Asian side of Istanbul, which undoubtedly will be the case.
We would also like to take this chance to announce that the directors of CIP Turkey will be in Dubai next week, from November 28th until December 3rd. This will be our 3rd trip to Dubai in as many months, as we have been experiencing a surge in demand from Dubai-based investors.
We are looking forward to getting the opportunity to meet with more potential partners and investors in the Turkish CBI program.
For more information about Apollo Kartal Plaza, or if you would like to book an appointment to meet with us in Dubai, then please feel free to get in touch.