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 News

 Istanbul Rental Guarantees  04.10.2007 back

Developers in Istanbul are starting to offer investors guaranteed rental returns, as are often given on property in Turkey's resorts.


Companies follow a model exercised for summer homes in the south of Turkey and market their homes with a rental promise. Real estate agents have taken rental homes in Istanbul into account for short-term lease

Weekly leasing developed for summer houses in the south of Turkey and known as ‘Spanish type' houses pose a sample for new construction projects. Construction companies promise buyers an income of 5 to 10 percent of the value of their homes through yearly leasing income.

This type of leasing, which is profitable for investors as well as tourists, is expanding throughout Turkey. In view of demand arising from foreign customers and operators, real estate agents have included homes in Istanbul in this short-term lease program.

Erdoğan Sivritepe, general manager of Mea Villa company, the representative in Turkey for Wolters Reisen of TUI Group and Interhome of Migros Group Switzerland, says that he has been receiving inquiries by his partners for the past three years for weekly leased housing. One of the company's partners has moved to Istanbul and will add residential homes in Istanbul within six months to their already existing portfolio of 600 properties in Turkey. He said that the leasing season in the south is eight month at the most but in Istanbul it will be 12 months. “Foreigners mostly are interested in villas and mansions by the Bosporus or residential homes in historic places like Taksim, Galata and Sultanahmet," Sivritepe said.

Temel Şefkatli, general manager of Parador Real Estate, says that a tourist family with three to four members are interested in this kind of vacation alternative. “Instead of staying at a hotel for ten days they prefer to stay in a easy-to-use rental that costs between 150 and 400 euros per week,” he said.

Source: Turkish Daily News

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