New project trends
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ISTANBUL - Real estate markets may be suffering from the crisis but that has not meant last year was a total loss for companies, or buyers. Three trends have been driving forces for developments in and around the Istanbul metropolitan area
Urban renewal, an interest in suburban areas and the new mass transit system, Marmaray, have become major factors in how and where real estate is developed in the Istanbul area. Blox Hali?, Armada City and Eaglepark are prime examples of real estate developments that have capitalized on these new factors.
Efektif Real Estate's project, Blox Hali? in Istanbul's Kağıthane district, is an "off the beaten track" development. Its location in a historic and central part of the city, Hali?, comes just as the area has begun to experience urban renewal.
The project, due to hand over keys in the second stage of development in the later part of 2010, is comprised of 92 houses within four blocks.
The price per square meter for units in Blox Hali? is YTL 2,335. Ten different layouts from the smallest available at 113 square meters, to duplexes of 257 square meters are selling for anywhere between YTL 263,000 to 535,000. Developers are offering a range of financing options for the project which features indoor and outdoor swimming pools, a fitness center, a sauna and a garage. The architect of the project, Han Tümertekin, took environmental factors into consideration when designing the development and included details such as an up-to-date rain water recycling facility for the upkeep of green areas.
Marmaray
Eaglepark in Istanbul's Kartal district is a development getting a boost from the Marmaray Mass Transit System. The price of a 183 square meter unit in Ase Construction's project ranges from YTL 210,000 to 575,000. The project spans an area of 9,000 square meters and is comprised of 152 houses within seven blocks.
Financing options are available for buyers from Finansbank with long-term affordable interest rates. The company plans to deliver units in the project by May 2009.
The project includes a large number of amenities, such as an outdoor swimming pool, a children's pool, a fitness center, a cafe, parks, squash courts and a food court. In addition, the project features garages, floor heating and central air conditioning. Each unit will come equipped with an enclosed oven and other state-of-the-art kitchen and bathroom accessories.
Mimart Construction's Armada City project in Çorlu is a prime example of a suburban project in the Istanbul metropolitan area. It offers apartments in four different layouts featuring between one and four bedrooms, each with a living room. Prices for one bedroom plus living room units range from YTL 68,500 to 103,000, for two bedroom units from YTL 116,500 to 147,500, three bedroom units from YTL 121,000 to 177,000 and four bedrooms units from YTL 186,000 to 224,000. The project spans an area of 24,000 square meters and is comprised of 982 units.
The project includes four outdoor swimming pools and an indoor swimming pool, a fitness center, a sauna, a Turkish and Finnish bath, a caf?, pharmacy, market, deli, hairdresser, cafeteria and bakery. Additionally, the project features basketball, volleyball and tennis courts, pedestrian and bicycle paths.