Nuri Ziya Lofts offer luxury in Galatasaray

Nuri Ziya Lofts, a serviced apartment building in the Galatasaray district of Istanbul, was unveiled yesterday by Investor Property Services, or IPS, a leading Istanbul-based residential property management firm.

Nuri Ziya Lofts comprises 18 residential and one commercial unit and will start accepting tenants March 1.

The apartments are individually offered to interested investors for sale with an estimated rental return of 10 percent per year. The lofts come fully furnished, with a full-management package that enables investors to enjoy higher returns while not having to become involved in the day-to-day operations.

"Increasingly travelers to Istanbul and around the world are seeing the great advantages of fully-serviced apartment living and therefore are demanding more than just a hotel room. At very reasonable prices, they are able to get spacious and flexible accommodation options. Although we sold some of the units before the launch, we have started offering more units for sale after Jan. 5. It is an excellent opportunity for investors looking for higher returns and great capital gain potential," said Hakan Özcan, the director of Business Development at IPS Management.

A luxurious experience at a superior location
"Nuri Ziya Lofts will echo IPS’s core philosophy of providing superior location, personalized service and a luxurious experience. It is designed for both corporate and leisure travelers who are planning a short or extended stay in Istanbul. To that extent, the apartments are totally fitted and fully furnished with top-of-the-range kitchen appliances and well-apportioned living and dining areas. The interiors of the apartments are designed to represent our commitment to hygiene, safety and hi-tech equipment in the living spaces we provide," Özcan said.

Nuri Ziya Lofts, developed by Taurus of Galata investment firm is the first property in a series of multiple serviced apartment projects to be launched by IPS. Four more projects are due to follow before the end of 2009.

Enhancing the appeal of the location, Nuri Ziya is only a stone's throw away from Istanbul’s key business and leisure districts. Taksim, Istiklal Street, Beyoğlu, Karaköy are easily accessible, and Nişantaşı, the city's most sought-after lifestyle district is also within walking distance.

Nuri Ziya Street offers a unique blend of tranquility and proximity to the city’s most lively pedestrian areas. Prominent neighbors include the residence of the French consulate, Galatasaray High School, the Free Mason’s Lodge and Koç University’s Anatolian Studies Institute.

For individual and institutional investors
The apartments range from 40 to 134 square meters and sale prices start from a rather low 69,500 euros. IPS is an Istanbul-based property management company that provides a range of investment properties for sale and after-sales services for individual and institutional investors.

Taurus of Galata Gayrımenkul Yatırım A.Ş. is a Turkish real estate investment vehicle designed exclusively for Taurus Investment Holdings and Apollo Real Estate Advisors to serve their private and institutional investors from England, Germany, Israel, Switzerland, and the United States. The program plans to invest approximately 80 million to 100 million euros in private equity and debt finance.

IPS will market the property to tenants interested in renting furnished apartments from several weeks to several months. Short-term rentals bring in more income compared to 12-month regular long-term rentals widely seen in Turkey. Serviced apartments, while offering more personal space to the tenant, are also cheaper than hotels.

There is currently a strong demand for serviced apartments in Istanbul. Nuri Ziya Lofts is designed to service this market and enable its investors to obtain substantially higher profits than they would if they rented out their properties for 12 months.

Income will be pooled and distributed to investors each month according to their share in the property. This ensures each owner’s interest is protected equally and every apartment is given an equal chance during the marketing process. The books will periodically be audited by certified public accountants or lawyers given the power of attorney by investors.