Property developers in Turkey have until now targeted buyers in the middle and upper-middle income bracket, so underestimating the market potential of less affluent clients. But investment interest in enterprises directed at the lower-price segment is currently rising, according to Turkish media.

More investors are offering residential units at about 580 euro a sq m. Parkcity housing complex, developed by Arikan Yapi in Istanbul’s neighbourhood Esenkent, is a good example. It is one of the cheapest projects, with prices starting at 520 euro a sq m. It embraces six buildings, housing 383 apartments, 41 shops and 38 office units and will be completed within two years.

Another 20 projects for residential compounds, aimed at lower income buyers, are under construction in Istanbul and its environs. Completion is due by 2008-2010.

Korfezkent complex in Izmit, Selimpasa Emlak Konutlari complex in Istanbul’s Selimpasha neighbourhood and Kiptas Yalova Konutlari are among the projected establishments.
(Apartment prices in Korfezkent start from 565 euro a sq m. Investors offer the option of financing the purchase through loans with 0.5 per cent average interest rate and 120 months repayment period).

Selimpasa Emlak Konutlari comprises 820 flats with prices fluctuating between 55 250 and 108 200 euro. Credit interest rates average 0.85 per cent.

Apartments in Kiptas Yalova Konutlari start at 54 700 euro, interest on loans is 0.87 per cent and the repayment period is 130 months with an 18-month grace period.

Source: propertywisebulgaria.com