Fast profits for early investors in Atasehir, Istanbul's new financial hub
Following his hugely successful investment in the Queen of Bomonti in October, Property Turkey director Cameron Deggin explains why his next investment venture will be in Atasehir, home to Istanbul’s new financial heart.
The rise and rise of Atasehir
Atasehir is located in a prime location on Istanbul’s Asian side, just minutes from the Bosporus Bridge. Developed on prime-location, untouched land, Atasehir began developing in the 1990s, with Turkey's growing middle class in mind. Today, its skyline resembles that of Manhattan, with tall skyscrapers, wide avenues, classy restaurants, international schools and expansive malls.
"Developed on untouched prime located land, Atasehir was built with the burgeoning middle classes in mind in the late 90s. Today its skyline resembles that of Manhattan with tall skyscrapers, wide avenues, classy resturants, international schools and expansive malls."
However, what really sets Atasehir apart from the many other areas currently undergoing change in Istanbul is it’s about to become the beating heart of the Turkish economy and a leading international financial centre, and with 50,000 white collar workers, - the fifth largest such hub on the planet.
The much-lauded Finans Merkezi (International Financial Centre) will house a number of global financial institutions as well as headquarter Turkey’s largest companies, like the Turkish Central Bank, which is currently in Ankara. These institutions have previously been scattered all over the country, with many on the European side in Levent, Mecidiyekoy and Sisli, where older infrastructure and congested traffic systems meant problems for residents and workers. Moving to the International Finance Centre to custom-built headquarters represents a consolidation of industry and wealth in a city at the peak of financial success.
Atasehir Palace - quick profits and long-term growth
Minutes from the new finance centre, the newly launched Atasehir Palace is set to become the area’s premier residence. Superbly designed and constructed, using the best possible materials, the luxury project is a prime example of the best Istanbul projects on the market.
The development will be part of a purpose-built community, carefully designed with convenience and comfort in mind. Residents will enjoy access to an onsite shopping mall, a range of restaurants and cafes, boutique shops, communal swimming pools and a fitness centre. Security and a concierge service are provided 24/7.
Built over 250,000 square metres, the project will house financial workers and their families. Phase one, set to be completed at the end of next year, will have 169 residential and 10 commercial units.
As well as enjoying proximity from the financial heart of the city, it’s also well-connected to the rest of Istanbul, with a metro station between the development and financial centre.
Fast-profit opportunity for early investors
At the moment, units in Atasehir Palace are being offered at pre-launch prices - 11% below initial launch price. “This opportunity gives early investors like me a quick-profit opportunity over the next six weeks before the end-of-March official launch date,” Property Turkey director Cameron Deggin explains.
Pre-launch prices start at $2700 per square metre. At the launch date at the end of March this will jump to $3,050. Between this point and the completion date there will be a minimum of six price increases. “We’re looking at some impressive price hikes,” Deggin says. “By the time the project completes you won’t be able to buy a unit for less than $5,000 per square metre - almost double the pre-launch price.
“Clearly, this is a major investment opportunity.”
Investors have the option of two payment plans: a 50% deposit followed by 24 interest-free monthly payments; or a 30% deposit followed by 18 interest-free monthly payments.
Long-term growth assurance
Atasehir and Kadikoy enjoyed the fastest growing prices in the city in the five years following 2010.
Deggin explains that this is set to continue. “That’s why I’m firmly on board - and very excited about this project. After the initial price hike, after the end-of-March launch date, we expect to see even greater price growth as demand from finance professionals and investors pushes up Atasehir Palace’s prestige even further.”
Deggin, a Turkish property expert with more than a decade’s experience in the industry, is more than simply a property agent. He believes in his projects passionately. Late last year, he invested in the Queen of Bomonti, in Sisli. The project has already appreciated by 17% since its pre-launch price at the end of September.
“That was no accident,” Deggin affirms. “We know the market. We know what sells, what appreciates. And most importantly: we know a good investment when we see one.
“We sold 35 units in the Queen of Bomonti,” he went on. “Those clients have all enjoyed 15% or more growth.”
The sky is the limit for investors in Istanbul's new financial heart
Deggin believes the Atasehir Palace project will enjoy a similar - if not greater - success. “This is a development that will continually be in demand. There is going to be a workforce of around 50,000 workers here, this gives investors a very favourable exit strategy as there will always be demand here.”
“Look at it this way: Atasehir has already been at the forefront of price growth in the city. It’s already on an upward trajectory. But when the new financial centre opens, Atasehir will be one of the most prestigious areas in the city. That’s why I’m in, and why I’m urging investors to look closely at this project. The sky really is the limit for investors.”