Residence rental rates reach the price of buying a flat
Feb 03, 2011 - 12:00 am GMT+3
by Feb 03, 2011 12:00 am
The price to rent a luxurious unit in a residence in Istanbul renovated by Swiss Hotel situated on the Bosphorus has been set at 20,000 Euros.
Istanbul has joined in the luxurious property race, competing with the likes of Europe. The Swiss Living project, the new residences built by Swissotel, definitely takes the cake in terms of highest priced project going.
Eight units (3 + 1), spanning between 153 and 164 square meters, are up for rent for 20,000 Euros plus VAT (totaling approximately 45,000 TL).The residence consists of a total of 63 units and will be operated by Swissotel. The price for one month's rent is equivalent to the price of a one-bedroom, one-living room apartment located outside of the city center. It's still possible to purchase a flat in certain areas of Istanbul for just 39,000 TL…
Those who choose to pay out 20,000 Euros a month to reside in one of the eight units up for rent out of the Swiss Living's total 63 units, will not only have views of the Bosphorus, but they will also be able to benefit by the hotel's breakfast services, lounge and pool Burj al Arab's Interior Designer… The 20 million dollar renovation project for Swiss-Living was conducted by the Japanese interior designer Khuan Chew, better-known for her work on the well-known sail-shaped Burj al Arab hotel in Dubai.
Prior to the renovation, rental prices in the residence were between 4,800 to 11,000 Euros. Also prior to the renovation, the residence contained 75 units; however as part of the project, a number of units were enlarged resulting in the number of total flats in the residence dropping to 63.
In 2005, Fina Holding owner Hüsnü Özyeğin won the rights to use the upper level of the Swissotel property. In November, 2010, the Istanbul Metropolitan Municipality put the land up for sale, which Özyeğin purchased for 422 million TL. Most expensive flat currently going for 11,000 Euros… With the exception of the Swiss Living units up for rent, other residences are also raising prices. Amongst the highest rental prices going in Istanbul are as follows: The largest sized units (3+1) at 240 square meters in Mecidiyeköy's Kempinski Astoria Residence rents at 11,000 Euros. The Loft project in Levent has flats the size of 214 square meters renting for 5,000 dollars. In Akmerkez, 100 square meter (3+1) residences rent for 8,000 Euros. The Varyap Meridien project, one of the most luxurious projects being realized on the Anatolian side of the city, will have units completed by the end of 2011, which will rent for between 2,500 to 7,500 dollars.