Istanbul property market should receive a much needed boost from greater tourism levels, which are expected to increase, when the new Terminal Istanbul is opened in Sabiha Gokcen International Airport.

The city has two airports; one on the European and Sabiha Gokcen International Airport on the Asian side. The Turkish government is also working on the undersea link via metro to enhance connectivity with the Asian side. The terminal, built in a record time of 18 months, was inaugurated by Turkey's Prime Minister Recep Tayyip Erdogan. "With the opening of this airport terminal building, a new era for economic partnerships has begun. This has opened many more avenues for the Indian and Turkish companies to join hands", said India’s Minister of Civil Aviation, Praful Patel, during the inauguration ceremony.

The new terminal will become fully operational on November 9 and it currently handles five million passengers annually. Turkish Airlines will begin its flights to seven new European destinations including London, Moscow, Amsterdam and Berlin. ris bin Othman, Chairman of Malaysian Airports said that Malaysian Airlines also plans to start operating three times a week to the new airport.

Turkey's Prime Minister Erdogan said Turkey would invest $350 billion in transportation and communication over the next 25 years. He added that the government has plans to construct several new airports in Istanbul which is good news for rental property investors. Despite being the economic and cultural hub of Turkey - the city is also expected to be named the European Capital of Culture in 2010.

Labels: Infrastructure, Istanbul