A special place
Straddling the Bosphorus Strait, Istanbul bridges Asia and Europe in a surprising cacophony of contrasts. Old and modern collide in beautiful fashion; tradition and innovation are visible at every turn; spice markets and pastry stalls intertwine with modern skyscrapers; and religion and secularism live together in comfortable harmony.
Istanbul is the largest city of Turkey, and is considered the heart of the country’s economic, cultural, and historical presence. The population of the city is over 14 million, and forms the largest urban society in Europe, the second largest of the Middle East, and 5th largest in the world. Straddling the Bosphorus, Istanbul is a transcontinental city that rests on one of the world’s largest waterways. It is situated in northwestern Turkey between the Sea of Marmara and the Black Sea.
The history of Istanbul goes back to 300 thousand years ago. The first traces of human culture were discovered in the excavations carried out in Yarımburgaz Cave on the banks of Küçükçekmece Lake.
Business in Istanbul
Istanbul bears the characteristic of being the capital city of three Great Empires and she is also one of the few cities which has been the center of the country's economic life. Although the city did not become the political capital for the new Republic, established in 1923, it has always been one of the country’s economic centers and has never lost its status as the capital predestined for the country. When we glance at the city’s economy and working-occupational-professional life, Istanbul generates about 23% of Turkey's Gross National Product (GNP). Its annual contribution to the state budget is about 40%. On the other hand, the city's share of government expenditures has remained roughly 7-8%. The headquarters of all private banks, and 21% of the total number of bank branches in Turkey, are located in Istanbul. Istanbul has a central importance in both domestic and international trade. The added value created in Istanbul, reaches 26.5 percent of provincial total added value, and trade is the second most important sector in Istanbul after industry. In Turkey, 27% of the general added value created in the commercial sector is created by Istanbul. Istanbul is, at the same tim,e the most important export and import gate of Turkey. Exports from Istanbul make up 46% of Turkey’s total, imports into Istanbul make up 40% of Turkey’s total. Istanbul has at hand a great chance thanks to its being the center of tourism and the location of a convention center. One-fourth of the city’s hotels are owned by five star hotels, and almost one-fifth are owned by four star hotels. Istanbul is also the center of the country's air transport industry. Along with Atatürk Airport, Sabiha Gökçen Airport is located in Pendik on the Anatolian side of the city. Furthermore, 14 of the 153 museums located Turkey are found in Istanbul, and 34% of the two million four hundred thousand pieces on display are exhibited in Istanbul. New sectors in the city, such as finance, tourism, service, banking as well as head offices have been substituted for industry in recent years. On the other hand, despite the situation in industry, the heart beat of money markets continues to grow in Istanbul. Due to its geographical location, the first four hours of the business day overlap with Asian countries and the other four hours with European countries. Because of its unique location, Istanbul has become a natural financial center for the entire region.
Services of our Lawyers in Istanbul
The De Micco & Friends Istanbul Team offers all legal services of an international full-service law firm. We speak also English and German.
- Real Estate Law, all types of transactions (buy, sell, rent, lease)
- Company - and business set up, company foundation
- Representation of investors in Istanbul (Real Estate, Merger & Acquisitions, Capital Markets)
- Civil law, Family Law
- Company Law
Please use the contact form to contact our team in Istanbul.