To suggest that Turkish property is experiencing something of a purple patch would be the understatement of the year so far according to Istanbul Property Investment company.
The largest property developer in the United Arab Emirates recently announced that it will invest $700m into an Istanbul housing project, and research by top accountancy firm PricewaterhouseCoopers (PwC) reveals that Turkey’s GDP has grown from 3% to 5.5% in just two years – therefore according to Graham Flaherty from IstanbulPropertyInvestment.com, there is little question that Turkey – and in particular Istanbul – remain attractive real estate investment locations.
Despite the global economic downturn and the direct impact that this has had on many investors’ activities, there are still small markets with massive potential for growth and rental return…and seemingly Turkey is one of them.
When Turkey apparently emerged with strength and speed from the global economic downturn, property investment experts across the world named Turkey property hotspots like Istanbul as reliable options for those looking to make a relatively swift return on property investment activity. Well, according to the data coming out of Turkey right now, it would seem that they were right.
Turkish property expert Graham Flaherty adds that it is not just the financial side of things generating interest in Turkey’s property hotspots at the moment either. He told us that: “Of course, when reports like the latest PwC one come out there is a new focus on how well cities in Europe are performing generally, and the statistics for Istanbul speak for themselves. However, it is also worth bearing in mind that the city’s history, traditions, sight-seeing and nightlife opportunities also contribute in making it one of a few true property hotspots in Europe.”
Interestingly for anyone looking to relocate abroad and who might be considering Turkey, the 2011 Emerging Trends in Real Estate Europe report produced by PricewaterhouseCoopers (and the Urban Land Institute) identified Istanbul as first in Europe for new acquisitions and development, outranking the likes of London, Paris, Munich and Warsaw.
In commenting on this fact Flaherty stated: “For the past 12 months or so Istanbul has been receiving plenty of investor interest, mainly from Europe. In particular I’ve seen property developments within the Bahcesehir district being extremely popular as they tend to offer affordable prices and generate good returns. Some buyers are also looking for homes to live in, and Istanbul offers them solid real estate options as well as employment and lifestyle options.”
Luxury accommodation seems to be the order of the day when it comes to Istanbul, with new developments cropping up that offer above and beyond ‘standard’ accommodation. Despite Istanbul being steeped in tradition and history, the modern developments indicate that modern living is fashionable in the city too, with some apartment development features including high quality contemporary interior design, designated and secure parking, on site gym and spa facilities for example.
It would seem that the industrial city of Istanbul is riding the positive fiscal wave currently being generated by Turkey’s rapidly growing GDP, but clearly it is a city that’s going through a revolution of its own too. Modern and luxurious developments are attracting a new kind of buyer, and no doubt, a new kind of resident too.