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ISTANBUL PROPERTY INVESTMENTS
'Istanbul is No
Turkey' says The Daily Mail on 23 February 2007 - Read The Article
Here Press Articles
On
22 February 2007, The Turkish Parliament passed the long
awaited mortgage
law. Property prices are expected to start a rapid
acceleration, particularly in Istanbul. It is perfect time to
invest in this major metropolis.
All eyes were on the
Turkish city of Istanbul in 2006 after property investors savvy
enough to have committed to the real estate market in 2005 reaped
returns of up to 85% in one year. According to expert analysis
of trends in the property market in Turkey, the Turkish Riviera
region will continue to be a great investment area but those who buy
in Istanbul in 2006 could net up to 120% gains.
In
2005 foreign investment into the property market in Turkey was
suspended temporarily while the government introduced new
legislation to govern and control the amount of foreign ownership
permitted and the areas in which international property ownership
was allowed. Now that foreign ownership of property in
Turkey has
once again been permitted and the laws governing and protecting
property ownership rights tightened, those overseas investors who
wish to buy in Turkey can do so and can take comfort in the fact
that their rights are protected. Naturally enough this has
reduced some of the risk that foreign investors perceived to exist
in Turkey and has led to the country’s property market appealing to
a wider audience.
In 2005 Turkey
finally began the long process towards EU accession and this
immediately led to a surge of international and foreign direct
investment particularly into the commercial property market in
Istanbul. Turkey is also receiving significant sums of Middle
Eastern investment and UAE based investors have committed to the development
and construction of two new high rise towers in Istanbul and the
city is a firm favourite with institutional investors seeking
commercial property with great potential for rental yield.
IKEA opened a
store in Istanbul in 2005 and 2006 will bring Harvey Nichols to this
amazing city; per capita the amount of retail space available in
Istanbul is far below what other European cities sustain and this
means that there is massive room for expansion in the retail
property market – this is fuelling investment and excitement.
In terms of
the residential property market in Istanbul – the city is a definite
tourist trap because it has so much to offer...as a result the
levels of tourism traffic through the city’s airports has led to
cheap flight operators easyJet establishing a daily flight link to
the city from the UK and to property investors renovating and
purchasing property suitable for short tem letting in the most
fashionable and striking areas of the city. Istanbul is also
attracting professional migration as many international companies
commit to the city following Turkey’s move towards EU
accession. A record number of businesses are establishing
bases in Istanbul and all require professional staff who in turn
require decent accommodation to buy and let. This is fuelling
demand, inflating rental yields and pushing up residential and
office property prices.
In Istanbul there is a feeling of anticipation and excitement in the air
and property investors visiting the city for the first time cannot
help but be caught up in the feeling of gold rush fever that exists
in Istanbul’s property sectors. All investors are urged to
take their time researching their investment choices before
committing to purchase however, and to ensure that the area in which
they wish to buy permits foreign ownership of property.
The introduction of mortgages to Turkish
nationals will further fuel the need for luxury residences
in Istanbul. It is anticipated that by 2008, there will be a
significant shortfall in supply of quality accommodation to the
rising level of middle and lower middle classes in Turkey.
Such classes are increasing in number and tend to want to own rather
than rent.
The
main regions of Istanbul for Istanbul Investment Property in
Turkey
- Areas near the Ataturk airport, mainly new
luxury developments currently offered at very reasonable
prices
- The region of Kurtkoy, where the Formula One is
located
- The bases of Istanbul's two main bridges joining
Europe to Asia, these areas are up market and constantly in
demand
- Older districts of Istanbul such as Beyoglu, Taxim
etc, where regeneration funds are being channeled
into
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ReferenceIST1194VL
Price£71,000 |
Istanbul Asian Side,
Apartment(s)
Completion Status:
New Build
Category:
Investment Property,
Uphill Court residences contain luxury apartments with superb facilities. The tallest of these towers are 34 floors. The regions is Kozyatagi which is a district of Kadikoy. ...
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