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Investment Opportunities in Istanbul Properties and Turkey

Discussion in 'Turkey property' started by PropertyTurkeyForSale, Feb 23, 2009.

  1. Property Investment in Istanbul is becoming increasingly demanding both for individual clients and corporate bodies looking for diversification and profitability for substantial long term growth. According to a representative of Garanti GYO, interest in Turkey investment property has intensified because the market sector has been averaging 40% returns while the rest of Europe floats around 5% growth .

    For private investor on the other hand there are plenty opportunities to buy into investment in Turkey. In Istanbul the recent modernization of Residences provide positive investments. In this ushered in a property boom, investor can consider buying property to let out or buying a property off plan to resell to growing base overseas individuals who seek property in Turkey.

    Financial Times is recommending its readers buy residential or holiday homes next year, selecting the 10 top locations, it has included Turkey's Belek , Altinkum and Bodrum's coasts, with an emphasis on the 'substantial and beautiful coastline'

    Turkey has been rated among the 10 top locations by the Financial Times, or FT, of places people can safely buy residential or holiday homes next year.

    Turkey has a rapidly emerging second-home market and while most development has so far been aimed at mass and mid markets, higher-quality projects are beginning to appear, according to the FT.

    However the FT said: "There are limits on foreign buyers, they cannot buy land of strategic, religious or cultural importance, but the country is mainly open, so long as Turks can buy in the foreigner's country too."

    The article published Dec. 27 said it was a strange time to be recommending places to buy a house. "But, as we move into 2009, with prices falling and more distressed sales coming onto the market, it could just about make sense. Those with money are starting to scavenge for bargains."
    Prices in prime coastal areas typically range from 1,200 to 2,600 pounds per square meter. Locations worthy of investigation include Belek, Altýnkum and the less developed areas around Bodrum, said the FT article.

    Despite a global economic downturn, Turkey's economy is still growing, according to Feroze Bundhun, managing director of CB Richard Ellis Turkey, a real estate research company. So is Istanbul's population, as well as its demand for property. Though the volume of residential sales has slowed over the past year, prices have not dropped significantly, he said.

    Most foreign buyers seek property in Istanbul's established districts along the Bosporus, in Nisantasi and Bebek. In these neighborhoods, real estate prices are often given in several currencies - for instance euros, British pounds, United States dollars and Turkish lira. Many buyers have either business or familial connections to Turkey, said Mr. Deggin from Property Turkey For Sale
     
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