Istanbul Property – A prime Investment Opportunity for 2010
Istanbul is one of the most exciting cities as well as being the 3rd largest in the world, not only for the glamour, bazaars and history, but also in the world of investment property.
Istanbul has so much to offer visitors, you would be hard pushed to see even a small section of the city on a 2 week break, whether your preference is sightseeing, shopping or it's varied nightlife, there is something for everyone - exquisite mosques, historic buildings, art galleries and museums, to restaurants, bars and nightclubs. If it's the shopping that attracts, Istanbul has its fair share of designer shops, antiques, and the grand Bazaar which contains over 4,000 shops, or for those looking for a relaxing break, a visit to a traditional Turkish bath, a round of golf, a boat trip down the Bosphorus or a day on the beach on the European shore of the Sea of Marmara, or the small beaches of the Princes' Islands, just a short boat ride away. Whatever your requirements, you can find it all in Istanbul.
Istanbul property is seeing unprecedented growth, although not the fantastic 85% returns that some investors achieved during 2005/06, capital growth rates of between 20% - 30% are still expected for buyers of both residential and commercial property in 2009. One developer of the off plan development Larasu in Mimarsinan, is so confident of the capital growth that they guarantee buyers a 35% price increase by the date of completion in 2010. There is also a high demand for rental properties as multinational companies flock to set up offices in the city on both sides of the Bosphorus, creating an excellent opportunity for investors looking for buy to let property for either long term, or to accommodate the ever increasing number of tourists on short, or holiday lets.
The reasons behind the growth of the property market in Istanbul are based on solid facts of supply and demand, population growth and availability of finance with foreign direct investment topping $20 billion in 2006 and nearly doubling that figure in 2007, with large investment in the Banking, Telcoms and Construction sectors.
Buying an Investment property in Istanbul during 2009 and into next year is advisable for anyone looking for excellent returns - with the forthcoming European City of Culture in 2010, which for Liverpool meant £2 billion of investment in cultural and tourism infrastructure, 14,000 new jobs and an extra £220 million spent by tourists, Istanbul has to be considered as one of the best cities in which to invest this year. In fact, both Moscow and Istanbul property investment returns are expected to surpass those in Paris and London this year.
Istanbul is easy to get to at any time of year with budget airlines from most airports in Europe flying into either Ataturk (European side) or Sabiha Gökcen (Anantolian side) on a frequent basis. Once there, transport links are excellent and visitors can travel by tram, metro, bus, or boat, sea-buses, or ferries which travel along the Bosphorus or between the European and Asian sides of the city.
Official figures reveal that there is an under supply of property in the city with an estimated shortfall of 250,000 units per annum, and it is not anticipated that supply will meet demand until 2015, making it stand out as offering prime property investment opportunities in Istanbul.
|
