Making Money on Istanbul property
There is little chance of making money on property in the UK for the next few years – which is why some people choose to look abroad for an opportunity to invest their cash.
The UK housing market is predicted by some experts to continue on its downward spiral throughout 2009 and 2010, only picking up again in 2011, with house prices losing as much as 30% (some have predicted up to 50%) of their value in real terms. Enough to make you want to cry if you own a house and have a large mortgage.
However, in some parts of Europe, property prices are bucking this depressing trend and are actually predicted to increase in 2009. For example, according to Price Waterhouse Coopers property in Turkey’s capital Istanbul will increase in price by between 10 and 15% over 2009, making it simple to make money on your property investment.
It may be time for first-time buyers to look overseas to invest in property – especially if they are looking to make enough for a deposit to buy a home in the UK.
And prices in Istanbul are very reasonable too Nirvana International for example has freehold city apartments from £54,400. Turkey has also applied to join the European Union and hopes to be successful in 2015 and, apparently, 23.3 million tourists visited Turkey in 2007, with many of these choosing to spend time in Istanbul.
“Istanbul is a city on the brink of a great future and residential properties are set to make 10 to 15% in 2009,” says Robert Nixon, Operations Director, Nirvana International. ”We are therefore delighted to have been appointed to market some brand new, high end apartments offering the potential of great capital growth, plus they are being offered with guaranteed 9.5% annual net rental yield for five years.”
So you can rent your property out when you are not using it for holidays for yourself, your family and your friends!
However, as with all house purchases, make sure you use a lawyer who knows the laws of the country and check your finances very carefully to make sure exchange rates will not affect your purchase. And make sure that you are likely to be able to sell your overseas home when you want to.
Making money in Istanbul - Article taken from Risk Collective 11th Jan
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