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Istanbul Market Overview
Turkey presents one of the most exciting property markets in 2011 both for lifestyle second homes and investment property opportunities. Turkey’s Aegean and Mediterranean coasts have become very popular tourism destinations attracting millions each year whilst Istanbul property is experiencing a dramatic housing deficit upon which savvy investors can capitalize on. With a growing economy, no restrictions on foreign ownership and finance now available all signs point to prosperity.
Istanbul apartments for sale and rent is presently short of some 250,000 units and a large demand coming from the local property market in Istanbul.
We are all aware that Istanbul is now the hottest place to invest worldwide but do we know why? Let’s take a look at some of the reasons why Istanbul is such a great location for investment…..
Key Investment Facts
Turkey’s credit rating has recently been increased by three financial institutions, including Moody’s (Bloomberg).
15th largest economy in the world. Forecasted to be top economy in Europe by 2050.
Turkey’s expected to become a full member of the EU in the next 10 years.
28 million tourists in 2010 (8 million in Istanbul). 30 million plus forecast for 2011 already 20% up on last year.
Third highest search as a country on internet for property (Global Edge).
Turkey was the 3rd highest GDP worldwide for 2010 at around 10% and is forecasting 8% for the next 5 years (OECD).
According to Brookings institute Turkey was the fastest growing city in the world in 2010 (Nuwire).
First quarters export in 2011 was 22% up on last year.
Number one city in Europe for capital growth. Capital growth 15% to 25% per annum.
Turkish government forecasts the need for 2.5 million new homes by 2015.
High rental yield with returns from 7% – 10%, long term local tenants.
Regional HQ for blue chip companies Including Sony Ericsson, Microsoft and Coca Cola.
Located at the junction of Europe and Asia.
Istanbul was the European Capital of Culture 2010.
Low cost of living.
Superb climate with long hot summers and short, mild winters.
324 Blue Flag beaches and 17 marinas (4th highest).
Mortgages now available to EU buyers and other foreigners.
Named Golf Destination of the Year in 2008.
Expected to become a full EU member by 2020.
Booming investment city.
Turkey is in the 10 top investment locations in the world Financial Times
External Article Link: http://www.turkeypropertyplus.com/news/?id=368
Article Link: http://www.turkeypropertyplus.com/news/?id=368
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