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Article > Could Istanbul’s Investment Appeal Have Surpassed Olympic Proportions?

Article kindly provided by Julian Walker

www.spotblue.com


Being announced as host of the 2020 Olympics on 7th September would be the icing on the cake for Istanbul, in a year that has seen the Turkish city’s prominence on the global economic stage escalate, while neighbouring Western nations have suffered financially.

Even without the benefits of hosting an Olympics, Istanbul remains an increasingly attractive hub for foreign investors. A combination of more foreigner-friendly regulation, a growing, affluent middle class and strong trade links with the East, as well as the West, are helping to drive economic growth there.

“All of these effects are underpinned by the ambitious 2023 Master Plan of Prime Minister Erdogan,” commented Julian Walker, Director at property agency Spot Blue International Property. “The Plan includes growing Turkey from the world’s 16th largest economy, in terms of GDP, to one of the world’s 10 largest economies and implementing a nationwide programme of infrastructure developments, all by 2023, the centenary year of the Turkish Republic.”

Proof that things are moving in the right direction is mounting. Turkey’s real estate proposition was confirmed by Knight Frank’s recent Global House Price Index, in which the country’s residential property market recorded the seventh highest rate of value growth during 2012, namely 11.5 per cent - higher than any other European country.

The removal of Turkey’s restrictive reciprocity ownership law in May 2012 has helped drive interest in property in Istanbul, notably attracting Middle Eastern investors drawn by buy-to-let opportunities in the burgeoning suburbs of the city.

Meanwhile, this year accountancy firm Ernst & Young ranked Turkey the second most attractive market for investors in its 2013 ‘European Real Estate Trend Indicator’ report and the equally highly regarded PricewaterhouseCoopers ranked Istanbul number one for ‘Development Prospects’ in its 2013 ‘Emerging Trends in Real Estate Europe’ report.

Recognition of Turkey’s investment potential was reinforced in May, when the country was awarded investment grade rating by Moody’s, one of the world’s three main credit rating agencies. This followed a similar upgrade by Fitch in November 2012.

So what’s in the pipeline?

Plans for the world’s largest airport are now underway in Istanbul with the city’s third ‘mega’ airport forecast to be operational by 2017. And travel around the city is set to improve dramatically too, when a major rail project is completed at the end of October this year.

Described as one of Turkey’s greatest railway engineering projects ever, the Marmaray Project will connect the European and Asian sides of the city and is a much needed solution to the effects of Istanbul’s traffic congestion and expanding suburbs. Its opening will mean many of Istanbul’s residential districts will become more accessible – and therefore more desirable - places to live. Developments close to stations in particular should make appealing buy-to-let opportunities for foreign investors.

Halkali, on the western edge of Istanbul’s European side, is one such district that will benefit from the rail upgrades. Julian Walker continued: “Amongst our portfolio of property in Istanbul, we have opportunities to invest in new developments in Halkali, with prices starting at around £36,000 for a studio apartment, rising to around £104,000 for a three-bedroom apartment. The other bonus about Halkali is that is it very close to the city’s Ataturk Airport.” Other areas on the European side where Spot Blue has investment opportunities include Beylikduzu and Bahcesehir, while on the city’s eastern side the company has opportunities in Erenkoy.

Whether or not the world’s biggest sporting event does come to Istanbul, the city’s rapidly improving infrastructure, increasing status as a global commercial hub combined with its growing population and rich cultural appeal to tourists, make it a viable place for investing in real estate.

Spot Blue International Property specialises in all types of property investment in Turkey, including the Istanbul market. For further information, quotes and details of property for sale throughout Turkey, please contact us.

About Spot Blue International Property
Spot Blue International Property is one of the UK’s leading Turkish property agencies, with hundreds of properties regularly listed and updated on its website, www.spotblue.com. As well as helping developers promote their projects to the UK and other foreign markets, www.spotblue.com features properties for sale by private individuals. Spot Blue only promotes property of developers that pass its due diligence assessment. It also specialises in matching buyers with suitable properties and operates in all major resorts in Turkey. The company’s high profile in the UK means it is regularly quoted in the national press and invited to appear on panels at leading seminars and exhibitions.


Tel: 020 8339 6036 | Email: info@spotblue.com | Website: www.spotblue.com

 

 
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