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.
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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.
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| 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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