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 Investment Property in Turkey
Turkey is an attractive investment to purchasers looking to catch an emerging market from the start while Turkey is on the verge of becoming a mainstream international holiday destination. With EU inclusion possible well within the next ten years, Turkey represents strong investment potential, particularly for Buy-to-Let strategies. For more information regarding investment in Turkey, a law firm
should be consulted.
Istanbul property returns may surpass London
Bloomberg - Moscow and Istanbul real estate investment returns may surpass Paris and London as emerging-market economies grow at a faster pace than western Europe, according to a survey of investors, brokers and analysts.
London dropped to 15th place out of 27 cities for 2008, from second last year, according to the report by the Urban Land Institute and PricewaterhouseCoopers. The annual survey placed Moscow 1st and Istanbul 2nd in terms of investment and development prospects.
“There is an increasing appetite for emerging markets,” John Forbes, the London-based head of real estate at PricewaterhouseCoopers LLP, said in an interview. “Russia and Turkey are regarded in the same way as the India of Europe. They are top for economic growth.''
Istanbul is benefiting from rising consumer demand fueled by Turkey's 5 percent economic growth over the past two years.
The country's rapid growth “will definitely boost demand for commercial assets,” said Levent Bayar, a research analyst at HSBC Holdings Plc in Istanbul.
CITY 2008 RANKING
Moscow 1
Istanbul 2
Hamburg 3
Munich 4
Paris 5
Lyon 6
Frankfurt 7
Stockholm 8
Berlin 9
Helsinki 10
Independent: ''Turkey and beyond: Rewards of buying property''
The Independent on Sunday- Our property prices may be stagnating but for Britons looking to turn bricks and mortar into profits, there is hope on the horizon – the far horizon. Record numbers of investors are looking at a new raft of property hotspots around the globe – and Turkey is top of the list.
Overseas mortgage broker Conti Financial Services recently reported a 147 per cent increase in enquiries about Turkey year-on-year. For Spain, by contrast, enquiries fell by more than 28 per cent.
Property prices in Turkey rose between 15 and 20 per cent in 2007, reports estate agent Knight Frank, after a change in the country's mortgage law made finance available to overseas buyers. Yet prices are still cheap by UK standards. Julian Walker, managing director at Spot Blue, a UK agent operating in Turkey, says one-bed flats can go for £25,000, two-beds for £50,000 and villas for £90,000.
Large advances like this are confined to property in certain parts of the country such as the capital Istanbul, or Alanya on the Turkish Riviera. Simon Conn, Conti's sales and marketing director, says: "While Turkey is being hailed as the 'new Spain', it is also undergoing some of the same problems, such as corruption and bad planning – although it is learning a lot quicker."
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