Turkey’s thriving tourism industry continues to grow despite the global economic crisis. With UK holidaymakers showing a growing preference for destinations outside of the euro zone, the country continues to attract growing numbers of tourists and is therefore an increasingly appealing location for international property investors. With prices expected to keep rising for the next five to ten years, there’s widespread agreement that investors will see up to 20% capital growth year on year.
Recent changes to government laws surrounding foreign ownership of property means that less risk is now associated with buying in Turkey. This, combined with the country’s progression with its EU accession application, further enhances its appeal…and a strong economy, which shows no signs of stalling, seals the deal for many.
Istanbul is the largest city in Turkey and is split by the Bosphorus (or the Istanbul Strait) between Europe and Asia. The city – which is in the North West of Turkey and has hot and humid summers along with cold, wet and frequently snowy winters – incorporates European and Asian cultures and offers visitors a wide range of different experiences. It is also the country’s financial centre.
Istanbul’s social, cultural and commercial activities are diverse, with pop concerts alongside more classical entertainment like ballet, opera and theatre. Museums and art galleries and exhibitions add to the city’s cultural scene. Istanbul has several shopping centres and a wide range of cuisine that caters for a variety of different tastes – Turkish, European and Far Eastern. It also has a thriving nightlife; with bars, pubs and clubs suiting all kinds of preferences.
With two international airports – one on the European side and the other in the Asian side – and a variety of cheap routes to and from UK airports, getting to Istanbul is another of its attractions. Demand for property in the region remains strong and those investing can expect impressive capital returns; Istanbul contributes a massive 21% to Turkey’s economy, so it’s not surprising that it’s a popular target for investment. New commercial districts such as Maslak and Levent have further increased the investment appeal of the city.
Istanbul still has an exceptionally strong market for property, which is likely to remain so for the foreseeable future. The market is widely accepted as a safe long term investment and those considering new property in Turkey will be able to judge almost instantly if Istanbul is for them – it’s usually clear from the first visit what the city has to offer.
Mark Burns is a Director of Offplanworld.tv, a real estate consultancy specialising in Turkish property, and offering a wide range of property in Istanbul.
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