According to a representative of Garanti GYO, interest in Turkey investment property has intensified because the market sector has been averaging 40% returns while the rest of Europe floats around 5% growth. Obviously these levels of potential profitability are of great interest to corporate investors and it is worth taking into consideration that Dubai Holding’s commitment to the Turkish property market represents their largest international financial investment which just goes to show how certain they are of the large profit margins in Turkey.
There are also many opportunities to buy into investment properties in Turkey for private investors; in Istanbul Emany construction companies are creating a brand new residential communities that is certain to represent a positive investment. Along the southern Turkish coastline developers are obligating to the development of spectacular resorts in huge demand from tourists and second home investors. Private investors can consider aiming for investment property to rent out to the tourism market; alternatively even buying property in Turkey off plan to resell to the growing base of overseas buyers seeking individual properties in Turkey.
Currently the two most attractive cities for investment in Turkey are Istanbul and Antalya.
FACT: 88% of foreign-owned property is located in 10 cities, the top 5 being Antalya with 14,610 properties; Istanbul with 10,695 foreign-owned properties in Turkey (2007).
PROPERTY INVESTING IN ISTANBUL
2010 is the year Istanbul becomes the Award winning European City of Culture. Even during the global economic crisis, property developers have been raking in the high volume property sales from their residential property developments.
Turkish real estate have become easier to purchase as property prices have effectively dropped as low as 50% in the suburbs of Istanbul; and as low as 20% for a sea view bosphorus flat in Beyoglu. Local Turkish buyers are not borrowing from banks but rather from family and friends to own property in Turkey. In addition to price drops, builders are offering other property buying incentives such as ideal rental guarantees in rapidly developing suburbs of Istanbul; interest free, and long term payment plans are just a few to mention.
Introduction and development of new 'satellite districts' is the future residential heartlands of Istanbul, new developments are being built which currently offer some outstanding investment opportunities at 'early release' prices.
The execution of urban transformation projects in a variety of Istanbul districts has also encouraged strong property sales; as these transformations are increasing the value of real estate in those particular areas.
In addition to the attractive purchase prices of property in Istanbul comes the higher rental rates. You can pay the same amount of money for a property in Istanbul and another major city in Turkey; but receive substantially higher rent for your property in Istanbul than the same sales priced property in another major city; and in foreign currency (USD, Euro, Japanese Yen) rather than the Turkish Lira. However, Istanbul is very well known as giving one of the best investment opportunities in Europe as the top performing hotspot for overall growth and for capital returns.
PROPERTY INVESTING IN ANTALYA
Antalya is Turkey's principal holiday resort in the Mediterranean region and benefits from 300 days of sunshine annually. All year round flights operate from Antalya International Airport from many major American, Asian and European countries.
Since 2004, Antalya has gone through a major facelift; with its new underpasses, roadways, infrastructure development, higher standard and quality construction, and so forth have changed the image of the city making it comparable to that of other European cities. The volume of visitors to this magnificent city by the Mediterranean Sea have shown no signs of slowing down - increasing yearly by the millions. Visitors are transfixed by the unique combination of incredible landscapes, fabulous climate, fascinating history, welcoming people and affordable cost of living and real estate prices. During this Global crisis, with many anxious-to-sell property owners in the market, a new build flat can be as low as 35,000 euros for a 1 bedroom in a prime location in Antalya. Property at this sales price, for those wishing to buy-to-let, unfurished, long term, can expect an average of €250 per month; depending on the location.
Whatever your investment requirements and budget, an Antalya property makes an ideal holiday, residential or retirement home and a very sound property investment in Turkey.
Compared to all the global emerging real estate markets, it is possible that Turkey’s property market is top choice for private investors looking the most suited for a balance between risk and reward. Turkey continues to politically and economically emerge; there may be risk, but as it counterbalances this ever decreasing risk is also an ever increasing potential to profit from property in Turkey.
Property investment in Turkey is equal with choice as an investor has a choice of location, investment approach, target market and undeniably an unsurpassed diversity of property advantages.
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