Send to a friend

News

Istanbul bullish - 14 April 2008

Istanbul has been named the world’s second best place to invest in property.

This is according to PriceWaterhouse Coopers and the Urban Land Institute, who have officially named Istanbul as the second best place to invest in property, behind Moscow.

According to Turkey’s Land Registry General Directorate, 73,000 foreigners now own property in Turkey, with 8,830 buying in Istanbul. Rental yields are reaching up to 7.6 per cent for apartments in the city centre, while the Global Property Guide has revealed that developments in the suburbs are giving returns of up to 8.8 per cent.

Demand is being driven by Istanbul’s domestic and international population, which is growing at 1.5 per cent a year, giving year-round rental opportunities for buy-to-let investors.

Julian Walker, of Turkey property specialists Spot Blue, commented: “Investors are scrambling to have their own square metres in Istanbul because they feel confident of the city’s excellent rental returns.

“Others are reallocating their funds because the Istanbul market is still showing signs of growth. And while there might be a global credit crunch, buy-to-let properties in Istanbul are proving popular for a younger demographic who are looking to use their profit to get on the UK housing ladder."

Mr Walker continued: “As Istanbul grows, there are other areas on the verge of the city that will go up in value. None of this is overnight, which is why we advise our clients to invest in Istanbul for the long-term. One thing’s for sure – investors are certainly getting a lot more value for their money compared to London.”

Post this article to:

del.icio.us Digg Newsvine Reddit MyYahoo! Facebook

 

Related Articles


Browse our articles written by leading industry experts:

Overseas Property Buying Guides

UK Property Guides

Gardens and Interiors

Cosmetic Surgery Fact Sheets

Looking Good Guides

Money

Business

Community

Travel