Golden years of real estate are coming back
Güncelleme Tarihi:
Hürriyet Daily News
Oluşturulma Tarihi: Ocak 21, 2009 00:00
ISTANBUL - Interest in investing in Turkey's property market has intensified because the industry has been averaging 40 percent returns while the rest of Europe floats around 5 percent growth. It is now easier to purchase as property prices have dropped
The last of the golden years for a large property investment boom in Turkey began in 2003 and carried on quite strong until 2005.
The last preparation year was 2002 when a new law came out, and foreign nationals were allowed to purchase real estate in Turkey in their own name. Well be prepared. The year to get ready for the next big property boom is 2009. The next set of golden years for Turkey's real estate market will be in 2010, 2011, and 2012, according to an article posted on www.nourgroupturkey.com.
According to a representative of Garanti GYO, interest in Turkey investment property has intensified because the market sector has been averaging 40 percent returns while the rest of Europe floats around 5 percent 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.
Property investing in Istanbul
There are also many opportunities to buy into properties in Turkey for private investors; in Istanbul many construction companies are creating brand new residential communities that are 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 with plans to resell to the growing base of overseas buyers seeking individual properties in Turkey.
Even during the global economic crisis, according to the article, property developers have been raking in high volume property sales from their residential property developments.
Turkish real estate has become easier to purchase as property prices have effectively dropped as low as 50 percent in the suburbs of Istanbul; and as low as 20 percent for a sea view Bosphorus flat in Beyoğlu. 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 investment in Turkey is bursting with choice, as an investor has a choice of location, investment approach, target market and undeniably an unsurpassed diversity of property advantages.
The last preparation year was 2002 when a new law came out, and foreign nationals were allowed to purchase real estate in Turkey in their own name. Well be prepared. The year to get ready for the next big property boom is 2009. The next set of golden years for Turkey's real estate market will be in 2010, 2011, and 2012, according to an article posted on www.nourgroupturkey.com.
According to a representative of Garanti GYO, interest in Turkey investment property has intensified because the market sector has been averaging 40 percent returns while the rest of Europe floats around 5 percent 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.
Property investing in Istanbul
There are also many opportunities to buy into properties in Turkey for private investors; in Istanbul many construction companies are creating brand new residential communities that are 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 with plans to resell to the growing base of overseas buyers seeking individual properties in Turkey.
Even during the global economic crisis, according to the article, property developers have been raking in high volume property sales from their residential property developments.
Turkish real estate has become easier to purchase as property prices have effectively dropped as low as 50 percent in the suburbs of Istanbul; and as low as 20 percent for a sea view Bosphorus flat in Beyoğlu. 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 investment in Turkey is bursting with choice, as an investor has a choice of location, investment approach, target market and undeniably an unsurpassed diversity of property advantages.