Brits still tempted by Turkey accounting for 22% of all property purchases by foreigners

by Charlotte Ashton Turkey

According to official data by the Land Registry Directorate’s Foreigner Affairs Unit, foreigners from a staggering 89 countries across the world have purchased approximately 111,200 estates across Turkey with some 35,249 Brits owning 24,848 properties, putting the UK on a pedestal as one of the most popular buyers of Turkish property followed by Germany and Greece who have also succumbed to the nation’s hypnotic charm.

Further research suggests that foreigners have bought real estate in 76 of Turkey’s 81 provinces with a total of 12,190 properties in the economic powerhouse of Istanbul being owned by foreign nationals.

Meanwhile, in response to buyer demand and according to recent figures from the ReidIn Turkey Residential Property Price Index, the cost of buying property in Turkey is rising steadily with sale prices having increased by 0.83% across the country with a 1.05% rise in Istanbul alone in July this year.

The research also indicates that buyers are searching for new build properties which have been growing in popularity amongst overseas and second home owners showing a 1.2% increase in new build buyers from June to July, 7.29% higher than the same period last year. There are also vast rental opportunities at large across the country seeing rental prices increase by 0.36%.

Ray Withers, Director of Turkish property investment experts, Property Frontiers, comments,

“Turkey is fast becoming an exceptionally popular property choice. At present it is an anchor of stability with a booming economy that is hoped to reach around $2 trillion by 2023, and with the predicted 2.9 million housing units required over the next four years to accommodate the ever growing population, we at Property Frontiers have recognised the flourishing potential of Turkey as a lucrative property investment hub.

“In particular, Istanbul, the pulse of the nation and the western suburbs located around Ataturk International airport such as Beylikduzu, one of the fastest growing areas, presents not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe, making the city even more attractive to potential buy to let investors especially given the increase in rental prices highlighted by the data.”

As a perfect opportunity to capitalise on the positive growth and ever growing popularity of the nation, Property Frontiers has a stunning new key ready development affording 1 and 2 bedroom luxurious modern apartments located in the heart of Beylikduzu.

Available £20,000 below comparable projects in the area, the spacious apartments of Kensington Residence will present tremendously good value for money with an investment of only £16,500 required for a 1 bedroom and £29,000 for a 2 bedroom apartment.

In addition 70% LTV finance is available while investors can enjoy an immediate and guaranteed rental income at 7% for 2 years.

For more information about investing in this European investment thoroughbred please contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit www.propertyfrontiers.com.
 

NEW VIDEO PR | Introducing Istanbul – Europe’s Premier Buy to Let City

by Charlotte Ashton Turkey

Labelled “Eurasia’s rising tiger” by the Wall Street Journal (July 2011), Turkey has accelerated beyond the belief of many, surpassing the strength of China to become the fastest growing economy in the world with reports of 11% GDP growth in Q1 2011 according to the Turkish Statistical Institute, Turkstat.

 

To find out more click the below image to WATCH VIDEO…

 

 

A plain text version of this press information is also available by contacting Charlotte Ashton on +44 (0) 207 952 7227 or c.ashton@abpropertymarketing.co.uk.

City of the World’s Desire: 30.1% increase in tourist revenue makes Istanbul the fastest growing tourist destination in the world

by Charlotte Ashton Turkey

Undoubtedly one of the world´s greatest cities, Istanbul has seen a 30.1% increase in tourist revenue, generating an estimated $10.2 billion in 2011, surpassing New York and Amsterdam in terms of the number of visitors according to a city index developed by MasterCard Worldwide.

Estimates from the city index suggest that Istanbul will receive a predicted 9.4 million visitors in 2011 proving more attractive than traditionally popular global cities such as Rome, Milan and New York.

Dubbed ‘one of the hippest cities in the world’, it seems visitors are undoubtedly attracted to this impressive accolade. With a rich cultural background, abundance of amenities and rising economic wealth, Istanbul is propelling Turkey forward with the country’s economy growing by 11% in the first quarter of 2011 according to figures published by the Turkish Statistical Institute, Turkstat.

As a whole, Turkey’s income per capita has almost doubled since 2002 and as a result, has generated a boom in consumer spending, seeing a rise in the shopping mall culture, proliferating across the country almost as much as in the US as well as trendy restaurants, bars and clubs lining the streets becoming even more prevalent than the widespread Ottoman mosques.

Indeed, with more money to play with, consumers, in particular the middles classes have begun to travel a great deal more aided by the growth of national flag carrier, Turkish Airlines. However one of the biggest emergences to have come out of rising consumer wealth has been the increased demand for property with more people buying new homes.

Rising demand led to Turkey’s construction sector displaying an impressive 17.1% growth in 2010 over the previous year. This sector has been driving economic growth in the economy over the past few years, seeing improved technology utilised and stronger financial structures helping construction companies to deliver property projects at a faster rate.

Back in May this year, PricewaterhouseCoopers Emerging Trends in European Real Estate report which surveyed worldwide investors found that Istanbul is currently considered along with Munich, to be the best city in Europe for investment opportunities in the areas of new developments and acquisitions, and second best for opportunities to increase returns on existing investments.

Ray Withers, Director of property investment experts, Property Frontiers, comments,

“The Turkish property industry is receiving considerable interest from foreign investors seeking to purchase property in popular cities like Istanbul due to the ongoing growth in the economy and rising tourist numbers, pushing up demand for property and generating vast opportunities in the already thriving rental market.

“Istanbul, considered to be the dominant powerhouse in Turkey is fast becoming a popular destination for Europe’s glitterati as well as a thriving business hub with new residential developments emerging in up and coming areas  on the desirable European side of Istanbul such as Bahcesehir and Beylikduzu as well as the city centre. Modern Istanbul properties offer exceptional facilities and a cheaper price tag than the rest of Europe, making the city even more attractive to potential buy to let investors.”

Confirming the strength of demand, statistics from leading overseas property search portal The Move Channel show that at least 1 in 5 Turkey property searches are for Istanbul.  Of these enquires, around 60% are for properties priced between £0 – £100,000 while 35% enquiries are priced between £100 – £200,000.

For more information about exciting new buy to let investment opportunities available in Istanbul contact the experts Property Frontiers today on +44 (0) 1865 202 700 or visit www.propertyfrontiers.com.

British investors capitalise on acute shortage of rental properties in Istanbul as migration rates double

by Charlotte Ashton Turkey

Istanbul’s property market shows no sign of faltering in 2011 as the city’s population continues to soar with the rate of migration more than doubling during 2009-10 according to latest official figures.
Over 102,000 migrants made Turkey’s largest city their home during 2009-10, accounting for 7.7% of Istanbul’s total population compared to 39,500 during 2008-9 reports the Turkish Address-Based Population Registration System (ADNKS).

Alexander Tomlinson, Director of Istanbul property specialists, Gem Invest and long-term resident of the city, comments,

“Istanbul always has held a magnetic draw. Many migrants from the less developed regions of Turkey, often the east and south, relocate to Istanbul for economic factors. Due to its strategic location at the crossroads of Europe and Asia the city has become the economic workhorse of Turkey and people are understandably keen to try and claim their share of this prosperity.”

With a population of nearly 17 million people and still growing, demands placed on the city both in terms of the labour market, transportation and infrastructure, service provision and indeed accommodation are significant. The central business district and financial heart of the city is densely populated with land and property prices amongst the highest in Istanbul driving developers to select alterative locations in which to meet the acute shortage of housing.

And it is to Istanbul’s peripheries and outer suburbs that new housing is being developed and indeed where many Istanbulities, both migrants and natives, are and will reside in the future. The combination of more space, lower land prices and an improving transportation infrastructure has meant that districts, particularly on the desirable European side such as Beylikduzu, are seeing their populations swell.

As Tomlinson comments,

“Both private developers and local authorities have recognised the impact of the near doubling of Istanbul’s positive net migration rates. Various mega-projects have been put forward as possible solutions to needs of the ever growing population but all parties appear to agree that it is to the suburbs of Istanbul that the future lies.”

Districts such as Beylikduzu are already seeing improvements in transportation links; the new Metro link will be completed by early 2012 enabling quicker and easier access to the city centre. Due to its location, wide variety of facilities and future prospects there is a high demand for accommodation in Beylikduzu from young professionals and university students. The rental market in this district moves very quickly with western style, modern residences such as those at Richmond House especially sought after creating a superb opportunity for buy-to-let investors.

Properties in Beylikduzu, whilst seeing up to 30% price growth from off-plan to completion, remain affordable with elegant apartments at Richmond House starting from £50,000 with a 2 year rental guarantee at 7.5% p.a.

Located in the heart of Beylikduzu, just 150m from the new Metro bus line, Richmond House offers boutique modern living. The 1 and 2 bedroom apartments are spacious with luxurious interior features as well as first class on-site facilities such as a fitness centre, cinema and cafe/roof terrace.

As of June 30th 2011 prices at Richmond House will increase by 15% so for more information on how you can capitalise on the acute shortage of rental properties in Istanbul and indeed Richmond House, contact Gem Invest today on +44 (0) 203 287 7440 or visit www.geminvest.net.

Istanbul ranked Number 1 City in Europe for New Property Acquisitions & Development in 2011 by PwC & Urban Land Institute

by Charlotte Ashton Turkey

Investors looking to purchasing property in Europe this year could be well advised to choose Istanbul, the number 1 city for new property acquisitions and developments according to the latest Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute.

For the second year running, Istanbul, Turkey’s largest city and home to one fifth of the ever expanding population, has topped the charts being ranked the number 1 city for development prospects according to the experts at PwC last year and more recently the best place to buy property in Europe according to a survey of some 600 real estate professionals.

Alexander Tomlinson, Istanbul property investment expert and Director of agency Gem Invest, comments,

“Istanbul remains one of the few locations in Europe, if not the world, with real property investment potential. The population of the city continues to grow year on year yet despite increased levels of construction there still remains a serious shortage of quality accommodation, some 250,000 units per annum.”

With a population of nearly 18 million people and a burgeoning middle class, demand for new build highly quality Western style housing continues to grow. The European side of the city remains the most sought after with suburbs such as Bahcesehir, just 20km to the west of the financial centre, becoming increasingly popular.

Tomlinson explains,

“Land prices in Istanbul’s dense CBD have risen so much so in recent years that developers are looking to the suburbs, especially those on the desirable European side, to construct affordable housing stock. Equally, many Istanbulites especially those with families, are attracted to areas such as Bahcesehir as they offer  green spaces as well as shopping malls, leisure activities and schools all within easy reach of the city centre.”

And it is apartments in areas such as Bahcesehir that are the most attractive from an international investment perspective. The ideal buy-to-let opportunity, studio, 1 or 2 bedroom apartments in modern new developments such as Belgravia Residence are affordable from £29,000 with investors able to enjoy both the strong capital growth expected as well as a 7% rental guarantee for 2 years. In addition 70% finance is available and as all purchases are in Sterling, there are no currency fluctuations to consider.

Just released to the market the modern luxury Belgravia Residence apartments are already receiving significant investor interest so to find out more contact Gem Invest today on +44 (0) 203 287 7440 or visit www.geminvest.net.

Turkey’s Exceptional Economic Performance Will Continue to Attract International Property Investors in 2011

by Charlotte Ashton Turkey

 

2010 has been a defining year for Turkey with the nation firmly establishing its presence on the global stage, boasting record tourism numbers and a booming real estate sector. But it is the exceptional economic performance of the land where east meets west that will continue to attract international property investors in 2011 according to experts.
As Steven Worboys, MD of the Turkish property experts at Experience International explains,  
“International real estate still remains one of the most popular investments available but many buyers have been stung in the past and are now more cautious, seeking out markets with secure economic fundamentals and developments with realistic returns. Turkey’s economic performance over the past 12 months speaks for itself with over 8% GDP growth expected for 2010 according the latest OECD report and remaining above 5% in 2011 and 2012.”
Praise for side-stepping some of the worst effects of the global recession has been laid at the door of Turkey’s banking system which was recently upgraded by international credit ratings agency Moody’s. In addition Fitch Ratings has raised its outlook on Turkey from “stable” to “positive” affirming them as “BB plus” further boosting investor confidence.
The Istanbul Stock Exchange (ISE), which currently ranks 6th most profitable in the world gaining 4.5% value in the first ten months of 2010 according to the World Federation of Exchanges, lists 19 property developers with a combined value of some 5.5 billion liras and it is the significant growth in this sector which is contributing to overall economic growth.
Turkish real estate has gone from strength to strength in 2010 with the construction sector posting an impressive 21.9% growth for Q2 2010. Both domestic and international demand for quality accommodation in cities such as Istanbul as well as along the Aegean and Mediterranean coasts seems to be insatiable with over 32,000 Britons already own property in Turkey according to the Turkish General Directorate of Land Registry.
Proposed new policy from the Ministry of Public Works and Housing to ease regulations on foreign nationals purchasing land in Turkey, predicted to come into force as early as 2011, could further boost the market, opening it up to increased levels of lucrative Middle East investment.
The economy is also set to receive a boost from tourism revenue with US$ 22.5 billion expected in 2010 rising to US$ 23.8 billion in 2011 according to the program of State Planning Organization (DPT).
As Steven Worboys comments,
“Turkey is now a serious global economic contender; with its robust V-shaped economy the nation bounced back quickly from recession and now is capitalising on its key fundamentals, enjoying a period of growth and prosperity.”

For more information about investing in Turkey, especially the economic powerhouse of Istanbul where off-plan property developments such as the superb Crystal Heights are seeing capital gains of up to 20% per annum and guaranteed rental yields of 7%, then contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

Istanbul’s western suburbs set for take-off as Turkey’s largest airport given the green light

by Charlotte Ashton Turkey

The western suburbs of Istanbul are set for take-off with plans for the largest airport in Turkey given the green light by Istanbul’s Mayor, Kadir Topbas.

The Silivri district, located on the European side of the city, will be the location of Istanbul’s third airport which will have capacity several times greater than the existing Istanbul Ataturk Airport nearby.
Ataturk International is currently the main gateway to Istanbul, European Capital of Culture 2010, with nearly 30 million arrivals in 2009 and a 13% increase seen in the first four months of 2010. On the Asian side, the new Istanbul Sabiha Gökçen airport, home to many of the budget airlines serving Istanbul including easyJet, has seen phenomenal growth in recent years rising from a mere 50,000 passengers in 2001 to more than 5 million in the first half of 2010 and over 11 million expected by the end of the year.
As Steven Worboys, MD of Turkish property experts, Experience International, comments,
“Turkey’s tourism levels as a whole in 2010 have been impressive with a 12% increase in UK visitors recorded in the first nine months taking the total number of international visitors to 23 million so far this year according to the Turkish Ministry of Culture and Tourism. Istanbul has welcomed a large proportion of these visitors placing increased pressure on existing transportation systems and accommodation.”
In response to this demand, some 2,270 hotel rooms are planned to be built in Istanbul by western brands including Crowne Plaza, Hilton, Radisson Blu and Shangri-La according to hotel market analysis STR Global. In addition a number of buy-to-let residential developments are under construction, especially in the western districts such as Büyükçekmece which borders Silivri, home to the new airport. 
A new phase has just been released at Crystal Heights with 1 and 2 bedroom luxury apartments in the booming western suburbs available from £68,000 with a 2 year 7% protected rental guarantee and 70% finance available (subject to status).
For more information about the new airport planned at Silivri and investing in Istanbul then contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk.

The mood is positive for Turkey’s economic outlook

by Charlotte Ashton Turkey

The past week has seen a dynamic shift in the balance of economic power within Europe with credit rating agency Moody’s downgrading Spain whilst lifting non EU member, Turkey’s sovereign rating.

Moody’s downgraded Spanish debt by one level to Aa1 meaning that the traditional powerhouse has lost its coveted triple-A credit rating. The downgrade was triggered over concerns of “considerable deterioration” in the nation’s public finance as well as slow recovery of the economy and follows similar action by Fitch and Standard & Poor’s earlier this year.
In contrast the Turkish economy continues to go from strength to strength with the OECD naming Turkey the strongest member of the international organisation in 2010. It is due to this impressive double digit growth and economic stability that Turkey is expected to be upgraded from current Baa2 to investment grade imminently.
Steven Worboys, MD of Turkish property investment experts, Experience International, comments,
“Turkey’s economy really has bucked the global trend being the only country whose credit ratings have been upgraded twice during the recent economic downturn. With talk of a further upgrade by Standard & Poor’s and Moody’s lifting the sovereign outlook this is surely a positive indicator for future investment in Turkey.”
Latest data from Turkstat (Turkish Statistical Authority) reports double digit growth of 10.3% for Q2 2010 compared to the same period last year, ranking Turkey not only the fastest growing economy amongst G20 countries but also the 3rd fastest in the world.
The booming city of Istanbul, strategically straddling Europe and Asia and recently named Europe’s Leading Destination by the prestigious World Travel Awards 2010, has been credited as the “engine for the consumer-led recovery” experienced in Turkey. Home to in excess of 12 million people and earmarked to become an international financial centre to rival Dubai or even London, Istanbul is the investment hotspot of 2010 with the construction sector in particular witnessing rapid growth.
As Worboys observes,
“Istanbul currently presents a rare window of opportunity; a situation where massive demand for housing is not being met by supply, resulting in prices rapidly rising and rental yields higher than much of Europe.”
One residential development where rental income is guaranteed at 7.5% for 2 years is West N Towers. Located in the burgeoning European suburb of Beylikdüzü, West N Towers epitomises modern city living with 1 and 2 bedroom apartments with lake, garden or city views and a wide range of first-class amenities on site. Apartments can be purchased from £50,750 although 70% finance is available for EU buyers.

For more information about investing in Turkey, the 3rd fastest growing economy in the world then contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk.

Real Estate in Istanbul’s Western Suburbs Boosted by New Metrobus Connection

by Charlotte Ashton Turkey

Real estate in the already burgeoning suburb of Beylikdüzü on the western side of Istanbul is set to receive a further boost with the announcement of a new Metrobus connection to the city centre.

Due to open in 2011, the Metrobus line will operate between Söğütlüçeşme, a neighbourhood on the Asian side, and Beylikdüzü, transporting over 1 million commuters each day according to the city’s Mayor, boosting real estate demand and in turn prices due to the increased accessibility. 
Istanbul Metropolitan Municipality has set a budget of TL 100 million (£50 million) for completion of the fourth phase of the Metrobus project with the line having 10 new stops, underground stations and the terminal at Beylikdüzü located in a large square which will becoming a focus of the district in its own right.
Steven Worboys, MD of Istanbul property experts, Experience International, comments,
“We are delighted to hear that the plans for the new Metrobus line are now in action. Work is to commence in the next few months and within 1 year it will now be even easier for the rapidly growing population of Beylikdüzü, currently at 186,000, to commute into the city centre.”
Beylikdüzü is already one of the fastest growing suburbs of Istanbul with the population expected to reach 1 million in the next 5 years. Located within the Büyükçekmece county, Beylikdüzü is popular with middle-income Istanbullians who are keen to benefit from living in a well serviced environment away from the overcrowded CBD.
The nearby seaside resort, only a 10 minute drive away, is one of the most popular day and weekend break locations for the local population and it is close to the two major motorway routes into central Istanbul. Ataturk International Airport is 20 minutes away and the new Silivri International Airport will be only a 10 minute drive. Beylikduzu will also be home to the world’s largest car showroom, Autopia Europia, complete with rooftop test drive track. In addition to the new Metrobus line, the metro train system is also due to be completed by 2011 with a number of stations in the Beylikdüzü area.
In response to sustained local demand, development of residential real estate is very much underway in Beylikdüzü with high quality projects such as the Istanbul apartments of No1 Knightsbridge currently under construction.
As Steven Worboys observes,
“The western suburbs of Istanbul have become a hotspot for new residential developments. Property prices have been steadily increasing in Beylikdüzü and the news of the increased accessibility combined with the availability of finance has allowed ever more investors to capitalise on this rare of opportunity for significant capital gain as well as rental income.”
The 1, 2 and 3 bedroom Istanbul apartments of No1 Knightsbridge are available with an initial investment of only £23,250 with a 2 year 7.5% rental guarantee in place and 70% LTV finance available for EU buyers. Only a few sea view apartments remain so for more information please contact Experience International on + 44 (0) 207 321 5858 or visit www.exprience-international.com.

Istanbul Records Over 27% Increase in Levels of Foreign Direct Investment

by Charlotte Ashton Turkey

Turkey continues to buck global trends with GDP growth rates of 12% recorded for Q1 2010, domestic banks increasing the availability of credit by up to 30% and now levels of foreign direct investment in Istanbul are up by 27% according to the Istanbul Chamber of Commerce (ITO).

Turkey’s second city and economic powerhouse, Istanbul, has become a honey pot for international investors with the number of foreign investors planning to establish businesses or expand their operations in Istanbul up by over 6% in the first half of 2010 (compared to the second half of 2009). The ITO released data also revealed a 27.16% increase in the total value of these investments for the same period.  

Steven Worboys, MD of the UK based Istanbul property investment experts, Experience International, comments,

“Istanbul has proved one of our most successful property investment opportunities of 2010. We have clients from not only the UK but Ireland, Scandinavia, South Africa, Australia, and the UAE capitalising on Istanbul’s significant housing shortage and investing in the domestic property market.”

In the first half of 2010 over 1,400 foreign investors established companies within Istanbul with the total value of capital investments made in this period up by a remarkable 44.68% compared to the last half of 2009.

As Worboys remarks,
“International investor confidence in Turkey and more specifically Istanbul remains high. Being located outside the troubled euro zone is of great appeal and Turkey appears to have side-stepped the negative effects from neighbouring Greece.”
GDP forecasts for the remainder of 2010 currently sit at a healthy 6-7% and with additional support for candidacy from the British Prime Minister, David Cameron, on his recent visit, accession to the European Union looks ever more likely for Turkey.
For those considering investing in Istanbul then one particular real estate opportunity should not be missed. No1 Knightsbridge comprises 1, 2 and 3 bedroom luxury apartments located in the burgeoning suburb of Beylikduzu, on the European side of the city. Currently Istanbul has a housing shortage of some 250,000 units per annum and so rental demand is high. Only 20% of units are available to overseas buyers and can be purchased from as little as £23,250 with 70% finance available for EU members.
For more information please contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.co.uk.