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.

New multi-million pound developments in Larnaca spell good news for the future of Cyprus’s tourism industry

by Charlotte Ashton Cyprus

The announcement that Larnaca is set to embark on new multi-million pound development plans spells good news for the future of Cyprus’s tourism industry. 15 projects are planned to take place over the next five years including a 900 berth marina, renovation of the Piale Pashia coastal road, a pedestrian walkway between the popular tourist areas of Pyla and Voroklini, international standard 18 hole golf course, sports complex, open air amphitheatre and an environmental centre at the Salt Lake.

The Cypriot Tourism Board (comprising various interested organisations including the Chamber of Commerce and Cyprus Hotels Association) which announced the plans stated,

“Although Larnaca has always offered plenty to both its residents and visitors, this is being further enhanced with a host of changes the town has recently undergone and will undergo. Big investments such as the new international airport and the creation of three town squares – amongst others – have been a welcome addition, but Larnaca has even bigger plans. Thanks to these changes, Larnaca’s future has never looked brighter.”

These exciting new plans combined with rising tourist numbers (Cyprus saw a 43% increase in arrivals in April 2011 compared to the previous year according to the government statistical service) further support the forecast that Aphrodite’s island paradise may well be on the road to recovery.

Alexander Tomlinson, Director of Cyprus property experts, Gem Invest, comments,

“We are delighted to see that tourism levels are on the rise in Cyprus as more people flock to explore the kaleidoscopic blends of Western European and Middle Eastern cultures and to, of course, soak up some of the 340 days of sunshine!

“Undeniably Cyprus has been affected by the global economic downturn however things are turning around with increasing tourism sparking the property market back into life, especially in an around the popular town of Larnaca.”

Located on the southern coast of Cyprus, Larnaca is the third largest city and home to the island’s largest airport with direct flights to the UK. Already an established tourist destination, Larnaca has an established second home market with residents from all over Europe and indeed the world. Nearby Pyla, a quaint and historical village inhabited by both its original Greek and Turkish Cypriots, in particular is receiving interest from property buyers.

Offering a host of beaches, hotels, bars and restaurants and being only 10 minutes from the airport, new golf course at Terssefanou and Larnaca town centre, Pyla presents the ideal second home location. Developments such as the luxurious Aqua Residence are extremely popular with 1 bedroom apartments starting from €172,941 and a rental guarantee of 5.05% for two years.

As Tomlinson explains,

“Our new unique contemporary and stylish development – Aqua Residence – is sure to be extremely popular with increasing numbers of tourists wanting a mixture of tradition and contemporary luxury. Aqua Residence will certainly set new standards in property development and combined with the many appeals of Cyprus itself such as its British based legal, accountancy and banking system, low 5% tax regime for foreign residents, 10% Corporation Tax and promises of increased visitor numbers, potential investors will be wanting to claim a piece of the pie and reap the rewards.”

For more information about buying in Cyprus or indeed Aqua Residence please contact Gem Invest on +44 (0) 203 287 7440 or visit www.geminvest.net.

Location Focus: Introducing 2011’s property hotspot, the “Garden City” of Bahcesehir

by Charlotte Ashton United Kingdom

Turkey is currently the hottest destination for travel and property, the 16th largest economy in the world which welcomes 30 million tourists per year and rising according to ABTA. The economic powerhouse of Istanbul is the destination in Turkey ranking as 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. And Bahcesehir is the hot new destination in Istanbul for property investment with a growing university, high demand from the middle classes for quality property and impressive transport links to the central business district.

Just 20 kilometers from the centre of Istanbul lays Bahcesehir, the ‘Garden City’, a booming middle class suburb. Not only is Bahcesehir close to the cultural and financial hub of Turkey but it is also only a 20 minute drive from Ataturk International Airport reachable via the TEM motorway. Location-wise it really is a prime destination for property development and foreign investment. But what else does Bahcesehir have to offer the eager buy-to-let investor?
Alexander Tomlinson, Istanbul property investment expert, Director of agency GEM Invest, and no stranger to the region having lived in Istanbul for several years, comments,
“One of the key features of the area from an investor’s point of view is the growing university. Gurhan Kara, the Director, informs me that there are currently 11,000 students studying there. A large majority of these students will require quality accommodation driving rental demand in the vicinity. GEM Invest are currently offering 1 or 2 bedroom apartments in a modern new development – Belgravia Residence – only minutes from the new campus under development at the university.”
Tomlinson continues,
“Beyond the student rental market, Bahcesehir is a desirable location for the growing middle classes of Istanbul. Statistics show that the income here is 6 times the national average in Turkey and buyers today are also the first generation to be offered mortgages, although housing loans currently only constitute 5% of consumer debt in Turkey. The region ticks all the boxes for the upwardly mobile and affluent families moving into the area and out of the congested CBD. Bahcesehir has a developing infrastructure of schools and amenities; there are a number of shopping malls such as Akbati shopping centre, Akkoza mall and Prestige mall. Soon the new Bluewater shopping centre will open which has been leased by the Dutch retailers Corio. The largest shopping mall in Europe called Marmara will also open soon which is only a 10 minute drive away.”
Bahcesehir certainly lives up to its name of the ‘Garden City’. Development was initially planned around a central park with surrounding residential properties but what Bahcesehir ended up with was far more impressive. The suburb boasts the largest manmade lake in Turkey, stretching over 300,000 metres. The lake is surrounded by parklands with restaurants, a tea house, sports facilities, running track, horse riding, equestrian club, golf clubs and its own amphitheatre. It is also home to the Aqua Dolphin Waterpark, the largest in Istanbul and a mecca for families, but if it’s the real thing you are after then Buyukcekemece beach is only a 5 minute drive away.
You might think that purchasing in this sought-after location comes at a price but this is not the case. Apartments at the Belgravia Residence start from only £48,000 with the bonus of a 7% rental guarantee for 2 years. Bahcesehir is a hotspot for expected capital growth offering investors another critical dimension to their purchase.
For more information contact GEM Invest on +44 (0) 203 287 7440 or visit www.geminvest.net.
— ENDS —
On the market:
Belgravia Residence
 
The ideal buy-to-let opportunity, 1 or 2 bedroom apartments in modern new developments are affordable from £48,000 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 or bank charges to consider.
Contact GEM Invest today on +44 (0) 203 287 7440 or visit www.geminvest.net for more information.

Emerging market specialist property agency, Gem Invest, appoints AB Property Marketing

by Charlotte Ashton United Kingdom ,

Established international property PR & Marketing agency, AB Property Marketing Ltd, is delighted to announce that it has been appointed by emerging market specialist agency, Gem Invest.

With offices in London and Cyprus, Gem Invest utilises years of experience to presents clients with the very best investment opportunities with the minimum of risk. Focusing on emerging markets led by domestic demand for rentals and resales, Gem Invest offers investment opportunities in Turkey (primarily the economic powerhouse of Istanbul), Cyprus, France, Romania, Hungary and the UK.

Alexander Tomlinson, Director of Gem Invest, comments,

“Gem Invest was created with the specific aim of sourcing affordable and secure overseas investment property for clients who wanted to be in a position to make an informed decision. We undertake extensive research into each overseas properties investment we market and unless the deal ticks all our boxes we will not present it to our Clients, most importantly we also look at the exit strategy.”

Having over 6 years experience in promoting property in emerging markets such as Turkey, Romania and Hungary as well as more established destinations including France, Cyprus and the UK, AB Property Marketing will assist Gem Invest with their Marketing strategy as well as lead generation and brand profile through Public Relations.

Commenting on the appointment, AB Property Marketing Director, Charlotte Ashton, enthuses,

“We are delighted to have been appointed by Gem Invest to represent them in the UK and Ireland. Gem Invest offer so much more than standard overseas investment agencies with research, due diligence and client care at the heart of their business. We are very much looking forward to helping them set a new benchmark for quality in this industry.”

What can Gem Invest offer the media?

  • Timely, newsworthy press information on emerging markets including Turkey, Cyprus, France, Hungary, Romania and the UK
  • Expert market comment and opinion from Director Alexander Tomlinson
  • Detailed product information
  • High resolution imagery
  • Interviews
  • B2B comment for trade press

For more information about Gem Invest and all media enquiries please contact Charlotte at AB Property Marketing on + 44 (0) 0845 054 7524 / +44 (0) 7968 779663 or email c.ashton@abpropertymarketing.co.uk.

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.