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