When Turkey emerged with strength and speed from the global downturn, many property investment experts named Turkey property hotspots like Istanbul as reliable options for those looking to make a healthy return on property investments.
The experts were right.
The 2011 Emerging Trends in Real Estate Europe report produced by PricewaterhouseCoopers (PwC) and The Urban Land Institute has named Istanbul first in Europe for new acquisitions and development. The Turkey property hotspot outranked the likes of London, Paris, Munich and Warsaw in the report, and also was positioned second in Europe under Existing property performance.
Turkey property expert Graham Flaherty is not surprised that Istanbul has performed so well in the report. He explains: “For the past 12 months or so Istanbul has been receiving plenty of investor interest, mainly from Europe. In particular, property developments within the Bahcesehir district have been extremely popular as they tend to offer affordable prices and generate good returns.”
Turkey also scored highly in terms of economic growth, which is also key to ensuring that good returns are achieved on a property investment. According to the report Turkey ranks second in Europe for GDP growth, and has demonstrated a climb from 3% in 2009 to 5.5% in 2011, which is further evidence to suggest that this is a country with further economic growth potential.
It would seem that there is also an appetite among investors for luxury accommodation within the thriving Istanbul, with new developments offering features that include high quality interior design, designated parking and en-suite bedrooms, are proving to be popular among investors.
But it is Istanbul’s blend of contemporary chic and cultural tradition that is also making investments in the city such an attractive option at the moment, adds Flaherty.
He says: “Of course, when reports like the latest PwC one come out there is new focus on how well cities in Europe are performing, and the statistics for Istanbul speak for themselves. However, it is also worth bearing in mind that the city’s history, tradition, sight-seeing and nightlife also contribute in making Istanbul the Turkey property hotspot that it is today.”