Turkish Real Estate News
Property Market Trends and Reviews

The Turkish Daily News has reported city mayor Kadir Topbas speaking in real estate investments and urban regeneration conference said that Istanbul is ideal overseas investors. Mr. Topbas has said that Istanbul is a good option because it presents a range of investment opportunities.

The official data released by the Land Registry Office has revealed that over 1 million properties were sold in 2006 with annual revenue generated by the sales rising 14.7% from 2005 and the sales revenue increased by 30% last year. This proves that Property in Istanbul is most valuable in the country. Today's Zaman reported that The Turkish Highways Directorate has sold land in Istanbul for $800 million which emphasize the lucrative investment opportunity provided by the real estate market in the city.

Foreign Property Buyer has stated that Istanbul is attracting high levels of interest from investors in other countries. Cultural attractions, a good transport infrastructure and Istanbul's accessibility from the UK are cited as possible reasons for its popularity with British investors. The recent PricewaterhouseCoopers/Urban Land Institute survey has revealed that Istanbul offers better real estate development scenario than any other city.

Moreover, the government is diverting significant amount of money with the purpose of restoring and preserving sites of local, cultural and artistic interest so as to make it the European Capital of Culture in 2010.

Labels: Istanbul

Sabri Ateş, chairman of the Istanbul Real Estate Dealers Chamber, said urban transformation projects in Istanbul should start right away and must be completed in next 5 years.

The rehabilitation of the old residential areas; old houses that were constructed illegally and in insalubrious condition would be replaced with fresh ones with the green areas, parking areas and social facilities. The future of the Istanbul will depend on this urban transformation which will make it as a truly cohesive society. The construction sector has direct influence on other sectors .The urban transformation will be focused to balance conservation, utilization for sustained growth and reduce earthquake repercussions.

Mr.Ateş said that the urban transformation project which would positively affect the Turkish economy should be effective immediately for the salvation of Istanbul and to develop a long term plan for maintaining and strengthening of infrastructure. The selection criteria for the urban transformation will be based on technical feasibility, financial viability and environmental prosperity.

Labels: Economy, Infrastructure, Istanbul

Property prices are expected to start a rapid acceleration in Istanbul. Everything is perfect for the investors to invest in this major metropolis.

The Chamber of Istanbul Public Accountants and Financial Advisors (İSMMMO),
Done a research titled "Turkey doubles its Value," states that investment in land became good investment vehicles for investors as it yields are more than that of gold. The study notes that gold prices witnessed more than three-and-a-half times rise, and inflation three-fold. Meanwhile, the price of residential spaces has increased 7 to 20-fold post 2001 economic crisis. The study showed that the construction sector is forging ahead, the rental costs of office spaces have also surged upward and a massive 120 percent increase in the last three years.

Istanbul's Pendik Velibaba, Bağcılar and Başakşehir districts offer cheapest housing YTL 1,000 per square meter .property investors can buy a home in Istanbul for between YTL 80,000 and YTL 90,000 ($68,400-77,000) and those were being sold for between YTL 7,000 and YTL 10,000 ($6,000-8,500) in 2001-2002 .Istanbul Real Estate ranks the highest in terms of total returns mainly due to expected capital appreciation on property in Istanbul. Prestigious new builds have become quite popular in the last few years. The cost of residences were 100,000 ($86,000) three years ago, and now priced more than YTL 300,000 ($257,000).The luxury comes at a price as One square meter of the lofts apartments can go for $10,000 today.

Prices of office premises has soared up as more number of foreign businesses are establishing bases in Istanbul and all professionals and workers who in turn require respectable accommodation to buy and let. This demand fuels the investment and excitement among investors, inflating rental yields and pushing up residential and office property prices.

Labels: Istanbul, Office-space, Property-prices

Istanbul is the most promising city in terms of real estate growth, according to the report conducted by 400 European real estate specialists. The results of the report regarding the Turkish real estate sector include that Istanbul ranks among the top cities and is the most promising city in terms of growth. Another result is that investments from Europe are flowing toward eastern and central Europe, and Turkey is among the countries watched by investors. Istanbul stood at No. 11 in the report's risk/yield ranking, climbing up eight places in 2007.

Urban transformation projects are expected to be the most active area of Istanbul's real estate sector this year, said the report.

Labels: Istanbul, Market-Trends