Istanbul, which is to be the European Capital of Culture in 2010, is currently a property hotspot for international buyers, according to a media outlet.

According to Today's Zaman, many foreign property buyers in Turkey want to "wake up to views of the Bosporus and live in a city half as old as time", as well as making a good investment. Istanbul offers a number of attractive inducements for overseas property buyers, including a strong tourist trade that is driving rental demand. There are many bargain properties available in the city now due to the various global economic problems have triggered a downturn in the housing market. This means that overseas property buyers could find now a good time to snap up a residence which may previously have been unaffordable.

The city has seen a "massive boom" in its economic prosperity following the currency collapse in 2001. Hotproperty.co.uk cited a recent report by PricewaterhouseCoopers and the Urban Land Institute and reported that investors in the region have seen a 42 per cent growth on their properties since February 2007. Despite the falling prices now, ready financing available for would-be property buyers and bargain properties has increased its attractiveness to buyers. However, The Times has adviced buyers to choose their areas carefully in the huge city. The publication added that Beyoglu and Galata will attract those looking for "an exotic, lively city bolt-hole" and villas on the banks of the Bosphorus would be suitable For those with a substantial amount to invest.

This comes after Australian newspaper the Sunday Times described wide range of attractions and "vibrant" culture has made it very popular with leisure travellers.

Labels: Istanbul, Life-style

The Turkish city of Istanbul is one of the best places to invest in property in spite of high prices, it has been reported.

Described as being on its way to becoming "one of the most important cultural centers in Europe", Istanbul is Turkey's largest city and is the only metropolis in the world which is situated on two continents. Ozgul Ozkan Yavuz, director of events and organisations for Istanbul 2010, has said that the European Capital of Culture status will be valuable in creating more interest in property in the city much like Liverpool and London. He added that Istanbul can offer something for everyone from luxury and glamour parts to cheaper properties.

Foreign Property Buyer highlighted the Turkish city offered a number of attributes to tourists and property investors, such as culture and a good transport infrastructure. Istanbul's accessibility from the UK and other European countries was cited as another factor in its favor, as it is serviced by many low-cost airlines.

This comes after the news that city mayor Kadir Topbas said the city is ideal for foreign buyers and authorities are working to eliminate bureaucratic hindrances to the property-buying process in order to make purchases quicker and simpler.

Labels: Istanbul, Property-buyers

The Turkish city of Istanbul has been name as one of the property hotspots for international buyers to invest in property, according to Istanbul2010.

Ozgul Ozkan Yavuz, director of events and organisations for Istanbul 2010 has said that the title will significantly raise its international profile particularly among property investors, tourists and also international artists. The European Capital of Culture status gives cities the chance to present the attractiveness, cultural diversity and characteristics of its history for one year.

Culture and tourism minister Ertugrul Gunay revealed that the plans to preserve and restore many historic locations were already underway. He also added that the number of international arrivals in the country has increased to13.29 per cent since last year. The region of Antalya came first as 34 per cent of visitors visited the city, with Istanbul coming in second place with 25 per cent.

Amberlamb commented: Istanbul's culture, good infrastructure and easy accessibility make it a "prime location" for overseas investors and it supports many investment approaches.

Labels: Istanbul

People who are thinking of buying a foreign property have been advised that investing in Turkey could be highly profitable and Istanbul will host Turkey's first international property and architecture exhibition next month, in a move to further increase demand for property in Turkey.

ArkiPARC 2008, organised by Arkitera Architecture will be held at the Harbiye Istanbul on October 15-17. The event is supported by the Istanbul 2010 European Cultural Capital Agency, the Independent Architectural Platform and the Urban Land Institute.

The exhibition for the first time features The European Public Real Estate Association, USA based Portman Holdings and some of the world's leading architects including Nigel Dancey of London based Foster & Partners in Turkey. The property exhibition is considered to place Turkey firmly on the international property map. According to new reports, foreign investment in Turkey has grown significantly over the past five years. Already ten billion dollars (£5.5 billion) has been invested in the country since 2003 and the exhibition is expected to boost further influx of foreign investments.

One of the highlights of the exhibition will be the ArkiPARC Awards' Award Ceremony and there will be awards in three categories - real estate, architecture and construction. The main objective of the exhibition is to assess the gains of the property investments to the city, the purchasers and the investors.

Labels: Exhibition, Investment-property, Istanbul

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