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Istanbul

Thriving city

Increasing numbers of people are looking to the expanding city of Istanbul for their Investment Property in Turkey. Turkey’s capital city is gaining a name for itself as a trendy international nightspot, and is attracting an increasingly cosmopolitan crowd. The government is keen to promote the city for investment, and a major urban regeneration project is high on its agenda. The city of nearly 15 million inhabitants is currently enjoying a growing economy and a strong demand for commercial and residential properties. Increasing numbers of foreigners are now buying in the city with a view to living there whilst working in Istanbul, or letting it out to other workers in the city.

Local demand

In addition to the discerning investors looking to the happening capital city for their Turkish property purchase, there is a growing local demand for property. Demand for residential accommodation amongst the Turks is rising rapidly due to the migration of workers from smaller towns and a new young, highly educated and professional set now looking to purchase their own properties - a staggering 67% of the population in Istanbul is under the age of 30. These affluent young buyers plan to make the most of new legislation that is being passed to make Turkish mortgages available and buy before prices shoot upwards, when mortgages become more commonplace.

Property deficit

A housing crisis has been predicted as construction in the city will not be able to keep up with the rising demand from both Turkish and foreign purchasers. The demand for new accommodation in the city is driven not just by the property deficit, but also the state of a large proportion of the existing housing in the city, much of which would not meet modern standards for living or for safety. Professional workers will be looking for a high standard of modern, conveniently located accommodation, either to rent or to buy, and property investors can take advantage of this.

Foreign investment

The level of foreign investment in Istanbul is on the up, with financial institutions such as Morgan Stanley, UBS, Deutsche Bank and Credit Suisse actively researching Istanbul’s potential in the commercial sector. Dubai Holding has already committed $5 billion to the development of various commercial property projects in Istanbul. Increased commercial investment in Istanbul is pushing up demand for property, and investment potential is therefore riding high.

Related items

Documents and Reports

	Turkey property investment report (551Kb)
	Turkey country guide (999Kb)
	Turkey property buying guide (871Kb)
Documents and Reports

Other related pages

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