Istanbul Becoming More Appealing to Overseas Investors
Many people from overseas are now showing an interest in the Istanbul real estate market, with the most recent figures highlighting that sales that took place in February had tripled in comparison to the same time a year ago.
A dip in the January of 2014, was a result of political uncertainty and seasonal fluctuation of buyer activity, but this has now been replaced with the belief that Istanbul is the place to purchase for those overseas investors. Investors have taken time to understand that properties for sale in Turkey are easy to invest in, especially in comparison with how it was in the past. The country is now starting to reap the rewards of putting the focus on getting foreign investment.
The process has been made more attractive and more simplified as red tape has been removed to help encourage investment from overseas. With Turkeys plans to become one of the most economically stable and strong countries in the world, the foreign investment will help them to realize this ambition.
The growth of Istanbulâ€™s property market has helped the economy to produce results that are better than many of the other countries in the Eurozone. There is an increase in employment and a strengthening of the Lira which was encouraged by the Central Bankâ€™s decision to increase interest rates. This April, the dollar dropped against the Turkish Lira for the first time since December 2013, this shows that the increase in the interest rate has helped to make the currency more stable.
Istanbul saw prices rise by 20% which has helped propel turkey into the top five fastest growing property markets globally. This has resulted in the Turkish economy being more stable than many European countries and the economic growth and drop in unemployment has helped to bolster the strength of the property market.
The economy in Turkey missed out on being upgraded by the worldâ€™s credit agencies, but the fact is that it is still doing far better than the likes of Italy, Spain or France. Turkeyâ€™s debt to GDP is currently sitting at 33%, this figure coupled with the current account deficit becoming smaller means that the economy is looking better than it did in the previous year.
Turkey is known for going above and beyond when it comes to its expectations of the economy, and it was predicted that Turkey was heading towards a growth of 3.8% in 2013, but this was improved upon by 0.2% with the economy growing to 4%.
Istanbul is now the number one destination when it comes to investors looking for somewhere to invest that has excellent capital growth that is backed by a strong market that has excellent rental potential. Renting properties in Istanbul can be improved by looking for apartments that are already furnished in places such as Beylikduzu where there has been high capital growth and an ever increasing need for property. This means that investors are likely to see the prices increase by double figures in as quickly as 12 months.