Why Istanbul Real Estate?
Why Istanbul Real Estate Is Unique ?!
- Istanbul real estate is number one city in Europe for capital growth.
- One of the world’s youngest and most exciting cities
- High capital growth forecasted in excess of 10-15% per annum.
- Current population is estimated at 15 million, increasing by app. 250.000 a year.
- Turkish government forecasts the need for Istanbul real estate is 2.5 million new homes by 015.
- Anticipated 500,000 new buyers annually for both residential and commercial property.
- Over 60% of its population is under the age of 30.
- High rental yield with returns above 6%-10%, long term local tenants.
- 8 million tourists in 2009.
- Istanbul’s strategic location leads many global companies including Coca Cola, Microsoft, Sony Ericsson to establish their regional headquarters in the city to manage markets in the surrounding region.
Why Istanbul Real Estate--> Mega Projects Of Istanbul
- Giving the dynamism to the economy as well as real estate sector.
- Canal Istanbul
- Two new cities
- The 3rd Bosphorus Bridge
- The 3rd Airport
- Istanbul Financial Center
- A Strong Candidate for 2020 Olympic
- Istanbul poised to be a giant tourism city
Available lands in prime locations are becoming increasingly scarce in Istanbul, which is causing the property prices to increase rapidly. This coupled with the recent change in Turkish legislation whereby former reciprocal restrictions have been lifted and now practically all nationalities are permitted to buy in Turkey resulted in high demand for Istanbul properties.
The Turkish government has set a goal of $5 billion in foreign real estate investments in 2012. This potential for Turkish real estate sector’s growth has attracted the attention of foreign investors to buy Istanbul real estate. Recent legislative reforms have made investing in the real estate in Turkey easier and more profitable. Amendments to the Land Registry Law, the Mortgage Law, and the redrafting of tax laws are designed to improve the competitiveness of the Turkish real estate sector.there are some reasons for Why Istanbul Real Estate
Different surveys and publications such as the “Emerging Trends in Real Estate Europe”, prepared jointly by PricewaterhouseCoopers (PWC) and the Urban Land Institute, show how global and local interest in the Turkish real estate sector has increased. According to the 2011 publication of the report, Istanbul properties are ranked as the most attractive investment market in Europe for both new acquisitions and development, and the second most attractive market for existing investments, following Munich. Meanwhile, Turkish real estate ranks as the 3rd most attractive real estate investment destination among the emerging countries in 2012, according to a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE).
PWC-ULI’s emerging Trends in Real Estate Europe of 2013 report shows that Istanbul was ranked first for the previous two years and rated on top again in 2013 for “development prospects.
The Turkish housing deficit is well-documented with the Central Bank of the Republic of Turkey stating a requirement for 5.5 million additional homes in Turkey by 2015, of which 50% are needed in Istanbul in order to address the chronic shortage of Istanbul properties.”The population of Turkey is growing faster than in any other country in Europe, and will soar to 83 million by 2023, up from 72.5 million today.
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