So many UK buyers now look beyond the British Isles to try and either find that perfect home away from home, or in order to make an investment in a second holiday home. In the past, many countries such as France, Italy, America and Australia came to mind. But today, more and more people are interested in finding property in Turkey – particularly, property for sale in Istanbul.
So what is it about Istanbul that makes it such a property investment hotspot? Well, a big part of this trend is to do with urban regeneration. Over the past decade, the city’s governance – led by current Istanbul mayor Kadir Topbaş – has been keen to expand the city and turn it into a true modern metropolis. This led to a number of modern construction developments that attracted foreign investors and created a boom in property prices. As of today, Istanbul property investment is actually considered low risk thanks to the high growth that the city has continued to experience. Between 2011 and 2016, property values rose in value by an astonishing 42%. With rents rising, many people now investing are doing so with the intention of renting out their new property. Many areas of the city have, in particular, been a major part of this growth over the past five years – such as Sarɪyer (80% investment growth), Kadıköy (96%) and Beşiktaş (76%). This looks set to continue. Kadıköy and the nearby Ataşehir district are soon to be home to a housing development that will include approximately 18,000 luxury skyscraper condos that will house about 80,000 people on higher incomes. With this development bringing in even more money and high earners, this will elevate the property for sale in Istanbul around these areas too.
But you don’t need to look to the current collection of prosperous areas around Istanbul to find a great investment. There are also other areas of the city that are ripe for investment – especially those that are just a little further outside the city centre area. Gaziosmanpaşa, for example, is a prime example. Previously a working class area where much of the housing was built illegally, today it is becoming rapidly populated by young, middle-class professionals thanks to continued urban regeneration. A large part of its appeal is due to it being located very closely to the sea; and most new build apartments actually offer a sea view. Gaziosmanpaşa property prices in 2011 were sitting at about £60,000; today, that average is above £90,000. With the price rise set to continue, this is the best time to make a property investment in Istanbul areas that aren’t as popular as the known investment hotspots. Any Istanbul real estate is going to see growth – regardless of whether that property is located on the European or Asian sides of the Bosphorus Strait.
So if you are interested in finding property for sale in Istanbul, then you should most certainly look for apartments that are in areas where good property value growth has been observed. Thankfully, since the city is continuing to rapidly expand, that shouldn’t be very hard with the right estate agent!