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Turkey Demonstrates Great Returns

Istanbul is attracting attention as one of the best property investment opportunities in Europe because of its combination of low risk and high growth. Investors have seen an astounding 42% growth since February, 2007 and for investors who entered the market 3 years ago, the return has risen to 85% on both residential and commercial properties.

Traditionally a crossroads where east meets west, Istanbul is a thriving metropolis of 15 million people. An ancient and compact city almost totally surrounded by water, its inhabitants live in an area better suited for a population half the size. This is the main reason for the excellent returns: property is at a premium and supply lags far behind demand. Wealthy middle class residents are leaving the city for new, upmarket suburbs that are being constructed. The government is aiding this migration by improving the transportation infrastructure and links from these areas to the capital. Istanbul has also been chosen the European City of Culture 2010 - something that is bringing millions of euros in investment and improvements in the tourism infrastructure.

James Gonzalez, Market Analyst at Obelisk , sees Istanbul as the perfect location for some investors. "Demand for newer, spacious properties so outstrips the supply that the returns on investment have been astounding. This trend will only continue as Turkey becomes even closer to the European Union. Rental yields are excellent and new mortgage rules are also attractive to investors."

Not surprisingly, Istanbul was named as Europe's top performing hotspot for overall growth and for its capital returns in 2007 by Price Waterhouse Coopers. This was based upon criteria such as population growth, the availability of finance and the relationship between supply and demand.

Turkey has had 22 quarters of uninterrupted growth due to the influx of foreign direct investment (FDI). FDI topped US$20 billion in 2006 and almost doubled in 2007. Much of this investment has come in the form of property and in 2008, it is estimated that the overall growth of that market will be above 20%.

 

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