Istanbul becomes boom town for property developers

11/06/2011

 

Istanbul becomes boom town for property developers
The property market in Istanbul is continuing to grow as the population of the city keeps expanding. New data released by Turkeys Address Based Population Registration System (ADNKS) shows that the actual rate of migration more than doubled over 2009 and 2010 with around 102,000 people relocating to the city. This unprecedented level of migration means unprecedented levels of development – making Istanbul a huge attraction for buy to let investors.
Many of these new residents to Istanbul are arriving from less-developed parts of the country, usually looking for work in and around the city. The diversity and sheer number of jobs available appeals to the general population looking for work but with a population already hovering around 17 million, the strain on the city is large and significant. Unsurprisingly, there is an acute shortage of homes within the city – particularly in the financial and business centres of the city where prices of properties are extremely high compared to the rest of the country.
As a result, property developers have started to look elsewhere for suitable locations where slightly more affordable housing can be built. Substantial and significant transportation links are being put in which will increase the pulling power of some of Istanbul’s suburbs.
With a new metro link due for completion in early 2012, this will enable quick and easy access into the city centre from Beylikduzu. This area is located on the desirable European side of Istanbul. The property here is still affordable for investors and is in high demand from University students and young professionals. Western style developments are being built as we speak offering yields of around 7% for investments. Studio apartments are being sold at £25,700 and 1 bedroom apartments at £51,300.
To find out more about the properties we are offering in Istanbul – please do not hesitate to get in touch with us. 

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