PWC points to Istanbul - Emerging Real Estate

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 PWC points to Istanbul

The accountancy firm PWC has announced that a recent survey of over 600 real estate professionals shows that Istanbul is the hot destination right now for buying or developing property, with the country’s economic growth in sharp contrast to most of Europe.

When respondents were asked where they would most like to buy property, Istanbul emerged top amongst 27 other European cities, up from 5^th position last year. Turkey’s largest city also came top for best development prospects and was only beaten by Munich for best returns from current properties.

Turkey’s economy grew to an annual rate of 5.5% in the third quarter of 2010 while record-low interest rates did their bit by increasing consumer spending along with investment. An economy this buoyant excites investors due to the possibility of rising rents and property values while the rest of Europe looks to reduce spending and lower debt. "Istanbul is one of the few markets where investors remain confident in the city rather than in their own ability to buck the general trend through superior real estate investment skills" PwC said.

One of the main draws for Istanbul is the increasing popularity of the city as a major tourist destination and the fact that the city was European culture city of the year in 2010 will only increase the tourist numbers. The country's tourism and hospitality sector is earmarked to generate $123 billion by 2019. Interestingly, medical tourism (already popular in places such as Thailand) is expected to grow by 16% in the next three years.

Domestically speaking, Istanbul has one of the fastest growing populations in Turkey as more people move into the city for work, ensuring there is a high demand for rental properties so investing in Istanbul apartments guarantees a higher than average return. Along with greater migration to Istanbul there is also an increase in the number of students enrolling at one of the cities two main universities.

Here at Emerging Real Estate, we are delighted to have secured great apartments intended for University students including ten studio apartments at £25,700 and five 1 bedroom apartments at £51,300. Both of these options are fully furnished with a guaranteed rental return of 6% PA for two years for studios and 7% PA for two years for the 1 bedroom apartments. Currently under construction and due for completion in December 2012 this prestigious development is situated in Esenyurt, just 5 minutes from Bahcesehir, and just 15 mins from Ataturk airport and the rest of the city. 

If you would like any further information on these properties or the other options we have in Turkey, then please do not hesitate to get in touch.