Istanbul Property Investment – Top Choice?
Turkey investment property is still right at the top of investors’ wish lists in 2010 as up-to-date data from the Real Estate Investing Partners Association (GYODER) reveals a 6 percent growth in the sector in Q4 2009.
Despite concerns over the impact of the economic downturn during 2009, 186,992 construction licences were granted in Q4 2009, an increase of 111% on the previous quarter and building permits enjoyed an 11.86% increase in 2009.
Steven Worboys the MD of Experience International comments,
“Such encouraging good growth figures only boosts buyers confidence in the Turkey investment property market which is enjoying a remarkable boom in 2010. Much of the property sold over the last 12 months has been off-plan and it is good to see that building permits are being issued and global economic concerns have not stalled construction.”
One development currently under construction is the luxury Crystal Heights development situated in Turkey’s 2nd city and economic powerhouse, Istanbul. Early stage investors are already experiencing up to 37 percent capital appreciation and will also enjoy the 7% rental guarantee for 2 years once the development is completed in 2011.
One key factor helping the 6% increase in the Turkey real estate and notably the Istanbul property sector is the availability of mortgages. Property buyers, both domestic and foreign nationals have access to banks willing to lend with mortgage interest rates as low as 4.8% (subject to status) making the already low and discounted property prices even more affordable.
Steven Worboys continues,
“The availability of finance has been a real barrier for many emerging markets in the past and it is encouraging to see that Turkey has recognised the importance of the need for mortgages for both foreign nationals and domestic buyers alike in driving the real estate market forward.”
For additional information about Turkey’s booming real estate market and how to invest, talk to the experts at Experience International on + 44 (0) 207 321 5858 or visit experience-international.com.
Filed Under: Business News • Economic News • Investment News • News • property investment • Property news
