Tag: property in Istanbul

  • Buy a home in Istanbul for real Turkish delight

    Buy a home in Istanbul for real Turkish delight

    Istanbul has glamour and views straight out of a Bond film, but there’s a home for every budget.

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    Picture perfect: even in the city, the scenery of Istanbul’s seven hills is simply breathtaking; even more so when you can see it for £30,000  Photo: Funkyfood London – Paul Williams

    By Clive Aslet7:00AM BST 02 Apr 20133 Comments

    James Bond leaps over the pantiled roofs of the old city in Istanbul in the opening scenes of Skyfall, against the dazzling backdrop of the Bosporus and Golden Horn. He has been here before, most memorably in From Russia With Love, released in 1963. But he might well be astounded by the changes that have overtaken the ancient capital of Byzantium and the Ottoman Empire in the past 50 years. In that time Istanbul has mushroomed from a city of one million inhabitants to a sprawling colossus of 13.5 million. Nobody could call the urbanism that greets the visitor a miracle of well-ordered planning, but not all comparisons are to the bad: trees have grown up over the hills that, when Sean Connery was Bond, looked bald. As for glamorous living space, an international, pleasure-seeking man of mystery would now feel completely at home.

    The top foreign nation buying property here is Russia, but in second place comes Britain. This year, Erdogˇan Bayraktar, Minister for Environment and Urban Planning, expects that the total number of real estate sales will double. While most foreigners look on the coast, a report by PwC (PricewaterhouseCoopers) and the Urban Land Institute last year identified Istanbul as having the most attractive property investment market in Europe. In contrast to the stagnant economies of the Eurozone and Britain, Turkey is romping ahead. Recently, the country reformed its property laws, making it possible for foreigners to buy double the amount of land in Turkey than was previously allowed.

    “Istanbul is a big place,” says Julian Walker of Spot Blue, an agent specialising in Turkey. “We offer anything from luxury houses at $15 million to studio flats for $60,000.” In the past 20 years, apartment buildings have mushroomed west, towards Ataturk International Airport and beyond, the more distant properties being “a bit cheap and cheerful”. But the city is safer than others of its size, and in contrast to Britain, the Eurozone and America, it is practically fizzing with energy.

    The British author and photographer Emma Levine, who has travelled the world, first came to Istanbul in 1989 and “fell in love with it straight away”. In 2001, a friend told her that he was buying a flat there, and she “assumed he’d won the lottery”. The price, however, was just £7,000. Admittedly, the Tarlabasi neighbourhood is “rough around the edges”, and the flat needed work, but Emma decided that she would follow his example. She paid £13,000 for a “fantastic” two-bedroom flat at the top of a six-storey building in Tepebasi. “The location is superb – opposite the Pera Palace Hotel, on a vibrant residential street with restaurants and small hotels. It’s just a mile from Taksim Square.” A big draw was a “huge” roof terrace and balcony. The value of property in the area has gone up by 10 times.

    The rocketing property market reflects Turkey’s economic success. Competition between entrepreneurs has driven prices for the best homes to dizzying heights. The latest apartments are built to superb specifications and, for the first time, are stamped with the kudos of international brand names. Your car can be parked, your flat cleaned, your shopping done, your dinners cooked, your parties served, your decor provided, all by the hotel group Kempinski (which owns the most glamorous hotel in the city) and the international design company Armani/Casa.

    via Buy a home in Istanbul for real Turkish delight – Telegraph.

  • Confused About What’s Happening With Istanbul Property? Here’s What To Expect In 2013 Say Colordarcy

    Confused About What’s Happening With Istanbul Property? Here’s What To Expect In 2013 Say Colordarcy

    Property investment company Colordarcy highlight the latest research from Gyoder, which shows that once again property prices were on the rise Istanbul in 2012.

    One of the key drivers for the boom was the Turkish government’s decision to open up the market for foreigners in 2012 by changing the rules on reciprocity which enabled people from more countries to invest.

    (PRWEB UK) 27 February 2013

    gI_80779_EdenHowever, there have also been some significant changes to the rules on tax and foreign investment in the past 12 months which may have an impact on prices in 2013 according to the firm according to Colordarcy.

    Median property prices in Istanbul have risen from $771.30 sqm to $942.6 sqm according to Gyoder research highlighted by Colordarcy.

    Loxley McKenzie Managing Director of Colordarcy commented, “One of the key drivers for the boom was the Turkish government’s decision to open up the market for foreigners in 2012 by changing the rules on reciprocity which enabled people from more countries to invest.”

    Colordarcy are keen to point out that prices kept on climbing despite a GDP slowdown in 2012 (Source: Turkstat) which put the brakes on the rapid economy growth of 2011. Even so, GDP still grew by more than 3% according to the latest forecasts.

    So what can investors expect to see happening in the Istanbul property market in 2013?

    One of the biggest factors this year will be the new 18% tax rate on properties of less than 150 sqm. The Turkish government has now decided to up the rate of tax on smaller properties. The sizes most investors are interested in.

    A report by Gyoder says that construction has slowed due to uncertainty about VAT or KDV as it is called in Turkey. If it does apply to the majority of properties in places where land values are high, there is a good chance that it will have a big impact.

    Prices could increase by 18% as a result of this alone and the resulting slowdown in construction can only be a good thing for investors nervous about oversupply.

    However, according to Istanbul property experts at Colordarcy, it may not be as simple as saying the tax increase will be on all properties less than 150 sqm. It is more likely to affect new developments in the centre of the city where competition for land has driven up prices.

    Even then, it may not apply to central locations where there is a regeneration project. This explains the slowdown in construction as developers take a step back.

    The short-term affect of the tax increase is one thing, looking at the longer term in Istanbul, local affordability is likely to improve to a level where a typical family living in Istanbul will be able to afford the mortgage payments on properties.

    This will be the tipping point where it becomes more attractive for local buyers to invest in affordable properties rather than rent. This point is yet to be reached in Istanbul, which is why rental yields are still among the best investors will find anywhere in Europe according to analysts at Colordarcy.

    There are, however, signs of a steady upward trend in affordability. As Istanbul’s population increases and this is a certainty, consider that the population of the city has risen from three million to 15 million in the last 40 years, then we will inevitably see demand for property naturally increase to satisfy the youthful population.

    Turkey’s Fitch rating improved to an investable grade in 2012 and this could end up making finance to buy property cheaper. The annual growth rate in housing loans increased by 11% in Turkey 2012 and even a modest lowering of interest rates could mean that typical families are able to buy rather than rent in some less expensive areas of Istanbul.

    It is not a case of if but when incomes rise high enough in Turkey as the economy continues to grow.

    Colordarcy forecast that there will be changes happening in the Istanbul property market in 2013. Key-ready apartments are likely to attract more attention from investors than buying off-plan as most investors hope to avoid the hike in tax passed on by developers.

    Either way, there is nothing to suggest that the breaks are on or that investors won’t be seeing more of the same combination of high capital growth and strong rental yields in Istanbul again this year.

    Notes to the editor:

    Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.

    For more information, supporting pictures or logo artwork, please contact:

    Brett Tudor

    PR Manager

    Tel: +44 (0) 207 100 2393

    Email: press(at)colordarcy(dot)com

    Web:

    via Confused About What’s Happening With Istanbul Property? Here’s What To Expect In 2013 Say Colordarcy.

  • Istanbul to become center of attention for Africans

    Istanbul to become center of attention for Africans

    Chairman of Property Investors’ Association of Arab Countries and Turkic States, Abdullah Ciftci, has stated that wealthy Africans would start to prefer Istanbul to invest in real estate.

    -abdullah-cifti

    Stating that Turkey drew attention from Africa and the Arab world following Turkish Prime Minister Recep Tayyip Erdogan’s visits to these countries, Ciftci said, “Together with reciprocity, the Arabs took action to buy real estate in Turkey. However, not only Arabs’, but also African citizens’ purchasing of real estate from Turkey is to increase.”

    “Turkish PM Erdogan’s initiatives and visits in different Arab countries led way to Turks and Arabs remembering their historical ties and Arabs headed towards Turkey. Similarly, Africa with 55 countries and over one billion in population, has a sympathy towards Turkey,” said Ciftci.

    Ciftci also said that the wealthy Africans and businessmen who used to buy real estate in metropolitan cities of the world such as London, Paris and New York, are to prefer Istanbul in politically and economically re-shaping world.

    via Istanbul to become center of attention for Africans | Economy | World Bulletin.

  • Emaar secures $500m funding for Istanbul project

    Emaar secures $500m funding for Istanbul project

    Emaar Square TurkeyEmaar Properties has announced that it has agreed a $500m deal with a consortium of banks to fund development of its Emaar Square project in Istanbul.

    The mixed-use development – Emaar’s second project in Turkey- will contain the biggest shopping mall in Turkey, a 180-room, five-star hotel, offices, leisure space amd more than 1,000 luxury homes.

    The consortium of banks that have agreed to provide the $500m (AED: 1.84bn) in funding include Standard Chartered Bank, Emirates NBD and HSBC. The funding will be repaid in seven years.

    Emaar Properties’ chairman Mohamed Alabbar said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai.

    via Emaar secures $500m funding for Istanbul project | ConstructionWeekOnline.com.

  • Vastned acquires high street shop in Istanbul

    Vastned acquires high street shop in Istanbul

    Vastned acquires high street shop in Istanbul

    Vastned has acquired a 2,000 sqm high street shop on Istasyon Caddesi in Bakirkoy, Istanbul. The vendor of the property is a Turkish company.

    The property, with a total lettable area of 2,000 sqm is located on Istasyon Caddesi 27, which is at the heart of the high street area in Bakırköy in Istanbul. Bakırköy is located on the European side and is an important commercial and residential district. It is a 250 m long pedestrian street with continuous high footfall during weekdays and weekends. The lease with Turkish fashion retailer LC Waikiki has a remaining duration of 13 years. The company has its roots in France and has been active since 1997, presently in 11 countries through 370 stores.

    via Vastned acquires high street shop in Istanbul.

  • NY tops Brits’ holiday destination list as Istanbul surges

    NY tops Brits’ holiday destination list as Istanbul surges

    New York is the most enquired-about holiday destination among British buyers while Istanbul continues to see a demand surgeaccording to holiday home website holidaylettings.co.uk.

    39594 NewYorkBB 757389 LThe Holiday Lettings Index has revealed the most popular holiday destinations for British tourists revealed that the most enquired about cities are New York who has an average 185 enquires per property, London who has 115, Amsterdam 101, Istanbul 84 and Rio de Janeiro 81 per year.

    Holiday Lettings said that investment into new projects in Istanbul and upcoming events in Rio de Janeiro is pushing demand.

    “Turkey’s capital Istanbul is now in the top five of most in demand cities, with half of all holidaymakers to the country now visiting the city in response to increased efforts by Turkish authorities to provide events, attractions and activities,” the company said.

    “There’s a real buzz around the Brazilian city of Rio de Janeiro with the 2014 World Cup and the 2016 Olympics coming up, and that’s reflected in a huge rise in enquiry numbers from holidaymakers.”

    via NY tops Brits’ holiday destination list as Istanbul surges.