Ranked #1 for city development
prospects 2010 -
PWC Emerging Trends in Real Estate Report
(PRWEB) July 15, 2011
There has been a significant rise of investors buying Istanbul apartments and in light of new published figures, experts have now identified the city as a reliable option for buyers seeking good investment returns.
A 2011 report from PricewaterhouseCoopers (PwC) and The Urban Land Institute named Istanbul first in Europe for new acquisitions and development and the city was also ranked second in Europe under existing property performance.
Alongside these findings, Turkey was placed second in Europe for GDP growth, as it demonstrated a climb from 3% in 2009 to 5.5% in 2011.
A June 2011 report from The Turkish statistics Institute (Turkstat) stated that Turkey's economy grew more rapidly than predicted in the first quarter of this year. The expansion topped market expectations of a 9.6% gain with ease, and has helped Turkey earn its position as the fastest growing economy in the Group of 20 industrialised and emerging nations in 2011.
Another reason behind the rising number of investors buying apartments in Istanbul is the increase in tourism - Istanbul was named European Capital of Culture 2010.
Figures from Turkstat, state that Turkey’s tourism revenue exceeded $25 billion in 2010 and a new report released from The Ministry of Tourism and Culture revealed that tourism in Turkey increased by 14.56% in the first 5 months of 2011.
Istanbul Property Market
The success of Istanbul’s property market is a simple matter of supply and demand. Due to the rapid growth of the city (some 400,000 new inhabitants arrive each year to work or study).
Due to population growth and continuing urbanisation, Turkey currently requires in excess of 500,000 new housing units per annum to satisfy current demand – 250,000 of these identified as required in Istanbul.
Mayfair Residence Launch to UK Investors
Luxury accommodation has proven to be popular with investors looking to buy investment property in Istanbul which has led to the launch of Mayfair Residence to UK and European investors.
Mayfair Residences are a perfect example of luxury apartments for sale in Istanbul. The buy-to-let development offers investors a 2 year protected rental guarantee at 7% per annum and expected yields thereafter rising above 9% before capital growth.
For investors seeking a low risk and hands-free investment, Mayfair Residence offers onsite management services and is situated close to major transport links, employment, beaches and amenities, thus creating a strong local exit strategy and rental market.
Mayfair Residence offers low entry level into one of the fastest growing cities in the world with 70% mortgage finance widely available to EU citizens.
The property experts at Experience International currently have a range of high-yielding apartments in Istanbul. For more information regarding Istanbul property, please email enquires(at)experience-international(dot)co(dot)uk or call +44 (0)20 7321 5858.