(PRWEB UK) 28 November 2012
Colordarcy highlights the grim news released by Knight Frank this month which paints a less than positive picture for the immediate future. The prospect of a seven-year wait for prices to reach even 2007 levels will deter many from investing in the UK and considering alternatives like Istanbul instead.
One example is famous singer, Jennifer Lopez, who once called herself ‘Jenny from the block’ and she might soon be ‘Jenny from the Istanbul block’ if she decides to go ahead and invest in an iconic new property development in Istanbul overlooking the Bosphorus.
Loxley McKenzie, Managing Director of Colordarcy said, “While the media are saying it is because she has ‘fallen in love with the city’, it is also likely that she wants a piece of the action in one of the world’s fastest growing property markets. If the decision is at least partly based on investment potential, the R&B singer will not be waiting long for a return on her investment.”
Colordarcy analysts say that if she had opted for most major cities in the rest of Europe, like the UK for example, she might be waiting another five years before growth resumes. So like any canny property investor, Lopez knows a thing or two about making money (she did sing a song once about how she used to have a little now she has a lot).
Clever property investors who have already bought property in Turkey this year will also have made lot from very little if they had invested in Istanbul as prices have risen more than 14% year-on-year in cities like Istanbul (Source: Reidin).
According to media reports the pop star is looking at the Metropol Istanbul, a 700,000 cubic metre development which includes a 250-metre tower which promises to be one of the highest in Europe.
Colordarcy adds that this latest iconic development is likely to add more fuel the immediate micro-market within the financial district of Istanbul. The bustling centre is the engine room for growth and as demand for property continues to outpace supply, the ripple effect is spreading further out across the city.
The potential of Istanbul certainly hasn’t gone unnoticed, even in Lopez’s home country. This month the Wall Street Journal reported that land and house prices in a north western Istanbul, which is close to the site of a planned third airport, are climbing sharply.
The airport is expected to be built in the districts of Eyup and Arnavutkoy according to the Hurriyet Daily News.
Data from real estate analysts Reidin shows that the price per square-metre of property in Eyup has now reached 1,567 Turkish Liras, which represents a 16% year-on-year increase in property prices. This was modest compared to Arnavutkoy where the average house price per square meter has increased 21.27% to 1,015 Turkish Liras since last year.
So as property in Europe continues to be bogged down by the quicksand of low economic growth and rising unemployment, it is worth considering that Istanbul property don’t cost a thing if you are in a position to take advantage of high rental yields and strong capital growth while waiting patiently for recovery in Western Europe.
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.
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