(PRWEB UK) 28 January 2013
Commenting on the news Loxley McKenzie, managing Director of Colordarcy said, “The long awaited official announcement of the new airport will bring a further boost to the Istanbul property market.
There is still a lot of negative sentiment around when it comes to property investment abroad. People look at countries like Spain and Greece and believe there will be several more years of price falls and little to no capital growth before things finally pick up again.
However when it comes to Turkey, the time to invest has already arrived and this week’s announcement is very likely to see property prices on the European side of Istanbul rise faster than a jet plane at take-off”
The good news for property investors interested in Turkey’s largest city is that the long promised tender process for a third airport in Istanbul is now officially underway and the city can now look forward to the boost it will get from having the world’s largest airport.
Why does having a new airport matter?
In the UK the announcement of a new airport is usually greeted by hoards of demonstrators and complaints about noise. In cities like Istanbul, it means improved accessibility, more tourists and then more competition for property in the best locations within easy reach of the airport terminals according to analysts at Colordarcy.
Even in the UK the effects of airports on local property prices are clear, if the recent expansion of Southend airport is anything to go by. Prices in the seaside town rose by nearly 15% in 2012 even as the UK was gripped by recession.
Colordarcy highlights that ambitions for Istanbul stretch far beyond regional expansion. Prime Minister Recep Tayyip Erdogan wants to turn Istanbul into an International transportation hub and he means it.
The new airport will bring major competition for the established leaders in Europe including London Heathrow, Madrid and Charles de Gaulle. Istanbul’s existing airport already saw 44.9 million people pass through in 2012 a jump of 20% on the year before and not too far behind Heathrow’s 69.9 million.
If Istanbul’s airport reaches completion within the next four years – and an Olympic bid may just speed things up a little – Istanbul will have the potential to rival Paris as a tourist hotspot. Expect property prices to rise fast to reflect this say Colordarcy.
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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