Turkish Property is still evolving and residential properties in Turkey are seen as affordable and attractive with significant investment in 2014 and that growth in sales of Turkish property is envisioned to keep onin 2015
The Turkish Market seems set to progress in 2015
International real estate investors keep a close eye on a country's wider fiscal position, not just the state of its real estate market, especially in what are still confused financial times for much of the world. This healthy and ever-increasing level of vacation is sure to bolster property sales in Turkey. This news is especially remarkable given that Spain has only just escaped a bailout, unlike its neighbours Portugal which succumbed, so decisions to invest internationally don't come lightly. As House Sales Turkey previously reported, the Russian overseas property magazine International Residence carried out a review at Moscows leading property show in March of this year. Given that The Turkish Ministry of Culture and Tourism has predicted as many as 1 million more Russian tourists will visit Turkey this year (when over 3 million Russian tourists travelled to Turkey last year), it could be that Russian purchasers will bolster real estate in Turkey for some time. While the fees of property in Turkey have slowed in the past few years (just like in the rest of Europe), the market is still cheerful, in part due to issues such as Turkeys strong tourism.
Both districts have healthy sources of demand for rentals, including university campuses. Having a waterfront, means Belikduzu also offers a water taxi service. 115,786 houses changed hands in September. The Turkish property market has cooled down a little from the torrid pace over the last decade. According to the Turkish Statistical Institute (TurkStat), a total of 1,774 houses were sold to foreigners in August, displaying a significant contrast to the 890 homes sold last year. The canal will connect the Black Sea and the Sea of Marmara, transforming the land along its route and attracting more Gulf investment to the country. They offer a good selection of off plan and newly built quality apartments, within gated complexes and with communal facilities, priced between $100,000 and $200,000, all of which suits the requirements and budget of typical Gulf investors.
Is 2015 the right time to buy real estate in Turkey land and property in Turkey seems to be at the right time of its cycle
Two up and coming districts on Istanbul's European side have become hot spots for Gulf investors purchasing second homes in 2014, it is claimed. Walker also explained that Belikduzu and Bahcesehir both have excellent transport connections, by bus, train and motorway, with the Istanbul's cultural and business districts, as well as the main Istanbul airport (Ataturk International Airport), making transfers from the Middle East easy. However, a slow-down is now evident although growth continues to be recorded.
http://www.turkishpropertyman.com/wp-content/uploads/2014/12/TurkishPropertyMan-111-150x150.jpg
Residential rental values increased the most in Antalya, the fastest-growing city in Turkey, perennially popular with tourists. Several factors including new value-added tax laws and an anticipated economic cooling in 2014 means reduced domestic sales volume for both new and resale homes through the end of this year. Although the domestic property market still faces challenges and demand remains weak, the climate for foreign investors has improved significantly, with interest focusing mainly on apartments in resort areas. It is widely believed that foreign investors will pick up the slack in the domestic property market as transaction volumes have consistently risen over the last 18 months, showing no loss in investor sentiment for Turkey.
Major infrastructure projects have also underpinned property investment in the country, with more large-scale projects in the pipeline. With fewer restrictions on foreign property purchases, mortgage availability also increased in August after declining for the preceding seven months. Foreign investors in Turkey's property market also received a boost this year, as restrictions on the sale of real estate to foreigners were reduced. Bahcesehir has the Akbati shopping centre, Akkoza mall and Prestige mall. Vatandas said the high cost of land in a dynamic metropolitan areas was responsible for the large price hikes in Istanbul, where more than 14 million people live.
The price index for Istanbul has increased about 8-10 points more within five years compared with the country as a whole. Around 13,611 real estates were sold to foreign buyers in the first nine months of the year, an increase from 12, 181 the year before.
Tuesday, 30 December 2014
Turkish Property Current market invest in 2015
Istanbul East Meets West Turkish Property
via IPC
The post Istanbul East Meets West Turkish Property appeared first on Turkish Property Sales.
from WordPress http://www.turkishpropertyman.com/istanbul-east-meets-west-turkish-property/
via Turkish Property
Don’t be silly in Nisantasi Sisli buy Bomonti Istanbul
In the 20th century Turkish operetta Life Deluxe the librettos sang: “An apartment in Nisantasi, Sisli / If you don’t have one / Then you are no one.” Over a century later, this is still the case, with Sisli property some of the hottest real estate in Istanbul. However, as Istanbul’s popularity has soared, most investors have been priced out of the area – unless your name is Trump, of course.Nonetheless, there is still one corner of Sisli that hasn’t been as affected by rising prices and development as the rest of the city – although it’s only a matter of time before this sole corner joins the rest of Skyscraper City. The Sisli neighbourhood of Bomonti is just a stone’s throw from the exclusive area of Nisantasi and three kilometres from Taksim Square, yet prices are still favourable. This old town built around a historic brewery is on the cusp of mega-development, with a number of high profile names taking advantage of the lower land prices to make their mark on this up-and-coming area.Investors are likening Bomonti to London’s Docklands. Once a wasteland of warehouses and breweries, development has ensured that Docklands property is now some of the most coveted – and most expensive – in Europe. And this is what’s happening in Bomonti, as big names like Rixos, Trump and the IC Residence stake their claim on the area and ensure its status as one of Istanbul’s most promising neighbourhoods.A push by the municipality to improve infrastructure has seen the “7 Tepe, 7 Tunel” (7 Hills, 7 Tunnels) project roll out around the city. The main goal was to reduce traffic by developing tunnel systems in Istanbul’s busiest districts. Bomonti itself is now connected via tunnel to Inonu Stadi, a neighbourhood that sits between Ortakoy and Beyoglu, allowing residents and workers fast and easy access to these central waterfront areas.Of course, the welcome side effect of this initiative has been a positive effect on Bomonti property prices as it becomes better connected to the rest of the city. City workers who want the convenience and the prestige of an inner city residence but don’t want to pay the eye-watering prices of nearby Nisantasi or Taksim are flocking to Bomonti. And infrastructure works are ongoing – ensuring Bomonti’s popularity and real estate prices will continue to rise.Bomonti is also connected to the rest of the city on the metro system, with Osmanbey station just one stop from Taksim Square Station.HISTORYSisli was one of the fastest-growing residential areas of the 20th century, and Bomonti was the district’s industrial heart. The neighbourhood was named after a brewery which was founded in 1890 by the Bomonti Brothers of Switzerland. This brewery was the first modern style factory of its sort in Turkey, and industry grew up around it, causing the area to thrive. Over time, the brewery was extended and a beer garden opened in the 1930s. Sadly, the factory produced its last brew in 1991 and was left vacant afterwards.COMMERCIAL DEVELOPMENTThe Bomonti Brewery is still there today, a poignant reminder of Istanbul’s industrial heyday. However, projects other than yeasty beverages have been brewing in the old beer factory, which, with a 250 million-euro injection from IC Investment, is to be turned into a visitor hub with a hotel, shops, restaurants, a museum and an arts centre.And right next door, a new Hilton Hotel is under construction, providing a huge boost for Bomonti and the wider area.A spokesperson for Hilton said that the hotel chain is aiming to attract a few of Istanbul’s commercial and business travellers, who have risen in number in the past decade as Istanbul becomes a centre for commerce and finance. “Hilton Istanbul Bomonti Hotel & Conference Center is set to be the largest hotel under development in the city by number of rooms and size of meeting space, providing Istanbul with a world-class conference facility which we expect will attract new international conference business to the city,” said Patrick Fitzgibbon of Hilton Worldwide.Other big names attracted to up-and-coming Bomonti include Trump and Rixos. A Trump Towers mall opened last year, the final piece to a complex that already included residential and office units – again, catering to the growing numbers of business travellers.A NEW CENTRE FOR BUSINESSA number of office building projects have also begun in Bomonti as the city gathers a reputation as the regional business centre. Growing companies, seeking headquarters for their business ventures, are looking for alternatives to overcrowded and overpriced Levent and Maslak.Arista, an affiliate of Turkey’s AR Group, has rolled out a project that will see a number of new office blocks built around Istanbul at a cost of more than $1 billion euros. A board member says that Bomonti, “the heart of the city” is first on the list, and $60 million euros has been spent on a 28-floor luxury office block with 85 offices.“UNIQUE CHARM”Turkish property consultant Cameron Deggin said that Bomonti is “reminiscent of a 1950s Istanbul.”“It has old fashioned neighbourhood shops, tradesmen carrying on ancient family businesses, artesans, artists, 100-year-old restaurants and lovely old industrial buildings – it has a unique charm that very few tourists and surprisingly few Istanbul residents have discovered.”Deggin predicts that Bomonti is on the brink of great change. “Nearby Nisantasi is one of the city’s most exclusive areas – everything there from the smallest meze bar to the biggest hotel is luxurious. Looking at Nisantasi offers a glimpse of what Bomonti will be in five years’ time.”Deggin emphasises that affordable property for sale in Istanbul is like hen’s teeth. “Bomonti is undoubtedly the last semi-affordable downtown. But in five years – or maybe even two years’ – time, you can forget it. This is the home of the last of the bargains.”
Read more: Don’t be silly in Nisantasi Sisli buy Bomonti Istanbul
The post Don’t be silly in Nisantasi Sisli buy Bomonti Istanbul appeared first on Turkish Property Sales.
from WordPress http://www.turkishpropertyman.com/%e2%80%8bdont-silly-nisantasi-sisli-buy-bomonti-istanbul/
via Turkish Property