Istanbul becomes international hotspot as property sales rise

Photo: Aigle_dore

Istanbul is fast establishing itself as a leading international hotspot for investors.

Turkey has long been a favourite among overseas buyers, regularly appearing in the top 10 most popular destinations on TheMoveChannel.com, even during times of political instability. The country was the second fastest growing property market in Q4 2014, with prices rising 16.2 per cent year-on-year, according to Knight Frank's global house price index.

This price growth has helped to attract investors from both near and far. One agent recently reported that they were seeing an influx of British buyers, thanks to the weak lira against the pound.

Now, new figures from the Turkish Statistical Institute confirm the climb in interest: property sales surged 42.7 per cent year-on-year in April 2015 to 119,317. Istanbul led the way, accounting for one in five (19.4 per cent) of house sales, followed by Ankara (14,000 houses sold compared to Istanbul's 23,197).

Istanbul was also number one among foreign buyers, with 584 international sales registered in April 2015, or 31 per cent of all Turkish foreign sales that month.

Optimism is spreading through the country's property industry. The European Commission, in releasing its Spring Economic Forecast this month, predicted that Turkey would register a 0.3 per cent increase in GDP this year, placing it ahead of 24 EU member states.

Turkish tourism is also booming, with tourism revenue up 1.3 per cent in the first three months of 2015 and visitors up 5.5 per cent. Taking half (49.88 per cent) of Turkey's visiting population, Istanbul registers far more visitors than its closest rival of Antalya with 15.89 per cent, according to the Tourism Ministry.

There are a growing number of new developments in the country to meed this demand, with building permits up 24.3 per cent in 2014, according to the Turkish Statistical Institute, despite a fall in housing starts in the first quarter of 2015.

In Istanbul, the Diamond Residence from Universal21 comprises a range of 148 beautifully designed apartments of one and two bedrooms situated in a quiet, relaxed area of Old Beylikdüzü, Istanbul's upmarket neighbourhood.

Adil Yaman, Director of the property agency in based in the south-west of the city, highlights Istanbul's expanding infrastructure and range of new projects as key to the city's charm.

"Combined with a mesmerising feeling of east meeting west, Istanbul has much to offer both the short-term visitor and the longer-term property purchaser," he comments. "There is a really positive, exciting vibe of growth and evolution in the city today, drawing international attentions and increasingly so."

For more information on the Diamond Residence, click here.