Grass is always greener on the other side, and sometimes it really is when it comes to new apartments in Istanbul. Number of people seeking investment opportunities outside of their country of origin has tripled in the past 15 years. European nationals in particular are looking to Turkish real estate in search of rewarding returns. Smart investors from all over the globe are rushing in to Istanbul.
The acquisition of a Turkish holiday home can become important for many people, individuals and families alike, as it provides a beautiful respite as well as a prospective investment which can later be used to provide rental income or be sold when the market grows and the home is worth more money. It is particularly valuable to examine Istanbul real estate market, as apartments can be found there at lower prices than homes and villas and these provide a great introduction to the Turkish real estate market. Plus, who wouldn’t enjoy a holiday in Turkey’s vibrant, historical city? Read on for more information about apartments in Istanbul, the Turkish real estate market, and particular developments that you should follow if you’d like to be introduced to property for sale in Istanbul.
Although Turkey’s economy is growing at a rapid pace, inflation has been dropping in response to the use of cash as primary payment in transactions. Part of this inflation business has to do with the fact that, although Turkey has very close ties to the EU, the country does not use the Euro as its main form of currency. This means that Turkey is relatively immune to the pitfalls of a depressed economy, and construction business as usual is continuing and more projects are being developed. However, keep in mind that now is a prime time to buy; when the recession hit several years ago, real estate prices in Turkey fell as much as 30% and they are still on the slow climb back up to their pre-recession costs. This is essentially a guarantee that what you buy now will only increase in value later on as housing values rise with the trajectory of an improved economy.
The added stability in the country, which is in part fostering an emergent middle class, means that you can purchase property and apartments in Istanbul with little worry about them losing their value. In fact, the Turkish economic system is currently so strong that, in Istanbul alone, there is increasing demand for over 250,000 new dwelling units to be built per year. This demand is difficult to meet, but Turkish builders are rapidly creating new housing projects and retrofitting older buildings to develop more appealing Istanbul real estate for buyers. This is a big draw to potential buyers of Istanbul apartments, as there is an increasing selection of property available that has access of all of the city’s cultural bonuses, climate, and activities.
Apartments for sale in Istanbul have the possibility of creating the ideal investment experience for you: imaging buying property in Istanbul without having to worry about taking care of the surrounding outdoor property (a big benefit of owning an apartment over a villa), having your own pied-a-terre holiday home to visit whenever you like, and then being able to sell your apartment in several years (wait five years to avoid paying Capital Gains taxes) and recoup your investment or purchase an even better home with the money you earned!
It can be useful to examine particular areas and buildings when looking at apartments in Istanbul, just to gain a general idea of where the market is headed and to see how well the city is modernizing in an effort to satisfy demand. The Bahcesehir district is a prime area for purchasing new luxury apartments in Istanbul. It is a 20-minute drive to the Ataturk Airport, which serves the international community and also provides domestic flights as well. This area is an upscale community with a larger number of European and Middle Eastern expatriates, as well as some universities, factors that only add to the upmarket value and appeal of Bahcesehir. In addition, this district has access to beaches and nightlife as well, so you are sure to find activities and even friends of your same nationality. It is worth a look into the Bahcesehir neighborhood when seeking apartments for sale in Istanbul.