Contrary to a common misconception Istanbul is not the capital of Turkey; in reality it is far more than that. Istanbul is the cultural centre of Turkey, which in a country of so many different cultures is really saying a lot. 2010 was Turkey’s turn to host the European capital of culture, but the festivities did not take place in the capital Ankara, but in Istanbul. To all those who know of it, Istanbul is considered one of the great cities of not only Europe but the world. It has history dating back to before Christ, cultures from around the world (Asia, the Middle East and East and Europe) and now all the modern shops, malls and supermarkets you’d expect to find in any modern great city. Istanbul is also within range of many super beaches, and it has two international airports and another currently being built. All this makes Istanbul property very popular with holiday home buyers and investors.
Istanbul property prices are no higher than the rest of Turkey. This, combined with tourism growth gives way to strong potential for good holiday rental yields on buy to let investments, and combined with massive population and economic growth, gives way to potentially strong residential rental yields. There is also a great deal of potential for capital appreciation, again because of the low property prices and potential economic growth. All the signs point to Istanbul growing into one of the world’s great cities, Istanbul property prices can only increase if this growth is realised. It is widely regarded that now is the ideal time to invest in Turkey property as Turkey has started the process of joining the EU, which traditionally makes a huge difference to any property market.
Istanbul is welcoming and warm; it’s the hub of Turkey and is full of excitement and expectations. What more can you say about this wonderfully vibrant and colourful city that hasn’t already been said before? Once known as Constantinople it is still the largest city in Turkey today. It’s difficult to know where to begin, this isn’t only a great city to visit with its fabulous rich history and culture to explore, it offers amazing properties at affordable prices and everyone now wants a piece of the action. Istanbul real estate is not only the hot spot for investors but holiday home buyers too. This exciting city where East meets West lives up to everyone’s expectations of what a city should be about and more surprisingly for some to discover, that holiday home buyers have already clambered to invest and are still doing so. Istanbul is located in north western Turkey within the Marmara region, the total area is 5,343 sq km (2,063 sq mi). The Bosphorus divides the city into what’s commonly referred to as the European and Asian sides and property is highly sought after on both sides of the Bosphorus.
The demand for property has risen rapidly within recent years. Developers are stating they can’t build fast enough, to keep up with the holiday home buyers and investors who are seeking their next purchase to add to their portfolio of properties. Prudent investors are now aware that it’s a great opportunity to invest in Istanbul as it’s much cheaper than other major cities in Europe. Turkey has one of the fastest growing populations in Europe and within that Istanbul has the fastest growing population in Turkey which currently stands at over 15.0 million as recorded in 2017. This also means that rental potential here is vast, giving the property owners a great return on their investment. In 2015 over 12.56 million tourists visited Istanbul and many of these visitors don’t always want to book into a hotel. Rentals are on the increase, people now want the freedom of renting a property and this is fantastic news for holiday homes owners and investors wishing to rent their property out. It makes sense especially for the holiday home owner to rent their property when they are not using it themselves. There are many reputable rental management companies who will look after this for you and the average rental returns are around 6-9% and increasing.
There is something for everyone, whether you’re looking for a studio, apartment, villa or house in prime locations. Are you looking for key ready, a resale or an off plan project? On the outskirts, modern apartment buildings are adorning the skylines offering luxury accommodation in beautiful surroundings but with the benefit of not being far from the delights of the city. These complexes offer outdoor and indoor swimming pools, gym, sauna, restaurants, cafes and bars. Of course you can find the smaller apartment blocks which offer a cosier and more intimate setting if you prefer. The buzz that is Istanbul has everything you could wish for right on your doorstep. These properties are ideal for anyone wanting the full experience of sightseeing and taking in the scenery on foot and great transport links are all there if needed, especially important if you reside there full time and commute.
It is one of the most enchanting and culturally diverse cities in the world, yet it is also extremely cultured and literally full of history. There are dozens of museums and art galleries, as well as plenty of shops and local markets and not forgetting the Grand Bazaar. The Sultan Ahmed Mosque it is a fine example of beautiful buildings which dominate the skyline. There are numerous restaurants and bars and clubs, many of which light up for the night, for Istanbul also has a fantastic nightlife. Plus, as if that isn’t enough there are several lovely beaches on its not one but two coasts, one to the Sea of Marmara and one to the Black Sea. If Turkish tourist towns tend to offer something for everyone, then Istanbul offers an abundance of attractions for all, it’s a top flight European city, but where most people can still afford to buy property, although this won’t always be true.