Istanbul property is turning the heads of investors.
The price of property in Turkey is growing at an incredible rate and it falls just behind Hong Kong as the second fastest growing world economy.
Purchases made by foreigners increased by 23.8% during October 2015 when compared to the same month in 2014. Recently, the Turkish government has announced that it will offer residency to foreigners who invest in the country and that follows the likes of Portugal and Spain.
This move is likely to aid the property market especially in Istanbul. The city of Istanbul sits between Europe and Asia and has excellent waterways and architecture.
By the end of 2016, more than 12.5 million visitors would have visited the city making it the fifth most popular destination for tourists. Istanbul has pretty neighbourhoods that come with parks and glorious beaches and they are kept away from the sprawling cityscape that fills the sky.
In the district of Beylikduzu, property prices are on the rise to the tune of 20-21% each year over the past five years. This district is located between the central areas of Istanbul and Ataturk International Airport making it perfectly located. It has a host of new developments and is close to the Marmara coast. The newly launched Papatya Park Residence is a prime example of these new developments springing up. The first phase of the development is due to be completed this year and it comes landscaped with tennis courts, swimming pools and walks with apartments starting at £65,215.
However, in the centre of the city, there are plenty of high priced properties for sale in Istanbul such as the district of Beyoglu where a one bedroom apartment will cost £425,880. Near to this district is Etiler which is home of the British International School where a four bedroom apartment can be bought for £998,223.
The Island of Heybelida is also popular but here a renovated 19th century property which has been converted into four apartments can be bought for £600,000. One development taking shape on the mainland is Oceanic Bayview. It consists of 38 villas that have amazing views. These are eco-friendly properties and come with the latest technology and a pool. They can be purchased for $1.5 million.
However, when it comes to purchasing Turkish property it is worth being aware of the measurements they use when detailing the living space as it can be listed as ‘net’ or ‘gross’. Net is recognised throughout Europe but gross can include many different areas such as lifts and communal corridors. This makes it incredibly important to have professional on hand who can assist you with due diligence.
It is possible for people from most countries to purchase property in turkey with no restrictions. Often, capital gain tax is non-existent, especially if you sell your property after owning it for five years.
Each year, 2.5 million British people visit turkey and on the main the country is free of trouble. However, there are risks of terrorism. On the whole, property prices have not been affected and prices continue to increase along with demand from foreign buyers.
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