Air Is Flowing Steadily Through A Cooling Section Where Istanbul – Great Investment in a Great City

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Istanbul – Great Investment in a Great City

Turkey’s ever-growing economy, large youth population, growing number of more affluent consumers, and a persistent housing shortage are all important factors for the country’s real estate sector to consider. Turkey’s real estate investment was 1.1 billion USD in 2006, and the market is expected to grow to 4 billion USD in 2007, according to the Wall Street Journal.

Istanbul has significant importance for real estate investment growth in Turkey. Istanbul has a population of about 14 million and is an important commercial and cultural center in the region, accounting for 35% of Turkey’s Gross National Product (GNP). The city physically represents only 0.7% of Turkey’s total surface area, and yet Istanbul has 31% of the country’s total housing stock. Istanbul recently topped an Urban Land Institute/PWC survey for best development prospects, beating out 26 key markets including Moscow, London and Barcelona.

Due to high population growth and increasing urbanization rates, the demand for residential housing is growing rapidly and shows no signs of slowing down in the near future. The Turkish construction sector has recorded a quarterly average growth of 21.2% since 2005, a figure higher than the country’s GDP growth. A construction boom has helped narrow the housing gap significantly, although there is still a deficit of 150,000 units per year. Prices in Istanbul have increased by 100 percent in two years. Buying an apartment flat costs around EUR2,500 per m2 in the city center and EUR2,000 per m2 in satellite towns around the city. Istanbul property is expected to generate an average annual rental income of 8% and capital appreciation of 12.5%.

Recent developments in the city of Istanbul have been mixed-use – including shopping centres, office buildings, luxury city residential apartments and hotels targeting the upscale and international market. Apartment flats range from EUR2.500 per m2 to EUR6,000 per m2 for these types of upper market apartments and villas.

179 apartments located in the flagship Canyon shopping/residential complex – completed in 2006 – is the latest example of a large-scale mixed-use project. One-bedroom flats now have a resale value of EUR350,000 – double their original price. Kanyon is an open-air emporium shopping area that replicates a natural canyon, creating a natural cool air flow. It is a complex that includes a four-level shopping center, a 26-story office building and a nine-screen cinema. It has 160 shops selling luxury international products and brands such as Harvey Nichols and Hakkasan – opening its first restaurant outside London – covering three floors.

Turkey’s growing economy and rising income levels among its young population are driving more investment, especially in shopping malls. Istanbul has 39 modern shopping centers of which 22 were built after 2000. There are 16 more shopping malls under construction.

With this never-ending list of Canyon-like projects on the drawing board or actually under construction, the real estate boom seems set to continue. No longer just a city of mosques and bridges, Istanbul must become a serious port for property seekers and investors.

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