Istanbul, a city that straddles two continents is one of the most talked about cities in the world for property investment. It is the foremost choice of many who are considering making a property investment in the near future. In the past decade, this beautiful city has seen a great boom in its property sector.
The city’s luxury property and new affordable developments outside the central Istanbul are the key things that are luring a huge number of investors. Some of the most popular areas in Istanbul that are currently attracting a large number of investments include Bomonti, Beyoglu, Caddebostan, Bahcesehir and Besiktas. Other areas that are gradually becoming popular for Istanbul property investment are Beylikduzu, Gaziomanpasa, Kagithane and Fikirtepe.
Key Factors that Encourage Property Investment in Istanbul
The foremost factors that make Istanbul properties an incredible investment include:
- Economic growth
- Employment prospects
- Population surge
- Other Factors
Economic Growth in Istanbul
As compared to previous years, the current economic condition of Istanbul is more stable and is expected to remain strong in the coming years. Its economy is already beyond $ 200 billion annually. Owing to its fast growing finance industry, Istanbul is turning out to be a heaven for young professionals as well as seasoned investors to move their funds. This burgeoning finance sector is also acting as a portal for funds to be getting channeled into the real estate sector
Employment Growth in Istanbul
Istanbul’s economy is anticipated to remain strong when compared to its European counterparts. Along with economic growth, the growing number of jobs and employment opportunities are augmenting the growth of healthy property markets.
Population Growth in Istanbul
Turkey is one of the top performing economies in the world with fast growing population. Within Turkey, Istanbul has the fastest growing population. Based on this fast growing population, it is estimated that by 2023, Turkey will need almost 500,000 additional homes, 250,000 of which will be needed in Istanbul.
Other important things in favor of increasing investments in Istanbul property is the price. Istanbul is one of the most affordable places in the world to purchase property. Moreover, Istanbul has a sturdy tourism market and has been ranked as the 6th most popular destination in the world. A lot of investors are buying holiday properties targeting the holiday lettings market.
Turkey is considered as one of the safest place in the world for investment and Istanbul in particular, is considered a most important European financial center. It is not only financially strong, but also very modern, vibrant and unique city that has something to offer to everyone. Therefore, if you are looking for a safe investment with very favorable returns and guaranteed rental income, look no further than Istanbul.