Istanbul Property: A Chance to Get in Early into a High Growth Market
You don't come across deals like this every day; a development complete with a huge array of facilities in an emerging area of Istanbul, offering studio apartments from just over 18k.
The Turkish property market is currently one of the hottest emerging markets in the world; well respected publication Global Property Guide recently issued a research report titled Turkey: The Best Residential Property Investment in Europe?
As with most emerging markets the main cities see the most rapid growth. In Turkey the coastal areas are thought to be matching them but data is always more readily available on the cities. For example the research report from Global Property Guide showed how undervalued Istanbul property is by comparing the average property price per square meter in the city, which it put at 2,386EUR to other major cities around the world like Bucharest (Romania) at 3,484EUR psqm, and Athens (Greece) with 6,622 EUR per sqm.
magine we had a time machine, while some people would go forward and bring back sports predictions, I would go back and buy property in London. Properties that could be bought for £10,000 to £20,000 30 years ago are now selling for £265,000 (based on an actual sale). This is the opportunitity we have in Istanbul now with properties like the Center Point development, the opportunity to get in early in a high growth market.
The Center Point development apartments are the cheapest I have seen in Istanbul, and because of its impressive array of facilities it is almost certainly to smash the average rental yields. The facilities include:
- 6 movie theatres
- Car parking for residents
- Shopping centre
- Outdoor swimming pool
- Turkish bath, Sauna, Jacuzzi
- Fitness centre, Tennis court, Basketball
court, Jogging track, Walking paths
- Children's playground
As with any property purchase, regardless of price, those considering buying in Center Point should conduct research into the development and developer, but pending that this is an exceptional bargain.
David is a US based global real estate pundit and staff writer for Write About Property.
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