Insight into the Istanbul market - The Financial Times
The Financial Times featured article on the Istanbul real estate market. The article was written by Bruce Miller and was published on the 18th of November 2011.
The article focuses around the recent scheduling of construction set to begin on the tallest tower in Istanbul – billed as Europe’s tallest tower and highlights the scope of Istanbul’s ambitions to become a commercial capital in the world, linking the East with the West.
The building has been designed to capture public imagination and symbolises the ambition of Turkish real estate – the scale of the project is so vast, it is clearly intended to impress.
The article mentions a recent feasibility study by Deloitte Consulting for the Banks Association of Turkey that concluded that Istanbul would join London, New York, Shanghai, and Tokyo as one of the top five leading global financial centres by 2035.
The article features Property Turkey Director, Cameron Deggin who stated that high rise apartments in Istanbul have become increasingly fashionable over the last few years – especially luxury modern Manhattan-style apartments.
Couple this with the recent tourism boom in Turkey, and it is easy to see why Istanbul real estate is performing so well. Real estate in Istanbul will certainly achieve high rental yields for investors.
Cameron Deggin notes in the article the recent trend of highly wealthy Middle Eastern investors willing to spend millions looking for classic Ottoman Yali’s along Istanbul’s Bosporus Sea for up to 20 million Euros.
Bruce also includes an interesting buyers guide to Istanbul, featuring numerous pros and cons about buying property in Turkey’s biggest city that is well worth a look.
Also featured is a short guide as to what you can get for your money in Istanbul, whether you have £100,000 to spend of £1,000,000 – there is plenty of options available in Istanbul.
To read the full article featured in The Financial Times, please click here.