Today marks an historic starting point for the Istanbul Finance Center (IFC) in the Umraniye district on Istanbul’s Asian Side. Its grand opening is set to revolutionise Turkey's economy and the property market in Istanbul. It is gearing up to become one of the most prominent financial centers in the world. This development is particularly significant for Property Turkey clients, who were encouraged to invest in the IFC back in 2019 and 2020. These clients are now poised to experience substantial returns and capital appreciation, thanks to the vision and expertise of Property Turkey.
What is the Istanbul International Finance Center?
The IFC project, which started in 2009, is designed to make Istanbul a competitive destination for international financial institutions and investors. This landmark project will house Turkey's leading financial institutions and authorities, including the Central Bank of the Republic of Turkey, Borsa Istanbul Stock Exchange, and the Capital Markets Board of Turkey. Boasting 1.3 million square metres of office space, a 100,000-square-metre shopping mall, a conference and performance center for 2,100 people, a five-star hotel spanning 30,000 square metres, and a parking lot with a capacity for 26,000 vehicles, the IFC is expected to attract around 100,000 visitors per day, including employees, rivalling the likes of New York, London, and Dubai.
Leasing demand for spaces within the IFC has already outpaced supply, as local and foreign companies vie for a spot in this prestigious new financial hub. The center will host participation finance companies, financial investment and portfolio management companies, and insurance firms. The mall, featuring modern facilities, unique architecture, and functional design, is expected to house shops of world-renowned retail brands.
The IFC project is overseen by the Turkey Wealth Fund and developed in coordination with the Environment, Urban Planning and Climate Change Ministry. In a major move, the Turkish Central Bank is set to relocate its operations from Ankara to Istanbul in the coming months. Turkey's financial services exports are projected to increase from the current $2 billion to $16 billion in the next 15 years, thanks to the IFC. The nation's unique position at the crossroads of Europe and Asia offers access to a $30 trillion market, a strong domestic economy, and a young, educated population. The IFC will support Istanbul's entire financial network, with a focus on banking, insurance, green finance, technology, and Islamic finance.
Located in Istanbul's Atasehir district, a short drive from both of the city's international airports, the IFC has spurred significant investment in the area, with property values rising as investors capitalise on the future fortunes of this central suburb and companies secure housing for employees. The opening of the IFC marks an important milestone for Turkey's growing and dynamic economy, as well as the wider region. It will facilitate and support capital flows at a global level, positioning Istanbul as a key player on the global scene.
A Testament to Property Turkey's Vision and Investment Opportunities
Property Turkey identified the potential of the IFC early on and encouraged clients to invest in this ambitious project. As Cameron Deggin, founder of Property Turkey, reflects: "We are delighted to see our promises to clients from 2019 and 2020 materialising. The opening of the IFC is a testament to our foresight and our commitment to offering exceptional investment opportunities. Our clients who believed in the vision and invested in the IFC will now reap the rewards of their wise decision."
The Little Bosphorus - The Next Opportunity
So, what's next for Property Turkey investors? Cameron Deggin believes that the Little Bosphorus project, on the banks of the Halic, offers the same potential for strong returns and capital appreciation in the coming years. This development, which we have previously discussed, is an exceptional opportunity for investors seeking the next big thing in Istanbul's property market. With its strategic location, modern amenities, and attractive price points, the Little Bosphorus project is poised to deliver similar upsides to the IFC investments in just 2-3 years.
As the Istanbul Finance Center ushers in a new era of growth and prosperity for Turkey, Property Turkey remains committed to identifying and presenting the most promising investment opportunities to our clients. With the IFC as a shining example of our ability to foresee the potential of such projects, we invite our clients to explore the Little Bosphorus and secure their future gains in Istanbul's dynamic property market.
For more information on the Little Bosphorus project, please click here.
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