A “stunning” increase in air passengers travelling to Istanbul is largely down to the city’s status as a global investment hub, says an industry insider.
Property Turkey director Cameron Deggin says the reported 21.5 percent jump in passengers travelling to Istanbul Ataturk Airport is “stunning”.
“The figures tell us that not only is Turkey back on everyone’s radar as far as tourism goes, but they also indicate that Istanbul’s position as a strategic investment capital is incredibly strong.”
The bulk of Deggin’s investment clients come from the Middle East, which the property investor says is partly attributable to similarities between Turkish culture and that of countries like Saudi Arabia, Qatar and Kuwait. The short flight time between Gulf and Middle Eastern countries and Turkey is also a bonus, he says.
“We’re seeing more and more investors from these countries buying in Istanbul,” Deggin adds. “Turkey is seen as a safe bet, and one that will net very large returns.”
'More and more attractive'
Investment from the Middle East now roughly equals that of the EU. And it’s not just individual buyers investing in Istanbul property: Deggin is working with large investment groups and companies opting to expand their portfolio into Turkey. Recent figures also tell us that around 30 percent of foreign companies operating in Turkey are from the Middle East.offering citizenship and residence permits to property buyers.
“The citizenship incentive appeals to investors wanting a second home, especially as Turkey's market is cheaper than the EU’s but still growing, and it’s easier to immigrate here.”
Deggin says investors are concentrating on Istanbul’s regenerating areas, where price points are low compared to established parts of the city, but have plenty of room for growth. “The potential is really exciting, especially for buyers with vision.” He says regeneration property, bought at pre-launch, off-plan stage, has the potential to grow in value by 40 percent by the time it’s completed.
As well as regeneration property, sea view apartments in Istanbul are also highly sought after. “This is is a city by the sea, so it’s not surprising anyone wanting that quintessential Istanbul lifestyle is looking for sea view homes in Istanbul,” Deggin says. He considers a number of sea view properties in Istanbul on his books some of the finest in the city, in terms of facilities, view and investment potential.
The resulting increase in passengers sent Istanbul Ataturk Airport from fifth to third position of the busiest European airports, and boosted Europe’s overall air traffic by almost 8 percent in the first quarter of 2018, according to the report by Airports Council International Europe.
Read more: How to find the right property in Istanbul.
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