6% Growth Ensures Turkey Real Estate Remains Top Choice
Real estate in Turkey remains at the top of investors’ wish lists in 2010 as latest data from the Real Estate Investing Partners Association (GYODER) reveals a 6% growth in the sector in Q4 2009.
Despite concerns over the effects of the global economic slump in 2009, 186,992 construction licences were secured in Q4 2009, an increase of 111% on the previous quarter and building permits enjoyed an 11.86% rise in 2009.
As Turkish property expert, Steven Worboys, MD of Experience International, comments,
“Such positive growth figures only bolster investor confidence in the Turkish real estate market which is enjoying a remarkable boom in 2010. Much of the property sold over the last 12 months has been off-plan and it is pleasing to see that building permits are being issued and global economic issues have not stalled construction.”
One project currently under construction is the prestigious Crystal Heights development located in Turkey’s economic powerhouse and second city, Istanbul. Early stage investors are already seeing up to 37% capital growth and the 7% rental guarantee for 2 years on completion in 2011 is soon to be enjoyed.
One key factor driving the 6% growth in the real estate sector is the availability of finance. Property buyers, both domestic and foreign nationals are finding banks willing to lend with mortgage interest rates as low as 4.8% (subject to status) making the already discounted property prices even more affordable.
Steven Worboys continues,
“The availability of finance has been a real stumbling block for many emerging markets in the past and it is encouraging to see that Turkey has recognised the importance of the availability of mortgages for domestic and foreign nationals alike in driving the real estate market forward.”
Due to the availability of up to 70% finance, The Hampton’s development, located on the European side of Istanbul is seeing significant investor demand. These luxury studio apartments with sea and city views offer an attractive 7.5% rental guarantee for 2 years and with finance are available with as little investment as £13,500.
For more information about Turkey’s booming real estate sector and how to invest, talk to the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.