Bahraini Boost: Middle East money pours into Istanbul as property sales to foreigners hit record high
- Istanbul property sales to overseas buyers hit record peak, with increase of 56.7% in May 2015 compared to previous year (TurkStat)
- Growing interest in Istanbul property projects from Bahraini buyers (Universal21)
- Over 700% growth in number of Bahrain tourists visiting Turkey in past decade; new flights launched
Increasingly popular as one of the world’s hottest travel destinations, Turkey’s largest city of Istanbul is now also welcoming huge numbers of foreign buyers looking to make a savvy investment by buying into its property market. Latest figures from the Turkish Statistical Institute (Turkstat) uncover a surge in overseas purchasers in May this year, with an increase of 56.7% compared to the previous year, far outweighing the still impressive increase of 23.1% in the number of foreigners buying in Turkey overall, and registering a record level of sales.
Highlighting massive potential in terms of investment growth, as demand outstrips supply and new developments emerge to meet the rapidly increasing interest, there is one region that is particularly focussing on the Istanbul property market, increasing their interest and pouring money into the sector – Bahrain.
Leading property agency in Istanbul, Universal21, has certainly noticed this growing trend. Adil Yaman, Director of Universal21, explains more,
“The city is certainly seeing a Bahraini boost to its coffers as more and more investors recognise the open possibilities associated with buying property in Istanbul. With a rapidly expanding population and hugely increasing tourist market providing endless opportunities, now is certainly the time to purchase as part of the expanding property market and buyers from Bahrain are definitely seeing this, as has been shown in the growing numbers showing interest in our projects.”
In line with this increased Bahraini interest in Istanbul, the country’s national airline, Gulf Air, is adding new flights to its schedule from 11th July, the result of which will mean up to 7 weekly flights to the city. This is in answer to the growing demand for such connections following an unprecedented increase in the number of Bahrain tourists visiting Turkey in recent years.
The past decade has seen a huge growth of over 700% in figures of Bahrain citizens arriving on Turkish shores, reaching the impressive rate of 24,305 in 2014 and these levels of touristic interest are only set to increase. This is especially true given Turkish Ambassador Hatun Demirer’s recent emphasis on the importance of the growing relations between the two nations. She commented,
“It is a source of pride for Turkey to attract an increasing number of Bahraini nationals to buy properties in Turkey either as holiday homes or for investment purposes. This is a clear indication of the confidence of Bahrainis in Turkey’s economy and a strong sign that they feel at home in Turkey.”
One such development that is attracting particular interest from overseas purchasers, and especially those from Middle East nations including Bahrain, is Universal21’s latest project, Diamond Residence.
Located in a quiet, relaxed area of the middle-class district of Old Beylikdüzü, Diamond Residence is just a 20-minute drive from the main Ataturk airport, a 10-minute walk from the major shopping centre of Marmara Park, and in close proximity to the beach and all amenities and restaurants.
Comprised of 148 beautifully-designed apartments of one, two and three bedrooms, there is a full range of excellent facilities available to ensure a luxurious and relaxed stay, including a fitness centre, vitamin bar, indoor swimming pool, children’s games room, cinema room and 24-hour security.
One bed apartments are priced from £57,000 / €78,000, with two bed apartments from £98,000 / €132,000. Find out about the rent guarantees offered to make this a perfect armchair investment!
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.