Foreigners in Turkish shopping frenzy as Istanbul stays on top
- Grand Bazaar in Istanbul attracts approximately 250,000 – 400,000 visitors daily (World Tourism Organization)
- Turkish house sales to international buyers increase by 22% in H1 2015
- Istanbul maintains top spot with 16.3% of total house sales
As the sixth most visited country in the world, Turkey’s tourism market is expanding, with shopping tourism becoming increasingly popular. The World Tourism Organization (UNWTO) has reported a rise in retail developments appealing to tourists, with Istanbul’s celebrated Grand Bazaar attracting between 250,000 and 400,000 visitors daily.
However, recent figures suggest that it is not only market trinkets and souvenirs that overseas visitors are returning home with; in many cases it is also their very own piece of Turkish real estate.
The latest report published by the Turkish Statistical Institute (TurkStat) shows that house sales to international buyers increased by 22% during the first half of 2015 alone. This frenzied shopping spree through Turkey’s property market highlights the current enthusiasm felt by those both buying and selling.
Throughout July this year, overseas buyers bought 2,027 properties, a growth of 37.6% in comparison to the same month in 2014 with Turkey’s most populous city, Istanbul, remaining the main focus for potential buyers. TurkStat data confirms that Istanbul is maintaining its spot at the top of the marketplace with almost 16.3% of Turkey’s total house sales in July.
Adil Yaman, Director of Istanbul’s leading property agency Universal21, comments on why Istanbul is generating so much global attention,
“Over the past decade, Istanbul has emerged as a global hotspot for both tourism and property investment. As the most recent statistics suggest, this trend looks set to continue as Istanbul’s housing market remains a firm favourite with international buyers.
“The significant rise in overall sales emphasises the growing excitement surrounding Turkish property and the confidence overseas investors have in the market. With demand for property still increasing, those in the industry have only positive predictions for the future, with Turkey’s housing market appealing to a wider global audience and continuing to blossom.”
One Istanbul development prompting overseas interest is Universal21’s 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.