Turkey constructs a brighter future as property industry continues to thrive
- Construction area covered by new building permits throughout Turkey 39% higher in first 9 months of 2014 compared with previous year (Colliers)
- Istanbul new house sales increase by 40.1% in April 2015 vs April 2014 (TUIK)
- Turkish construction sector’s turnover increased by 4.6% in 2014 (ITE Group)
As Turkey continues to thrive as a top tourist destination for visitors from around the globe, its housing market continues to follow suit with growth in the construction sector reaching 2.9% for the first nine months of 2014. The latest Colliers Turkey Real Estate Review reveals that, within the same time period, the total construction area covered by new building permits throughout Turkey increased by 39% in comparison with 2013.
The rising demand for residential property can clearly be seen at a national level however it is most noticeable in the illustrious city of Istanbul, with sales of brand new houses in April 2015 increasing by 40.1% compared with the same month last year. A new record high, according to the Turkish Statistical Institute (TUIK).
Adil Yaman, Director of Universal21, the leading property agency in South-West Istanbul, comments,
“Turkey’s construction sector is flourishing, increasing their total turnover by 4.6% in 2014, and Istanbul’s property market is at the forefront of this demand for new build projects. Proud to be central to Istanbul’s expanding real estate industry, we have definitely noticed an increase in enquires regarding new build properties.”
Recent analysis published by ITE Group suggests that with approximately 70% of Turkey’s population living in cities, the need for both housing and major infrastructure projects is critical, with the two often inextricably linked. Adil explains further,
“Before taking on any of our projects, we ensure that the location and surrounding amenities will fulfil the needs and expectations of our potential clients, as well as the design itself. Part of the success of Istanbul’s housing market is due to the progression of the city and the infrastructural developments that have and are being made throughout.”
Of three new developments due to be completed by the end of this summer, the most recent project in the Universal21 collection is Diamond Residence. Located in a quiet, relaxed area of Old Beylikdüzü, whilst still being in close proximity to all amenities and restaurants, the residence is comprised of 148 beautifully designed apartments. With both one and two bedroom apartments available, Diamond Residence is just a 20 minute drive from the main Ataturk international airport and a 10 minute walk from the area’s major shopping centre, Marmara Park.
More than just a residential development, the property also offers an array of excellent and functional facilities, including 24 hour security, a Vitamin Bar, fitness centre, indoor swimming pool, children’s game room and cinema room. With one bed apartments starting from £57,000 and two bed apartments from just £98,000, Universal21 are confident that Diamond Residence will meet the growing demand and high expectations for housing in Istanbul.
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.