Turkey is still bucking global trends with GDP growth rates of 12% recorded for Q1 2010, domestic banks increasing the availability of credit by up to 30% and the levels of foreign direct investment in Istanbul are up by 27% according to the Istanbul Chamber of Commerce (ITO).
Turkey’s second city and economic powerhouse, Istanbul, has evolved into a very attractive destination for international investors with the number of international investors planning to set up businesses or grow their activities in Istanbul by over 6% in the first half of 2010 (compared to the second half of 2009). The ITO released data also revealed a 27.16% increase in the total value of these investments for the same period.
Steven Worboys, MD of the UK based Istanbul property investment experts, Experience International, comments,
“Istanbul has turned out to be one of our most successful property investment opportunities of 2010. We have clients from not only the UK but South Africa, Australia, Ireland, Scandinavia and the UAE all taking advantage of Istanbul’s significant housing shortage and investing in the domestic property market.”
In the first half of 2010 over 1,400 foreign investors established companies within Istanbul with the total value of capital investments made in this period up by a massive 44.68% compared to the last half of 2009.
As Worboys remarks,
“International investor confidence in Turkey and especially Istanbul remains high. Being situated outside the troubled euro zone is of great appeal and Turkey appears to have side-stepped the negative effects from neighbouring Greece.”
Gross Domestic product forecasts for the rest of 2010 currently sit at a healthy 6-7% and with additional support for candidacy from the British Prime Minister, David Cameron, on his recent visit, accession to the EU seems increasingly more likely for Turkey.
For those interested in investing in Istanbul then one particular opportunity should not be missed.
No1 Knightsbridge currently offers 1, 2 and 3 bedroom luxury Istanbul apartments situated in the up and coming suburb of Beylikduzu, on the European side of the city. Currently Istanbul has a housing shortage of some 250,000 units a year and so the demand for quality rental accommodation is high. Only 20% of units are available to overseas buyers and can be purchased from as low as