Why Istanbul Property Could Be The Next Big Thing
News Posted On: 26 September 2012
The trend is unmistakeable and undeniable; around the world primary cities such as London, New York, Paris, Beijing, Singapore and Hong Kong are becoming centres of wealth and prosperity. Their economies and property markets are performing much better than other regions and even other cities in their respective countries.
Globalisation and safe-havenism are playing a big part in this. These cities are attracting the world's wealthiest individuals to come and buy property, they are attracting the biggest and best companies, which in turn makes them very attractive to the best workers looking for the best jobs. With cheap and practical air travel making the world accessible to us all, people are able to choose where they want to live and work, and obviously those who can are more-often-than-not choosing these cities and the cycle is self-perpetuating.
Notice I said: those who can. These cities are some of the most expensive places to live in the world and not everyone can afford to live there. Indeed, people who have been born and raised are struggling to keep up with house prices and rents. Likewise, investors would all love to be able to buy properties in these cities, especially the likes of London where supply is a constant upward pressure on prices and rents. But not everyone can.
One option for those priced out of the prime cities of today, is to buy property in the prime cities of tomorrow. But who can predict the future? Of course, no one can say for sure, but we can make a pretty good guess. Emerging cities like Istanbul are looking the most likely to join the prime-city fly-me-to-the-moon club.
Currently Istanbul property prices are among the lowest in the world with excellent 1 and 2 bedroom apartments in good locations available for £60k and below and larger houses for about twice that and maxing at about £250k. On that basis it certainly isn't in the club yet. However, within the city prime areas are already forming where properties are being purchased for well over a million Euros. Indeed these properties are already attracting safe-haven-searchers according to Sotheby's international.
On top of that it has all the right ingredients for a prime city cake. Rich history and culture, world class architecture, a strong vibrant and rapidly growing economy and rapid population growth. What's more a lot of the population growth is fuelled by people migrating from other parts of Turkey. Istanbul is already Turkey's prime city, so as Turkey grows into one of the biggest and most important economies in the world, as big-wigs as it is reportedly on track to, it is logical that Istanbul will become one of the world's prime cities as well. During this transition Istanbul property prices will see incredible appreciation, making it a fantastic investment at today's low prices.
View Turkey property for sale including property in Istanbul
Written by Les Calvert
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