Property buyers are showing an increasing tendency to snap up opportunities in Turkey. According to a recent report from property portal TheMoveChannel.com, their second most popular listing in May was an Istanbul apartment. This marks the highest ranking ever achieved by a Turkish property.
This particular apartment was beaten in popularity only by another apartment in Dubai. Given the current popularity of Dubai’s property market, coming in second hardly dents the impressive nature of the Istanbul property’s achievement.
The property was priced at a very affordable £80,000, and for that it promised 5.5% net yields in rental returns. This was undoubtedly an attractive deal, and investors visiting the property portal seemed be very much enticed. The property attracted a greater volume of inquiries than any other property in Turkey since TheMoveChannel.com first started issuing its reports.
The popularity of this particular property fits in neatly with current trends. At present, investors are very much focusing on urban apartments, and according to the report this type of property proved especially popular throughout May. With low prices, strong returns, and a lot of potential for capital growth, Istanbul was well-placed to take advantage of this trend.
General interest in buy-to-let investments is also benefitting at present from generally low prices. Istanbul was again well-placed to tap into the effects this had on demand. It is one of several key markets currently offering especially low-priced opportunities, with well-located properties often attainable for under £100,000.
The Turkish property market in general is strong at present, benefiting from economic stability and a very strong tourist trade. The market has also grown in worldwide popularity following the simplification of the property-buying process for overseas purchasers and other government efforts to actively bring in the money of international investors. However, Istanbul very much stands out even within the strong Turkish market. Compared to other parts of Turkey, the city leads the way in value growth and commands high rents.
Istanbul also benefits from a number of other factors which likely contribute to its rising popularity among international property investors. The city has recently benefited from a number of major improvements to infrastructure, not least the introduction of a new airport that makes the city even more accessible to the huge swathes of tourists that walk its streets each year.
The particular apartment highlighted by TheMoveChannel.com’s report was located in a development that was in a particularly strong position to catch the attention of investors. Aside from the general strength of Istanbul’s property market, the development occupies a particularly good location and benefits from a number of English-speaking staff. The latter factor served to make it all the more accessible to investors from English-speaking countries and those who simply speak English because of its status as the default language of international business.