An interesting article from the Times Online discussed investing in the European Cities, picking out Istanbul as well as Lisbon.
Istanbul Investment Properties
The article said "Anyone who has attempted to drive from one side of Istanbul to the other will appreciate that, in this mega-city spanning two continents, you need to pick your area carefully. Traffic jams apart, areas of the historical centre such as Beyoglu and Galata, which have the most obvious appeal to those looking for an exotic, lively city bolt hole, bear little relation to the multimillion-pound villas on the banks of the Bosphorus, which in turn are a world apart from the tower blocks springing up in the endless, uninspiring suburbs, where foreign investors are buying cheap and renting to the locals."
The average price in the city centre is between £1,000 and £1,500 per square metre, but houses on the riverfront go for a Mayfair-style £13,000 per square metre.
We have investment properties from £62,950 (2 bedrooms) with a 5 year rental guarantee with bank backed guarantees. With the current strength of the Euro = buying in Sterling may make good sense here.
The article continued......
“Property prices are now static after two years of 20%-plus growth, fuelled by demand and more widely available cheap mortgages,” says Dominic Whiting, the owner and editor of Buying in Turkey. “The fundamentals are still good, as there is a housing shortage and a rapidly growing population.”
Although buying costs will add only a relatively modest 6%, be sure to employ a good solicitor, as many properties have been built or altered without permission. A further complication is new legislation that stops foreigners buying in historic conservation areas, including parts of Beyoglu and Galata, though this is being challenged in court."
Contact Girasol for a full due diligence pack at istanbul@girasolhomes.co.uk both clients, financial advisers and estate agents are welcome.
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