Istanbul in Turkey – the country’s most prominent city in terms of worldwide attention and Turkish culture in general – is proving a magnet for real estate investors on a global scale say Oceanwide Properties (an observation the company bases on both a recent upsurge in enquiries from foreign nationals and the fact many have already chosen to buy property there).
Oceanwide Properties, which has offices in both Turkey and London, are well located to discern recent overseas interest in the property market within the country. Much of the interest they attribute to the relatively stable economy of Turkey and the recent improvements in infrastructure – not least the new rail link in Istanbul (the country’s most prominent city) which now easily connects both Europe and Asia.
New rail link for Istanbul
The new rail link for the city – commonly referred to as the Marmaray Project – has also linked up residential districts in Istanbul and is regarded as an impressive engineering feat which is aimed at both easing traffic congestion and ensuring outlying districts in the city are very much more accessible – for both Turkish citizens and tourists alike.
The much awaited railway opened this month amid celebrations (despite proving four months after its initial target date) but has already proven lucrative in terms of Turkey property investment from both Turkish citizens and foreign nationals.
Underwater Railway Tunnel
Lying beneath the Istanbul Strait, a new – and very impressive – underwater railway tunnel will link Gebze-Haydarpasa and Sirkeci-Halkaii rail lines. A total of 37 rail stations have also been improved, with three new facilities added to an already well-served localised rail link. This will make it far easier for Turkish citizens to commute between outlying areas as well as obviously making getting round the city easier in general – proving magnet for foreign citizens looking to invest in property (as either a retiral outlet or a holiday home) in this sophisticated and increasingly modern city.
The Marmaray Project will also make travelling between the east and west sides of the city much easier, as well as providing an efficient connection between the north and south metro line in the city and for outlying areas.
Real Estate Europe 2013
An annual report, which is based on the current state of the property market, concluded that Istanbul came first in terms of Development Prospects thanks to its real estate potential. It also took its young population into account and the fact the city has become regarded as the country’s financial centre. Istanbul has also opened up its property market to foreign investors in real estate. Not only that but international companies have been increasingly setting up regional headquarters in the city.
If you’re interested in purchasing a Turkey property in Istanbul or any other area of this emerging country such as a property to let in Fethiye, Kalkan or Bodrum, then the team at Oceanwide Properties Turkey would be happy to assist you in your search and to provide relevant information.