An Agent for Turkish Growth: Not a Skyfall, but Skyrise of Property Investment

By on November 4, 2014
Bond

Recent legislative reforms in tandem with a need for 2.75 million new homes by 2015, has made thrilling Istanbul an investment hotspot. Even James Bond finds this city hard to resist as our own features agent, Grahame Anderson discovered.

 

This exciting all action metropolis was brilliantly encapsulated by the sight of Daniel Craig roaring over the roof of the famous Grand Bazaar on a motorcycle. And while shop keepers were shaken, but not stirred, the late Ian Fleming’s favourite city had lived up to expectations as a place of colour and intrigue.

 

The commanding capital shares its treasures of fashionable night-life, magnificent mosques, awe inspiring architecture and palatial residences with the world. The enigmatic Bosporus Strait, dividing both European and Asian Continents, alongside bustling water markets, is a joy to behold.

 

East meets west, ancient meets modern, Byzantinium meets Galata and the New City, James meets his protagonist, excellent property opportunities meet shrewd investors. The story of thriving Istanbul in one. And of course, where the people actually got to say: ‘We’ve been expecting you Mr Bond.’

 

If your mission is sheer luxury, then a three bedroomed apartment in desirable Bakirkoy close to the sea, in one of Istanbul’s most sought after districts, can be acquired for just €393,295. Perhaps a beautiful detached house in Zekeriyakoy, close to both the beach and some of the city’s best international schools, will appeal at €994,000? Seven double bedrooms, two receptions, lovely green garden and salt water swimming pool, come with the package.

 

There’s little doubt 007 would be at home in an exclusive four bedroomed Istinye Penthouse overlooking the Bosporus, at just under €1,200,000. Or if this world isn’t enough, how about a luxuriously modern design home with hotel-like facilities in fashionable Nisantasi at €3,796,000?

 

Mind you, even ‘M’, would be dazzled by the sight of a 64 bedroomed waterfront Yali property built in 1880, for the Ottoman Royal family. It comes with wonderful views of two different buildings called Haremlik ( for women ) and Selamlik (for men), this would make an excellent hotel conversion. The price……€75,985,070.

 

If you don’t carry extensive secret service funding don’t worry, as a one bedroomed five star apartment in the most strategic point of Atakent, neighbour to Turkey’s largest trade show, convention and entertainment centre, can be purchased from just €53,000. The development has a large swimming pool and is close to Ataturk Airport, the metro station and TEM highway automatically increasing its value.

 

Evviva residence off plan apartments in Istanbul are located in Beylükdüzü, consisting of two blocks surrounded by green areas, amounting to more than 65 per cent of the development. It could be a film set, but actually represents not just a stylish residence encompassing comfort, safety, excellent social facilities, easy transportation and beautiful landscaping, but a fantastic buy to let opportunity. The entry level begins at €21,000, with a seven per cent bank supported five year rental scheme. They come fully furnished and just 15 minutes from the international airport.

 

95 per cent of all properties found in Istanbul are apartments, but demand for new housing stands at more than 250,000 units each year, with available land being ring-fenced for large-scale residential projects. Re-structured residential zones are emerging in the city’s historic old quarter, and new-build resorts in the outlying suburbs are attracting increasing numbers of Brits, hoping to cash in before prices start to rise.

 

Property here is exciting, certainly matching up to the opening sequences of our hero’s Skyfall adventure. When a stuntman accidentally crashed through a 15th-century shop window attempting to avoid extras during filming, the owner told Reuters very dryly, “We didn’t realise the shooting would be quite like this …”

 

Monica Anca, director of Universal 21, says Istanbul is an engine for property growth in Turkey, as much as London is in the United Kingdom.

 

‘The city has seen huge investment in its infrastructure, which hasn’t always been popular with locals, but the pace of change in the city is rapid and the population is rising with it. So it comes as no surprise this puts pressure on existing housing stock.’

 

Applications to buy don’t need to be agreed by MI6, but by the local council and Turkey’s Army Office. Also bear in mind if you keep your property for five years there’s no Capital Gains tax to pay, with property sold before that period, levied on a sliding scale up to a maximum rate of 35 per cent.

You must visit Eminonu Square in the old quarter of Istanbul and marvel at an historic Ottoman fountain in front of a mosque. The marble looks old, worn into channels from decade upon decade of running water. The carving is Moorish and complicated. Hundreds of years old perhaps? Great historical relevance? Not a bit of it……….for this was part of the 2012 James Bond Set kept on the insistence of the Mayor.

 

Gather your own bit of property intelligence – in charismatic Istanbul.

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