Property for Sale in Istanbul

Istanbul has a population of around 15 million and is a business centre for banking and trade. It is located where two continents meet serving as a bridge between East and West. Nearly all multinational corporations from Eastern Europe and Middle East headquarters are located in Istanbul. It is a multicultural city and was the capital for Roman Empire, Byzantine Empire and Ottoman Empire respectively. It is like an open air museum which hosts around 10 million tourists from all around the world.

Istanbul Ataturk International airport is the 7th busiest airport in terms of air traffic in the world and the hub for nearly all connecting flights from Asia to Europe.

In the past three years when all countries were faced with the realities of the world economic crisis, Istanbul and the property market stayed solid. For the last 3 years, the property prices appreciated on average 15 percent annualy when in most countries prices were diminishing. In terms of economic growth Turkey grew by 9 percent last year second to China in the world. The 2012 projection GNP increase is 7 percent.

The inflation rate is 6 percent, the interest rates vary between 8-9 percent. Good investment projects yield about 20 percent rate of return annually .All multinational banks such as Citibank, HSBC, ING are present and very active in this dynamic property market as well as Turkish banks. Credits (house loans) increased by 20 percent last year a major indication where the market is headed. You can obtain a mortgage up to 30 years, though the market average is a 7 year house loans. Due to the growing population of the country and Istanbul there is a huge housing need internally. There is a shortage of supply nearly 700000 units just in Istanbul and the developers are working hard to meet that demand which shows us the property market will be on the rise for at least 5-6 years.

The European side of Istanbul is more commercial whereas Asia side is more residential.