Upscale waterfront locations in Istanbul are offering the greatest potential for returns of any locations in the city, according to local property experts.
“The upscale waterfront districts of Bebek, Emirgan and Yenikoy offer huge potential with properties selling for 20-30 per cent less than before the recession hit,” comments Cindy Uriona, a local property agent working with the Luxurion Real Estate Group. “Fashionable Bebek, for example, has a great selection of traditional villas and remodelled townhouses, including apartments in a converted yali (the original 19th-century mansions that line the banks of the Boshphorus on both the European and Asian sides).
Changes to Turkish property laws and demand for new homes mean that now is the perfect time to invest in an Istanbul property. Maureen Madden, a property investment consultant working within Turkey comments: “Inflation has fallen in the past few years with low incomes and a predominantly cash-dominated economy keeping property prices low, although these are now starting to rise, with the perception that the country’s economy is on course for bigger and better things.”
Interested in property in Istanbul? Don’t miss our report on the city’s thriving property market in next month’s issue of A Place in the Sun magazine
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