Interest from Gulf investors in Istanbul’s property market is expected to soar in coming months, thanks to the city and its investment opportunities being in the spotlight at Dubai’s Cityscape Global property exhibition in October.
Highlighting the growing appetite for Turkish property in the Middle East, Turkey’s pavilion at Cityscape, which takes place from 8th-10th October, will be the largest of the eight international pavilions, with more than 30 real estate companies representing the country.
Julian Walker, Director at Turkey property specialist Spot Blue International Property, said: “It’s over a year since Turkey changed its reciprocity law and we are certainly seeing the effects. For us, sales in Istanbul have been accelerating in recent months, with many of those to Gulf buyers, who are attracted by the city’s exciting street life and Islamic heritage combined with its investment potential. It’s turning into a very solid year for Istanbul – as well as Cityscape, in March Turkey was the ‘Country of Honour’ at MIPIM, the world’s largest exhibition for the property investment industry.”
Following Cityscape last year, the developer of Turkey’s largest real estate project, Maslak 1435 in Istanbul, opened an office in Dubai on account of the high level of interest it received. The same developer reported that Gulf investors have accounted for sales worth $800million since the reciprocity law was dropped in 2012.
Julian Walker continued: “Many of Istanbul’s cutting edge developments, including residential, commercial, tourist and mixed use, will be showcased at Cityscape, illustrating why there is so much excitement about the city amongst Middle Eastern and North African nations. Reflecting this trend, this year alone Turkish Airways has launched new - or increased existing - routes from Istanbul to Saudi Arabia, Jordan, Doha, Kuwait and Cairo.”
Turning heads at Cityscape will be Trump Towers Istanbul, the first Trump branded project in Europe, designed by world-renowned architect Brigitte Weber. This will include a 37-storey residential block, 36-storey office block and 5-storey shopping mall.
The equally impressive Vadistanbul project will be showcased at Cityscape, illustrating the immense scale of residential and mixed use projects planned in Istanbul over coming years. Occupying a 1.1million-square-metre site between the northern Maslak district of the city and Belgrad Forest, Vadistanbul will be a modern town split into three architecturally distinct parts.
Meanwhile, Istanbul has been chosen by Dutch BioCity Development Company as the first city in its series of purpose-designed eco cities centred around tertiary care teaching hospitals and biomedical hubs. Once complete, this network of ‘Bio Cities’ will constitute the world’s largest network of science-based communities, dedicated to the development of translational research and knowledge based economies.
Also on show at Cityscape will be one of Turkey’s most desirable tourist resorts, the Princes’ Palace Resort and Spa, located on the Princes Island of Büyükada, reached via a short ferry or helicopter ride from Istanbul. Completion of the resort, which includes the restoration of a Grand Mansion, is scheduled for spring 2014.
“As integral to the future of Istanbul as any of the shiny new developments on show at Cityscape, which as you can see cover all types of purpose, is the Istanbul International Financial Centre (IIFC),” commented Julian Walker. “Modelled on Dubai’s financial centre, work began on the IIFC on the Asian side of the city this year and it is expected to be completed by 2016, when Istanbul can set its sights on becoming a global financial centre.”
Spot Blue has a selection of investment and lifestyle properties for sale in Istanbul, including apartments in the popular districts of Beylikduzu, Halkali, Bahcesehir, Kurtkoy, Kavacik-Beykoz and Erenkoy.