Turkish property specialist Spot Blue International Property has been praised as a key route to market by a developer in Istanbul, whose target markets include the Middle East, Europe and the UK and who believes the Turkish property market is entering another decade of strong growth under its new president.
Acting as a sole agent in the UK and Europe, Spot Blue International Property has sold at least 30 properties in Istanbul on behalf of developer Enyap Insaat, cementing a strong business relationship and proving a trustworthy gateway to Turkey for foreign investors. Enyap Insaat is experienced in the construction of commercial projects, including schools and shopping malls, as well as residential blocks – typical of its properties sold by Spot Blue are new apartments for under £100,000 in the district of Belikduzu.
“Ninety per cent of our business is with the Middle East, with most clients buying second homes and spending $150K to $500K,” said Vedat Mavuzer, MD of Enyap Insaat. “Elsewhere, Spot Blue has been very good for us and key to our business in the UK and Europe, so we want to evolve these markets with them.”
Said Julian Walker, director at Spot Blue International Property: “In Enyap we’ve found an experienced developer that is reliable and works well with our local representative in Istanbul. This helps us to deliver quality stock to our clients, who often need reassurance when buying in Istanbul as a foreigner. We’d welcome more opportunities to work with developers who work to the same standards.”
Mr Mavuzer of Enyap Insaat said in September that Turkey’s election of President Erdogan in August should bring political and economic stability to the country. “We’ve had a decade of growth, with real estate values typically rising by 50 per cent,” he commented. “I expect this to continue at a similar rate, thanks to the continuity of having Erdogan as president for the next decade.”
A number of infrastructure projects will continue to stimulate the Istanbul property market in 2014, in particular on the outer limits of the European side. “The district of Arnavutkoy is under the spotlight,” said Mr Walker of Spot Blue International Property. “The site of Istanbul’s third airport, set to be the world’s largest, is there, and the district will have improved links to the Eastern side when the city’s third bridge over the Bosphorus, to the north of the centre, opens. But arguably the largest impact on Arnavutkoy will be the construction of the Istanbul Canal, Erdogan’s most adventurous project to date, which will connect the Black Sea and Sea of Marmara Sea, transforming the land along its route.”