What are peoples views on Istanbul as an investment destination. I heard prices have rocketed there in the last couple of years - is this still true. I also saw a british company in istanbul called dqdx - does anyone know anything about them. Their website looks really professional but i wanted some more information.

Prices in Istanbul did increase very dramatically between 2004 and 2006. There is some uncertainty about whether this will continue in 2007 although Price Waterhouse Coopers ranked Istanbul property number one for growth and number one for capital returns fairly recently (ahead of Bucharest, Sofia, Riga). On the other hand prices are so far out of the league of the average Turkish person we can't see how this is sustainable. I have heard of dqdx but dont have a lot of information. I think they tend to deal with the more luxurious end of the market.

The average turkish person doesnt rent the type of properties us british people want to buy. There are lots of wealthy turks in Istanbul and a surprising amount of Russian business people for short terms lets.

I was out there early 2006 and there seems to be a lot of development going on. Joining the EU talk has been more negative recently and im sure the lack of negative speak between 2004 and 2006 has contributed to price increases. Now that we have had a bit of negativity im not so sure those returns will be so great. I still want to buy there though.

quote:

Originally posted by Mike99:
The average turkish person doesnt rent the type of properties us british people want to buy. There are lots of wealthy turks in Istanbul and a surprising amount of Russian business people for short terms lets.

I was out there early 2006 and there seems to be a lot of development going on. Joining the EU talk has been more negative recently and im sure the lack of negative speak between 2004 and 2006 has contributed to price increases. Now that we have had a bit of negativity im not so sure those returns will be so great. I still want to buy there though.

Mike. Hi I went to Istanbul recently on a short holiday and although I hadnt considered it an investment location I am thinking that maybe it has all the hallmarks. Have you gone ahead? I normally invest in small apartments right in the city centre but given the 'spread out nature'of this city I am not sure where to go. I am nervous of older places as I understand that there are major problems on title.

Hi, Istanbul is a lovely city, we go there at least twice a year, it is a short hop, easy for us to travel from Skopje to Istanbul. We have considered buying there and looked mainly at Istanbul as opposed to other areas. My suggestion is to go via the British Embassy in Istanbul they know the right contacts, areas etc.
It's safe... it is a different culture but definitely worth considering. My suggestion is based on my Embassy contacts here, and the Turkish Ambassador here is very helpful. There is also a large German community in Istanbul and outside. Good Luck

quote:

Originally posted by Anke:
Hi, Istanbul is a lovely city, we go there at least twice a year, it is a short hop, easy for us to travel from Skopje to Istanbul. We have considered buying there and looked mainly at Istanbul as opposed to other areas. My suggestion is to go via the British Embassy in Istanbul they know the right contacts, areas etc.
It's safe... it is a different culture but definitely worth considering. My suggestion is based on my Embassy contacts here, and the Turkish Ambassador here is very helpful. There is also a large German community in Istanbul and outside. Good Luck

If I may add a comment on price, the cost of accommodation has gone up tremendously over the last 3 years, restaurant prices wow, tourism aspect is growing by some 27% apparently, so an appartment for let-holiday let- would be good, Internationals? Hm one needs a big space and all the trimmings, good central position. Good be a good investment, but Izmir may be better fo holiday lets, a warning came across from Ambassador level, don't break up your permanent tent in the UK, stay in the NHS in the UK, there is nothing in Turkey, or only privately.

I saw though at the ITB, Berlin (International Tourism Exchange) in March this year, that Turkey is trying to go into 'Health-Beauty-Tourism' ...

Ps. Wine is horrendously expensive, they have excellent wines, local people are not encouraged to drink, religion...
A market yet perhaps?