Beylikduzu has been recommended by experts as a key place to invest in Istanbul.
A key city in one of the world's fastest growing economies, Istanbul, Turkey's economic powerhouse, has been enjoying soaring tourism along with vast internal migration and a youth orientated demography which has propelled the city forward and boosted its property market. The Global Property Guide, an authoritative source of information on buying overseas property, has produced an independent guide to buying property in Istanbul, highlighting the city's strong political situation and geographical beauty as factors that have attributed to Istanbul's surge in visitors and buy-to-let property investors.
Labelled Eurasia's rising Tiger by The Wall Street Journal, Turkey's economy grew 11% year on year in Q1 2011 seeing around $100 billion in foreign investment pour into the nation since Prime Minister Recep Tayyip Erdogan took the stand in 2003, while Turkey's 'city of desire', Istanbul, saw a 30.1% increase in tourist revenue in 2011, according to data from PriceWaterhouseCoopers, helping the nation become the 34th richest city by GDP in the world.
As tourism continues to accelerate faster than other European countries, the Global Property Guide also highlights that Istanbul has now become the third most visited city in Europe after Paris and London, with many property investors from around the world, including the UK, USA and Russia, attracted to the projected demand of 2.9 million houses by 2015.
Low unemployment and the undervaluation of the Turkish Lira also makes property in Istanbul relatively inexpensive compared to other European cities. Indeed, the growing middle classes and a flourishing international community have made Istanbul a prime buy-to-let market with outlaying suburbs, such as Beylikduzu, growing in popularity.
Ray Withers, Director of Property Frontiers, comments, "We at Property Frontiers have recognised the growing potential of Istanbul as a lucrative property investment hub. The western suburb of Beylikduzu is one of the fastest growing areas which present not only one of the best opportunities for investment but cheaper property price tags than the rest of Europe. Its location is perfect, located close to shopping centres and leisure facilities, the area affords three universities and plenty of green spaces as well as excellent transport options including trains and the Metro bus which runs through the suburb making it easily accessible from the city centre.
"Due to its popularity Beylikduzu is expanding rapidly with the population expected to increase fivefold to 1 million residents by 2016. At present there is an acute shortage of rental properties and it is exactly this lack of supply and growing demand which investors can capitalize on."
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