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Istanbul continues to attract Gulf investors – Economics & Business Channel
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Istanbul continues to attract Gulf investors

Assistant Manager at TSKB Real Estate Appraisal Company, Esra Adıbelli Neşeli, said that Istanbul continues to attract foreign investors, especially from Gulf region.

In a written statement, Neşeli stated that the rate of housing acquisition of foreigners, which has gained importance recently should also be evaluated along with the house sales.

Reminding that 2 percent of total house sales in 2014 was made to the foreigners according to the data of Turkish Statical Institute (TUIK) Neşeli stated that after Antalya, Istanbul was ranked number two with the 29 percent of house sales to foreigners.

Neşeli said that quality housing stock in Istanbul has increased in the last 5 years and investors from the Gulf countries show great interest to the branded projects mostly in Beylikdüzü, Ispartakule, Bahçeşehir and Esenyurt.

In some projects, 25 percent of total apartments were sold to the foreign investors and even special projects, which are shaped in accordance with the demand of Gulf region investors are developed, she added.

Stating that Anatolian side also began to be introduced to the foreign investors Neşeli said “Istanbul continues to be the favorite of foreign investors.”

With the urban transformation law, housing development accelerated in the central locations of Istanbul.

Esra Adıbelli Neşeli said “It is possible to observe the effects of urban transformation works in Kadıköy, Üsküdar, Şişli, Beşiktaş, Bakırköy districts, which are identified as the city center because of the location, facilities and commercial functions. The land stock in these district is limited, and urban transformation is carried out with the rebuilding. The highest revenue sharing rates are in the most prestigious districts of Istanbul. Bağdat Avenue, located at the Anatolian Side of Istanbul, has the highest revenue sharing rate with 70 percent. There is average 20-22 percent price increase compared to the 2012.”