Istanbul – sunny London
People often compare the role of Britain in Europe with the role of Turkey in Asia. Some of them call Istambul the second London for arabic world. This metaphor actually belongs to the executive director of construction company Varyap Erdinch Varlybash. And it is not surpsising, because the large new housing estate in Varyap Meridian complex developed by “Varyap” was sold within 3 month. 92% of the apartments have been sold before construction even began. Other 7% of the apartments have been sold to foreigners, which are quite a lot, considering that the complex is in the business district of Beyoglu. It is lined with high-rise residences only and designed for people who have a car. It is possible to conclude that the main objectives to buy housing are: investment and purchase of houses by businessmen.
Over the past seven years, the average price for premium class apartment increased more than twice as much – from $2,000 to average $4,500. It is estimated that in whole, the sales of real estate in Turkey to foreigners in the future will grow from $2.5 billion last year to $4 billion. Moreover, the major buyers are expected to be from the Persian Gulf; because of the new law, where the reciprocity principle is excluded, now it is allowed to buy housing and formilize it for natural person. Also experts predict increase in demand from the citizens of Russia and central Asia.
