Real estate investors who monitor infrastructure closely, and who do not concern themselves with the rumors that the property market is overheating, which appear every 2-3 years, are always in profit in the medium to long-term with the land, fields, outlets and homes that they buy in Istanbul.
RE/MAX Abc Broker Selami Arpacı, who provides a service in the Anatolian and European sides of Istanbul with a total of 14 offices (3 of them franchises and 11 project offices) and 75 consultants, said, “The rocks and soil of Istanbul are not made of gold – it’s as if they are made of diamonds.”
“The wealthy of Anatolia also invest in Istanbul.”
Arpacı pointed out that quality projects stood out in particular in the last 14 years in Istanbul, saying, “Two large earthquakes in Marmara were a bitter experience. Those who panicked and sold at the time, and could not replace them, are today very remorseful. That is because the prices of homes which were 15-20 thousand TL 10-11 years ago are now 10 times more expensive.”
Arpacı emphasized that those who had closely monitored the news of the metro, Marmaray, the new bridge across the Bosphorus, the new airport, and urban transformation in recent years, had made good profits in a short time, and stated that almost all regions had risen in value in the last few years.
100 per cent premiums seen
Arpacı stated as follows: “The villages of Istanbul, the slum areas, and the industrial areas which were referred to as “out of town” before, but are now in the city center, are having their values multiplied every 3-4 years. The new airport, bridge and Canal Istanbul investments made those who have land left to them in those regions from their grandfathers extremely rich.”
Arpacı stated that the demand for property from both locals and foreign nationals had been very high in the last 5-6 years in particular, and said, “Istanbul has become a star in real estate. The Law of Reciprocity has led to an increase in demand from the Turkic Republics and the rich Gulf countries. The rich sections of towns outside Istanbul are also buying property in Istanbul, based on what they can afford.”
Arpacı stated that the fact that housing stock in Istanbul is old has kept the demand for new homes alive, and said, “There is demand both from locals and foreign citizens but prices are rising consistently. The worry that the market will overheat is without basis. We have seen premiums of up to 100 per cent in the last 3-4 years. These figures are being verified by the reports coming in from the Çekmeköy, Ataşehir, Bahçelievler and Ümraniye offices.”