FEBRUARY 2012 |
www.opp.org.uk
SNAPSHOT
Suleyman Akbay: the local outlook
Local expert Suleyman Akbay, managing director of Istanbul- based international agency Oceanwide Properties, has been specialising in the Turkish property market for more than 7 years and he can only see bright skies ahead. “In my opinion demand for
Turkish properties will go on growing as we head towards the EU, and as the country makes massive investments in its infrastructure. Financial and political stability make Turkey an attractive proposition too, and the country offers a good standard of living at a fraction of the cost of most European destinations. Istanbul’s climate, its easy access to beautiful stretches of beach, its seafront, its wealth of history, and its excellent healthcare services all help. And we have a good currency rate, which makes buying property very desirable of course.: Akbay points to Ministry of
Tourism fi gures stating that the number of tourists visiting Turkey is “well on target to reach 63 million visitors a year by 2023. And, according to Goldman Sachs, Turkey’s economy will be bigger than Germany, Japan and France in 2050. It is worth noting that all this growth means Turkey is in need of 5.5 million new homes by 2015.” “Talking to various developers
in Turkey,” he adds, “it is the Scandinavian, German and especially the Russian buyer markets that are the most active.”
72 (2010) 2010/2009/2008 Istanbul Hotel Occupancy Rates & ARR
Occupancy Rate (%) 70 (2009)
76 (2008) Source: OGC
Country France
USA
China Spain Italy
England Turkey
Germany Malaysia Mexico
10 Most Visited Countries by International Tourist Arrivals in 2010 2010
2009
76.8 million 59.7 million 55.7 million 49.9 million 43.6 million 28.1 million 27 million 26.9 million 24.6 million 22.4 million
74.2 million 54.9 million 50.9 million 52.2 million 43.2 million 28.0 million 25.5 million 24.2 million 23.6 million 21.5 million
2008
79.2 million 57.9 million 53.0 million 57.2 million 42.7 million 30.1 million 25.0 million 24.9 million 22.1 million 22.6 million
Source: World Tourism Organisation Istanbul Average Asking Sale Prices, Residential Market 2004-2011
$500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000
$0 2004
OPP would like to thank OGC for its help in preparing this report.
2005-l 2005-ll 2006-l Apartment 2006-ll 2007-l 2007-ll Apartment Duplex Source: Colliers International 2008-l 2008-ll 2009-l 2009-ll Luxury Apartment 2010-l 2010-ll 2011-l Villa $4,572 $4,154 2007
80.9 million 56.0 million 54.7 million 58.7 million 43.7 million 30.9 million 22.2 million 24.4 million 21.0 million 21.4 million
155 (2010)
Average Room Rate (ARR) - € 155 (155)
2008 (160)
ISTANBUL | 57
2006
77.9 million 51.0 million 49.9 million 58.0 million 41.1 million 30.7 million 18.9 million 23.6 million 17.5 million 21.4 million
$2,986 $2,591 $2,211 $1,273
$908 $849
$1,040 $1,449 $1,319
$1,817 $1,676 $1,717 $1,542 $2,544
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