French Property Market

Turkey proves popular at MIPIM 2013

Two Turkish developments were honoured at the top international property exhibition in Cannes last week. MIPIM attracts visitors from all over the world and 1,850 developers and agents exhibit their wares in the conference centre. The annual awards are amongst the most prestigious in global real estate and this year three Turkish companies were honoured.

Marmara Park won the hotly contested award for “best shopping centre”, Bosphorous City was voted “best development in Turkey” and Akasya Acibadem lake and woods won the “peoples choice” award. The judges included the head of the RICS in the UK as well as experts from Russia, Singapore, France, Turkey and Germany.

Marmara Park has a leaseable area of 100,000m2 and boasts a “spectacular outer space atmosphere” according to the judges. The developer is ECE Projektmanagement.

Bosphorous City (pictured) “provides momentum for Istanbul’s urban transformation” and “the most important element of the masterplan are the recreational areas integrating water & green spaces”. The developer is Sinpas Gyo.

Finally, Akasya Acibadem has revitalised the existing waterway and will include a 40 storey iconic building, it’s always a huge honour to win the peoples choice award at MIPIM. The developer is SAF Gyo.

Bilfer Budak-Roche of Leggett Turkey congratulates all the winners and has this comment on the top end of the Turkish market:

“The top end of the Turkish property market will continue to move briskly throughout 2013 and beyond. We have seen a huge increase in demand from the Gulf since the change in regulations last year, these buyers tend to like properties with security, concierge services and even hotel facilities on tap. These properties inevitably attract high service charges but this is not an obstacle at this end of the market.

One of the most interesting things to come out of the “Wealth Report” issued by Knight Frank this week was that high net worth individuals now rank lifestyle as their number one investment criteria for a second home, above investment return and favourable tax regime. It’s clear that Turkey scores well for lifestyle, particularly with the higher end individuals from the Gulf where buyers enjoy the Islamic heritage of one of the world’s most atmospheric and historic countries.

Turkey has the infrastructure and forward thinking to go with the quality of life though. There are plans afoot to modernise the financial centre in Istanbul – modelled on Dubai this could have a huge effect on the top end of the market. Similarly the 3rd airport in Istanbul will eventually have a capacity of 150 million passengers per annum making it the world’s largest airport.

The Wealth Report also listed Istanbul as having a 10% growth in property prices in 2012 putting it just ahead of London, Hong Kong and Bangkok in their table, with an average price of 7,200-7,900 euros per square metre for luxury property.

Here at Leggett Turkey we have plenty of excellent properties for sale at this end of the market. For example we are selling a superb, three bedroom, apartment on the 23rd floor of the Ritz Carlton residence in Istanbul. On the market for £1,950,000 it combines some of the best views in Istanbul with 24 hour security and concierge services as well as access to indoor & outdoor pools, fitness centre and spa.

Alternatively we are also selling a terrific mansion in Istanbul, the asking price is £14,200,000 and it stands on the waters edge overlooking the Bosphorous with views over the straight where Asia meets Europe. There are 600m2 of luxurious space which is finished to the very highest of standards”.

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