Turkey is on tenterhooks as it waits to find out if Istanbul will host the 2020 Olympics – the International Olympic Committee will announce the winning bid for the Games on 7th September.
Winning would be a huge shot in the arm for Istanbul – and Turkey as a whole – and increase its appeal as somewhere to invest and own property. That said, even without winning the Olympics, 2013 has already been a year in which Istanbul has made important steps on the global economic stage, and here are five examples:
– In May, Turkey was awarded investment grade rating by Moody’s, one of the world’s three main credit rating agencies. Only six months previously, it achieved a similar upgrade by Fitch.
– Istanbul was ranked number one for ‘Development Prospects’ in the PricewaterhouseCoopers 2013 ‘Emerging Trends in Real Estate Europe’ report.
– The eradication of restrictive reciprocity ownership laws in 2012 began to have positive effects this year, with Middle Eastern investors in particular being attracted to investment opportunities in Istanbul.
– Plans got underway this year to build the world’s largest airport in Istanbul. The city’s third ‘mega’ airport is expected to be operational by 2017. At the same time, Turkey’s national carrier, Turkish Airlines, has undergone huge expansion in 2013.
– Istanbul’s ground-breaking rail upgrade, the Marmaray Project, is forecast for completion at the end of October. This will link the eastern and western sides of the city by an underground train line, improving commuting times between districts dramatically.
Contact Spot Blue for more information on buying property in Istanbul and throughout Turkey: www.spotblue.com, +44 (0) 20 8339 6036.