Developer forecasts strong growth in turkey

Photo: King Brian

Enyap Insaat is experienced in the construction of commercial projects, including schools and shopping malls, as well as residential blocks – typical of its properties sold by estate agency Spot Blue, which has sold at least 30 properties on behalf of the developer, including new apartments for under £100,000 in the district of Belikduzu.

Vedat Mavuzer, MD of Enyap Insaat, says that Turkey's election of President Erdogan in August should bring political and economic stability to the country:

"We've had a decade of growth, with real estate values typically rising by 50 per cent. I expect this to continue at a similar rate, thanks to the continuity of having Erdogan as president for the next decade."

Mr. Mavuzer adds that they are aiming target an increasingly global audience of buyers and investors: "90 per cent of our business is with the Middle East, with most clients buying second homes and spending $150K to $500K.

"Elsewhere, Spot Blue has been very good for us and key to our business in the UK and Europe, so we want to evolve these markets with them."

Spot Blue notes that a number of infrastructure projects will continue to stimulate the Istanbul property market in 2014, in particular on the outer limits of the European side.

"The district of Arnavutkoy is under the spotlight," comments Director Julian Walker. "The site of Istanbul's third airport, set to be the world's largest, is there, and the district will have improved links to the Eastern side when the city's third bridge over the Bosphorus, to the north of the Centre, opens. But arguably the largest impact on Arnavutkoy will be the construction of the Istanbul Canal, Erdogan's most adventurous project to date, which will connect the Black Sea and Sea of Marmara Sea, transforming the land along its route."