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Expatriates thinking about investing in a home abroad should look further afield than the traditional expat areas in western Europe and instead turn to the Istanbul housing market, a property expert has suggested.
Aidan Rankin, economic analyst at Property Frontiers, commented that market values and rental yields in western Europe ‘have not been favourable’, while properties in Istanbul could offer rental returns of around 7.5 per cent for expatriate medical insurance policyholders.
‘It is also a good investment for middle-income buyers in a dynamic area of the city with a young, professional and creative population,’ he noted.
Mr Rankin’s comments follow research from The Co-operative Travel, which found that an average family will pay 24 per cent less this summer for a trip to Turkey compared to last year, suggesting that the country could become popular with tourists and expats alike this year.
Additionally, research by the Worldwide Property Group published earlier this month found that 65 per cent of respondents believe now is the right time to buy a foreign property, while 62 per cent said they were actively considering making an investment in the overseas home market.
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