It’s another cloudless day with thermometers topping 30 degrees here in Istanbul and I have a full line-up for the day. At 1030 am I am meeting with my client Patrick, a UK national with an eye for a good property investment (read more below). After that I will meet with a few Turkish clients who are looking to snap up some property before they head off for the coastal regions (Bodrum, Antalya, Fethiye) for a good part of the summer. Turks love their extended summer holidays and many who can afford it, have a yazlik (summer home) on the Aegean. The plus side of this is that it seems to ease the traffic in Istanbul, as these motorists are replaced by peripatetic tourists.
To finish off, I will be dining in the chic 360 restaurant with a few squash buddies (life isn’t all toil, after all!!). http://360istanbul.com/eng/index1.html
Patrick has agreed to a quick interview allowing us to probe the mind set of an International buyer-
First Patrick, would you mind telling us a bit about yourself and what brings you to Istanbul and why you are planning to buy property in Beyoglu? I came to Istanbul to expand my business in an area that has until now bucked the European recession trend. It also interests me because it is such a vibrant place and has become increasingly important as a regional power…. and of course, the cost, a room with a view in Paris or Rome would be five times more expensive.
What type of property are you interested in? I have a strong preference for a historical property in a very central location.
What is your expectation in terms of the investment? I plan to purchase, renovate and rent for at least 5 years, after which time I will assess whether to sell or not. I guess I am more of a long term investor.
What is a property turn off? Complex ownership titles, impractical layouts with little space for alteration, generic apartment developments.
What attracts you to a property? Proximity to lively neighbourhoods, well designed internal aspect that maximises space and utilises natural light, terrace and views always a bonus but can’t be expected.
What do you feel is the biggest obstacle a foreigner faces when hunting for property in Istanbul? Finding information and language barrier.
What has been your coolest experience in Istanbul? Rooftop party with Bosphorous view.
Which local footie team do you support? (laughs, apart from “Where are you from” this is the second most asked question in Turkey) Arsenal…then Galatasaray.
Favourite place for a drink and/or a meal in Istanbul? Midpoint on Istiklal for a drink and Datli lokanti for a meal in Cihangir. http://www.midpoint.com.tr/
Here’s a sneak shot of a potential property for Patrick -