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"The Istanbul property market continues to grow as the population expands. According to data from the Turkeys Address Based Population Registration System (ADNKS), the rate of migration more than doubled during 2009 and 2010 with over 102,000 people choosing to make Istanbul their home. All these new people need accommodation, and this makes Istanbul even more attractive to buy to let investors.
A lot of people choose to relocate to Istanbul from the less-developed regions of Turkey, as they have a much better chance of finding work due to Istanbul's strategic location. However with the population nearly at 17 million people, the strain on the city is significant. There is an acute housing shortage within the city and particularly in the central business and financial district of Istanbul where property prices are comparatively high.
This has led property developers to begin looking elsewhere for locations where new and more affordable housing can be built. The outer suburbs are becoming far more popular, especially as there will be significant improvement in transportation links in the very near future.
A new Metro link will be completed early next year, and will enable quick and easy access into the city centre from Beylikduzu, located on the desirable European side of Istanbul. At the moment the property here is still affordable and is in high demand from University students and young professionals. Western-style developments are being built which start at around £50,000, and are ideal for buy to let investors, with some offering a two-year rental guarantee of 7.5% a year.
