Istanbul, Turkey

Today Istanbul has loosened the shackles of old adages like “East meets West”, and instead enveloped itself in the modern world, playing host to one of the largest shopping centres in Europe and in the throes of launching an epic 40-day festival next month.

Of course, the emerging super-economy Turkey has helped grow the profile of this engine-room of a developing city, but now it has arrived in the new world, Istanbul is clearly keen to stamp its authority.

Fashion stores like Gant, Lacoste, Diesel, Tommy Hilfiger and Mango all have bases in the £170m Viaport shopping centre, which offers visitors far more than just a marathon shopping trip, because activities ranging from horse riding to go-karting mean that visitors are expected to do more than just shop.

However, Istanbul’s real chance to shine in the world of fashion is this month (March) when its first shopping festival kicks off across the European and Anatolian sides of Istanbul. This huge fashion enthusiast-drawing event will cover the main shopping districts of the city including Abdi İpekçi Street in Nışantaşı, Beyoğlu’s İstiklal Street, Bakırköy’s İstasyon Street, as well as many of Istanbul’s shopping centres. Throughout the festival city visitors will be entertained with music concerts, fashion shows, product discounts and parties, and each day stores will stay open until 2am – proving that Istanbul is a city that has a nightlife to show off as well.

And, like a set of dominoes, now that Istanbul’s creative and vibrant side is out and offering visitors and dwellers a lifestyle more akin to cities like London and Paris, the knock-on impact is significant.

One Istanbul properties expert has noticed a surge in activity in the city in terms of property interest, which is something he puts down to Istanbul’s recent emergence as a modern and ‘young’ city, while holding on to some traditional roots. Graham Flaherty explains: “Property interest in Istanbul, particularly among hotel room investments, has risen. This is a city with a thriving nightlife, diversity of people and an abundance of attractions. Tourists like to visit the Anatolian side of Istanbul because it has more of the traditional Ottoman feel to it whilst still offering all the services of a modern city.”

And, with hotel room occupancy levels back to their pre-recession best (STR Global), and Istanbul being named as one of the key corporate conference venues in the world, you can see why investors are starting to come around to the idea of an Istanbul property investment.

Unfortunately, nothing is certain in the world of overseas property, however with festivals, massive developments and a “young population” (PwC), Istanbul is clearly a city with a youthful edge, and with youth comes room for future growth and wide opportunity.

Graham Flaherty is the property sourcing expert at Istanbul Property Investment, specialising in high yield hotel room investments.