This article is part of our series on top Canadian real estate destinations. For a full overview, check Canadian Property – Real Estate Market Explained.

Montreal: Culture and Luxury

The second largest city in Canada, and the largest city in Canada’s only french-speaking province, this bustling island metropolis infuses Europe and North America. The bilingual city is famous for its cultural attractions. Music, arts and food, as well as a growing scene for international startups and academics. The city is built around the historic mont-royal, a mountain with a park conceived by the same designer of the central park. It is edged in the south by the skyscrapers which make up the city’s iconic skyline, and to the east with hip, youthful multicultural communities.

An Economic Hotspot

It is differentiated from similar cities such as Toronto and Vancouver through its historical french roots as well as a booming financial sector, which has seen the city become the number one spot for real estate investments. Because of its similarities with New York, and grand architectue, the city is also a center of film and television production. The 1.5 million inhabitants are housed in a large metropolitan area of 4.259 km². Construction is everywhere in Montreal. One-way streets, bus lanes and bicycle paths areas are increasingly pushing back individual traffic – and improving the once poor air. Green walls and roof gardens, created by techno-farmers with cutting-edge knowledge mean this city is future-oriented, and sure to be a hotspot for many more years.

Top companies such as Air Canada, the National Bank of Canada, and Bombardier have their headquarters here. Its economy is highly diversified with a strong French speaking segment. Manufacturing is the traditional economic base for Montréal, but this industry is increasingly moving out of the city. Other important industries include food, beverages and tobacco. Yet, much more interesting is the significant growth in new industries such as aerospace, drug research, electronics, video games and computer programming. The Port of Montréal is the largest inland port in the world handling 26 million tons of freight per year.

• 1.5 million inhabitants
• Home to growing markets of new industries

Property Investment: The Place to Be

Of the total GDP growth experienced in Canada, over 50% were a result of real estate. With a GDP increase in 3%, Montreal was first in 2019 for all Canadian cities. This growth is largely down to it being the fastest growing real estate market in Canada and the first choice for real estate investments in the country. Experts say that it is set apart from other luxury cities like Toronto and Vancouver through its security against housing disasters. Not only is there high demand for housing, but construction for properties as well. In June, 15,445 there were rental units were under construction, 3.14% more than in the previous month. Representing an increase of 30.36% compared with the same month of the previous year. Much of Montreal’s housing is based around rentals, with up to 2000 properties operating as full-time airbnb or other rental suites. The median house price in Montreal is CAD306.000.

• 3% increase in GDP
• Massive rental unit construction
• Median house price CAD306.000.

Map: On the Coast

Districts: Little Italy to Big City

Montreal is home to many growing communities of diverse cultural origins and youthful atmosphere, with cozy streets and modern locations. Nonetheless, a bustling industry finds place in the city centre with glass fronted skyrises.

Vieux-Montreal (Old Montreal): Cobblestone in the Metropolis

Vieux-Port is home to some of the city’s historic center, with antique buildings and picturesque streets traveled by horse-drawn carriages. Situated right on the banks of the St. Lawrence River, it offers numerous riverfront properties, including a view of the old clock tower. The Old Port is home to museums, festivals, food stalls and outdoor athletics. On summer nights, street performers and artists compete for space in the Jacques Cartier Square, surrounded by extensive restaurant terraces, while the cobbled streets of Rue St. Paul and Rue Notre-Dame offer quiet galeries and atmospheric wine bars to take a breather. In the winter, the vieux-port houses events like the “Igloofest”, or an ice rink with mulled wine. These aspects make it the perfect location for investors looking for properties with a homely atmosphere and a traditional home.

Plateau-Mont-Royal: Artists and Academics

This large district,in the northeast of downtown Montreal, is home to the largest number of artists per capita in Canada and creates a unique living environment. Two of the city’s main arteries – Rue St-Denis and Boulevard St-Laurent – have their busiest sections as they cut across the plateau. Numerous boutique stores, apportez-votre-vin (BYOB) restaurants, bars and cafés line many streets of the plateau. It is also home to the Mile-End neighbourhood, with the highest level of education per capita in North America, as well as some of the best food and restaurants in Canada. While the Plateau is still affordable, rents have risen faster than the city average because the plateau is considered the place to live. The most hip artists, students and academics call this place home.

• Founded in 1870 as Côte-de-la-Vision

A crossing in Ville-Marie, where Universities, financiers, and luxury apartments live side-by-side

Ville-Marie: Montreal’s Manhattan

Ville Marie is the financial and economic center of Montreal, including the main commercial streets. It is attractive to property investors because of its bustling, cosmopolitan area with internationally renowned universities and corporate headquarters. With constant growth in population. While the western half of Ville Marie is lined with skyscrapers, those who move here will find release from the hustle and bustle in the eastern part, which includes the Latin Quarter, the Village and Old Montreal, with a community atmosphere and restaurants, small stores and delicatess stores. This area often becomes a filming location for hollywood productions, because of its visual similarity to New York.

• 89.170 inhabitants

Rosemont: Markets and Cozy Streets

Rosemont is a stylish homely area. Among others, it is home to Little Italy, is a small neighborhood where the best sounds, taste and culture of the old country are at home. As well as the Jean-Talon Market, a bustling farmers’ market with fresh food and delicacies. There is also some incredible shopping in the area including Deuxieme Edition, a vintage designer shop. While it is less expensive to rent or buy properties, its location in the center of downtown and close proximity to all other hip districts make it a welcome alternative for newcomers.

Outremont: Away from the Hustle-and-Bustle

A cultural mix of French expatriates, Hasidics, along with upper class Montrealese, form a unique collection of communities in Outremont. Located on the north side of Mount Royal and west of Mile End. With a wealth of Victorian Villas, quality stores, cafes, restaurants and parks, Outremont prides itself on a high quality of life. The downtown area behind the mountain is largely hidden from view, meaning it is perfect for families who are seeking a quieter area, without losing touch to the city. Prices for luxury properties are high here, and only increasing.

Montreal: Unlike any other

Montreal is a city difficult to compare to any other. Its architecture is often likened to New York, its massive port to Hamburg, the financial district to Frankfurt, but its startup scene is more like Berlin. While all this is taking place in a french-speaking city in Canada. Its history is similarly uncomparable.

Bilingual

One of the most attractive aspects of Montreal’s unique style is because it was founded and first populated by french settlers, and later by the British. This means it is a city with two hearts, and everywhere you go you are greeted with “bonjour, hi”. It therefore signifies a unique investment market. In recent years, french emigrants have been the second largest immigrant group in the province. Montreal, is the American dream à la française. Many French people in particular, without necessarily having to be Canadian citizens, have settled in “Le Plateau” in Montréal, a former working-class neighborhood with tree-lined streets and two or three-story houses, which now has many cafés and restaurants. Residents say you can finally find decent bakeries and delicatessens here.

Island Life

Montreal itself is on an island. Meaning an expanse of waterfront properties and views of the famous St.-Lawrence River. But there are more islands around, such as the Île Ste-Hélène and Île Notre-Dame which were built out of the rubble of the construction of its famous metro system. On Île Ste-Hélène is La Ronde, the major amusement park with the highest double wooden roller coaster in the world and a massive terrain where among others, the world-famous Osheaga festival takes place. On Île Notre-Dame is the Casino de Montréal, which includes gaming tables and more than 3,200 slot machines, a racing track, home to the Montreal Grand Prix, and a swimming lake.

The Underground City

The underground city is an infrastructural feat. It is a series of underground structures and tunnels that provide citizens with cool shortcuts and unique architecture. It is part of one of the largest subway networks in the world, shopping, including a massive mall, and over 30 km of tunnels. This means that within the city, many commutes can be done without ever having to brave the cold during the winter months.

Getting to and Around Montreal

Montreal has an extensive Metro subway network, used by high executive financiers and students alike. It is also home to Montreal-Trudeau International Airport (named after Pierre-Elliot Trudeau, the current prime minister Justin Trudeau’s father), the third busiest airport in Canada, only bested by Toronto and Vancouver. It is also the fastest growing, with 4,5% more passengers this year than last.

From the airport, situated right next to the city centre, it’s just 15 minutes to the central station in the heart of downtown by car.

Montreal as an Economic Powerhouse

Montreal’s immense growth in recent times, and financial success is historically supported. For a long time it has been the financial centre of Quebec, and a big player in Canada. In 2008, a merger of Montreal’s and Toronto’s stock exchanges means that Toronto is the true financial centre.

Toronto Stock Exchange: Canada’s Money Headquarters

King Street is the hub for all financial exchanges and the hub for the Toronto Stock Exchange.

One Year

Three years

Turkey: Economy and State

Investor infrastructure, political development, inflation & co. A comprehensive look at Turkey as an investment destination.

In summary: Istanbul in numbers

• Total number of home sales in Turkey between 2013 and 2018: 8 million.
• Total housing stock in Turkey in 2018: 34.2 million.
• Total number of house sales to foreigners in Turkey between 2013 and 2018: 134,000
• Class A office supply in Istanbul in 2019: 5.7 million square meters
• Active gross leasable area in shopping malls across Turkey in 2019: 14.5 million square meters
• Total logistics real estate stock in Istanbul in 2019: 4 million square meters

Source: Investment Office of the Presidency of the Republic of Turkey

Infrastructure: airports, railways, bridges

If you invest in Istanbul, you’ll be in the city in no time. Turkey has been investing large sums in the development of its infrastructure for a long time. In the years around 1990 to 2000, many new airports were built in the country. In 2010, there were 99 active airports in Turkey.

Investments in the road and aviation sectors will continue in the coming decades, as can be seen above from the large investments. According to the Ministry of Transport, it appears that the Erdoğan government will rebalance its policies in the infrastructure sector and build at least 10,000 kilometers of high-speed rail lines.

Chinese companies in particular are helping to finance the projects. Double-track railways between Ankara and Istanbul and between Ankara and Konya are currently under construction.

Of great importance in the infrastructure sector, Istanbul has become an “infinite city” where not even the construction of a third bridge connecting Europe and Asia will solve the complex traffic problem.

The infrastructure is certainly needed, after all, the Turkish state is growing continuously.

Population: Forecast 2024

Stability also often lies in the reproduction of the population. This is where the intergenerational contract kicks in. Here you can see the total Turkish population from 1980 to 2018 and forecasts until 2024 (in millions of inhabitants).

You can find more statistics at Statista

Political development: party and leadership

Turkey is a constitutionally secular republic. Actually. President Recep Tayyip Erdogan’s Justice and Development Party (AKP) has pushed an Islamist agenda and eroded democracy piece by piece.

Erdogan further consolidated his power after the 2018 elections, allowing an AKP coalition with the Nationalist Action Party to retain control of the unicameral National Assembly. While Erdogan won a narrow victory for a second four-year term as president.

25 percent still work in agriculture

Turkey’s largely market-based and diversified economy is driven by its industrial and service sectors, but traditional agriculture still accounts for about 25 percent of employment.

Although the economy has proven resilient in the past, political instability has blocked necessary reforms, and a currency crisis and recession in 2018 have put the country under severe pressure. The resilience of the Turkish economy is due to sound public finances, well-capitalized banks, and a dynamic and diversified private sector.

Until 2018, economic growth was pretty much always stable. Until a currency and debt crisis plunged the economy into recession.

Inflation rate: Forecast 2021

Inflation rate from 1980 to 2019 and forecasts to 2021 (year-on-year).

Reforms: Labour market and justice

The economy thus requires reforms to make the labor market more competitive. More urgently, the government will need to strengthen the effectiveness of the judiciary and the fight against corruption, both of which were damaged after the crackdown following the 2016 coup attempt. The event also caused major waves in Germany.

The most famous case is probably the arrest and imprisonment of journalist Deniz Yücel. But the Jan Böhmermann case also made headlines, due to “lese majeste”, a remnant in the German legal code that has since been abolished by the case.

Unemployment rate

Unemployment rate from 1980 to 2018 and forecasts to 2021:

Rating: Fragile States Index (FSI)

Assessment according to the Fragile States Index (FSI) from 2010 to 2020.

You can find more statistics at Statista

International market position & growth

Turkey’s largely free market economy is driven by industry and increasingly by the service sector, although the traditional agricultural sector still accounts for about 25% of employment, as described earlier.

Out of 137 countries covered in the 2017-2018 Global Competitiveness Index, Turkey ranked 53rd, down two places from 2016-2017 but still higher than the historic low of 43rd in 2012.

The depreciation of the lira in 2017 helped Turkish exports, and the government stimulated domestic demand by strengthening monetary and fiscal policy.

The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system.

Credit rating: reduction by rating agencies

Between July 2016 and March 2017, three rating agencies downgraded Turkey’s sovereign credit rating, citing concerns about the rule of law and the pace of economic reforms.

Economic impact of the crisis

German-Turkish trade relations

GDP (Gross Domestic Product): Current

What do the latest figures from the Turkish Statistical Office tell us?

The growth rate deteriorated in 2018, but the 2019 figures also give pause for thought. Data released in March 2019 from the statistics office show the effects are carrying over. After a sharp contraction in the previous quarter, which was 3%, as value added fell by 8.7% in the construction sector, 6.4% in industry, 0.5% in agriculture and 0.3% in services.

Gross Domestic Product (GDP) fell from $851.5 billion in 2017 to $784.1 billion in 2018. In the fourth quarter of 2018, GDP was $184.9 billion, which is the lowest amount since the first quarter of 2017, when it reached $175.9 billion, while GDP per capita at current value in 2018 was about $960,000 dollars.

GDP forecast 2024

Gross domestic product (GDP) in current prices from 1980 to 2018 and projections to 2024 (in billions of US dollars).

Here you can see real gross domestic product (GDP) growth from 1980 to 2019 and forecasts to 2021 (year-over-year).

GDP per capita: real growth for inhabitants

GDP is a top indicator of the overall economy, but what do individual residents get out of it? Is GDP per capita rising or falling? Here you can see the gross domestic product (GDP) per capita in current prices from 1980 to 2018 and forecasts to 2024 (in US dollars).

Factor: Tourism

Agriculture, industry, services, all important sectors of Turkey. Looking at the country as a whole, one sector in particular stands out, tourism. Already a large part of Turkey’s GDP. But by 2028, Turkey should be able to increasingly detach itself from tourism, as seen here. This is the evolution of the direct and total contribution of the Turkish tourism sector to GDP from 2012 to 2028 (in billions of euros).

• 2012: 35,54 %
• 2018: 32,78 %
• 2028: 33,14 %

Investing in real estate: Prices

While you can buy only 16 m² for 1 million in Monaco, 25 m² in New York and 28 m² in London, as an investor you get 98 m² for the same price in Istanbul. In comparison, you would currently get 77 m² in Berlin. Let’s start with the most important fact: What do I get for my money?

Square meter price

Here you can see the current prices per square meter worldwide. The big question is how much living space do you get, exemplified by $1,000,000. Similar to the “Big Mac Index”, this calculation is good to compare the different cities.

For $1 million, you get:

• Monaco – 16 m²
• New York – 25 m²
• London – 28 m²
• Berlin – 77 m²
• Istanbul – 98 m²

Turkey on top in financial support

70% of property owners in Turkey have received help with property financing. Here you can see the percentage of property owners who received financial assistance in selected countries around the world in 2012.

You can find more statistics at Statista

Price levels in comparison: living in the city

How cheap or expensive is living in Istanbul? Compared to the other metropolises, you can quickly see that life in Istanbul is relatively cheap at only 66.3 points. In Germany, the price level is currently 73.8 (Munich) and 72.6 (Frankfurt). Price level in the world’s most important metropolises (in points):

• Oslo 103.0
• Zurich – 100.0
• Tokyo – 83.4
• New York – 74.1
• London – 73.9
• Istanbul – 66.3

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