Istanbul property market continues to thrive - Emerging Real Estate

Istanbul property market continues to thrive

15/09/2011

 Istanbul property market continues to thrive

Here at Emerging Real Estate we have been singing the praises of the property market in Istanbul for some time now but it seems that Istanbul continues to go from strength to strength with figures from the city’s Chamber of Commerce showing that annual foreign property investment is likely to be in the region of 27% this year.

Turkey’s economy is thriving and house prices are rising month on month. Domestic demand, together with foreign investors keen to take advantage of the booming tourism industry, are driving this forward and the situation shows no sign of changing. The annual requirement for residential property in Istanbul alone is reported to be over 250,000 properties with only approximately 180,000 available and this domestic market helps to underpin foreign investment to ensure the market is more stable.  The significant gap between the domestic residential demand and supply is likely to continue for several years yet, pushing prices up further.

As the tourism industry continues to grow, so does demand for coastal property and prices therefore continue to rise. In addition to this, properties in cities such as in Istanbul are very much in demand as the number of businesses moving there continues to grow as a result of Turkey’s rapidly growing economy. The Istanbul Development Agency has announced plans to draw in even more foreign investors, offering help to establish businesses in Istanbul via its Investment Support Office (ISO).

As businesses continue to move to Istanbul, significant job creation is taking place and the demand for commercial real estate is therefore also growing rapidly. In fact, it is hard to see any area of Turkey’s property market that is not booming!

To discuss any of our properties in Istanbul, please give us a call.