Property shortage makes Istanbul a great place to invest

05/04/2011

 

Property Shortage makes Istanbul a Great Place to Invest
Turkey’s impressive performance recently on the economic stage has gone hand in hand with a rapidly expanding population, meaning that house builders are struggling to build enough homes in Istanbul to cater for growth in demand.
Medium to long-term prospects for the property market in the Turkish capital look good, with residential demand continuing to outpace supply. Tim Morgan, managing director of Emerging Real Estate, estimates that there is a total shortfall of around 500,000 homes in Istanbul.
The residential market in Istanbul has undergone rapid development in recent years, and market drivers remain strong, creating further room for continued growth. The city offers huge potential with an expanding middle class. EU economists have predicted that Turkey will become Europe’s fastest growing nation and indeed there is the possibility that the country will eventually become a full EU member.
Morgan said: “It’s clear that Turkey has already established itself as a major European holiday destination in recent years and as a result has seen many people invest in this sector. However, as more and more people move into the urban areas of Istanbul, there is a desperate need for property that has caught the eye of many investors.”
Meanwhile, the US Secretary of Commerce Gary Locke has praised Turkey’s economic performance during the last few years and especially it's growing economic ties with the US, but still feels that the two countries can do a lot more trading.
The trade between the two countries reached $15 billion last year which was up 40% from 2009. Part of the reason for this impressive figure is Turkey’s quick recovery from the global financial crisis. Turkish GDP contracted by 4.7% in 2009, but swiftly recovered to grow by 8.9% during the first three quarters of 2010, and 6.4% for the year.
If you would like to find out more about our investment opportunities in Istanbul then please do not hesitate to get in touch.

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