Why is Istanbul the 2010 Property Investment Hot Spot
Istanbul property is now tipped as the place to invest for 2010. Istanbul is said to be the gateway from west to east and as so can offer western society and security along with the promise of the east’s intriguing cosmopolitan culture and exciting environments.
The newest Emerging Trends in Real Estate Europe Report just released by Price Waterhouse Coopers and the Urban Land Institute rank Istanbul, European Capital of Culture, number 1 in City Development Prospects in 2010.
Turkey investment property has been attractive for the past few years now but most of the developments and marketing in the overseas property industry was more orientated towards the holiday lifestyle homes on the Med for example and has proven very popular withbeen attracting many overseas property investors from all over the world.
Turkey has traditionally capitalised on its warm climate, stunning Aegean and Mediterranean coast, low cost of living and easy access to the UK with 73,000 overseas nationals (Turkish Statistical Institute) already calling Turkey home.
We would like to highlight that Turkey’s property boom is also due to rapidly growing cities such as Istanbul where the significant Istanbul property market deficit presents opportunity.
As Managing Director of Experience International, Steven Worboys, comments,
“The success of Istanbul’s property market is a simple matter of supply and demand. Due to the fast growth of the city (some 400,000 new inhabitants arrive each year to work or study) the existing housing stock has reached capacity. It is estimated that 250,000 new homes per annum are required until 2015 according to the Real Estate Investment Trust Association to meet the demand generated by foreign as well as domestic investment.”
Istanbul is now establishing itself as the economic powerhouse of Turkey, offering some of the most attractive investment opportunities in the world.