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...Latest News
Istanbul property market continues to boom
Date:-20-Sep-2011
Istanbul’s property market continues to go from strength to strength, with Foreign Direct Investment (FDI) into the city rising by a staggering 27% this year, making Istanbul one of the primary property hot spots in the world, according to data released by the Istanbul Chamber of Commerce.
The property market in the Turkish capital is booming on the back of a thriving economy and a genuine housing shortage, which in turn is pushing up property prices and rents.
It is estimated that around 250,000 new homes need to be delivered each year and yet fewer than 180,000 residential units are expected to be completed in 2011, adding to the chronic undersupply of homes in the city.
The residential market in Istanbul has undergone rapid development over the last eight years, and market drivers remain strong, creating further room for continued growth.
The city offers huge potential with an expanding middle class and their strong investment intentions, ongoing migration into the capital, as well as the need to replace the existing earthquake-vulnerable stock.
