Growing population fuelling demand for homes in Istanbul

Tuesday, May 25, 2010

Growing population fuelling demand for homes in Istanbul

Insatiable demand for residential properties in Istanbul is expected to grow further, on the back of the city's rapidly growing population.

Istanbul, home to 20 per cent of all people living in Turkey, is set to see its population increase to around 15 million by 2023, according to the latest data released by TurkStat (Turkish Statistics Institute). Property prices and rents in the city should appreciate as a consequence.

Sandwiched between Asia and Europe, Turkey is growing in popularity as a holiday home and property investment destination, among Brits seeking to avoid the more expensive eurozone, where property prices are generally more costly.

Steven Worboys, managing director of Experience International, said: “Turkey is a country in the midst of a dynamic shift. The continued population expansion both naturally and through migration is putting further pressure on existing housing stock in western cities. The national housing deficit is well-documented with the Central Bank of the Republic of Turkey stating a requirement for 5.5 million additional homes in Turkey by 2015, of which 50 per cent of these are needed in Istanbul in order to address the chronic shortage of accommodation.”

Read our guide to buying a property in Turkey


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