With a rapidly expanding population, 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. Loxley McKenzie, managing director of Colordarcy, reports that there is a total shortfall of 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.
McKenzie said: “Turkey has established itself as a major European holiday destination in recent years with hundreds of thousands of tourists flocking to its shores annually to experience luxury hotels that in many cases knock spots of the more traditional European getaway. However, whilst this increased tourism has undoubtedly help buoy Turkeys economy it is the property industry that has caught the eye of many investors.”
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