Demand for Turkish property is out stripping supply
Sunday, June 29, 2008
Istanbul's Chamber of Commerce (ITO) has stated that the requirement for residential properties in Turkey has increased massively to manage the anticipated demand in the future. Turkey will need between 300,000 and 350,000 new properties to be constructed annually.
The steady growth of the Turkish population means that nearly 5.5m new homes has to be constructed to accommodate the country’s growing population by 2016, according to the figures from ITO.
Property experts believe that the growing spending power of consumers as a good reason to invest in both residential and retail property. Ian Jones, director of investment for Cordea Savills, said that the conditions are right for further upward movement in the housing market and increase in property prices.
Turkey appears to be enjoying a surge in popularity with overseas investors for its year round good weather, low living costs, healthy food, a friendly population and a relaxed lifestyle. The figures from Turkey's Land Registry General Directorate showed that nearly 73,000 foreigners now own property in Turkey and 17,000 are from UK.
ShelterOffshore.com has reported that Turkey offers far more affordable property values than the UK and investors could snap up a potential bargain if they enter the market early. House prices in the most popular areas have gone up by about 25 per cent a year. This indicates that the country offers strong investment potential to those who wish to sell the house in future.
Social BookmarkingThe steady growth of the Turkish population means that nearly 5.5m new homes has to be constructed to accommodate the country’s growing population by 2016, according to the figures from ITO.
Property experts believe that the growing spending power of consumers as a good reason to invest in both residential and retail property. Ian Jones, director of investment for Cordea Savills, said that the conditions are right for further upward movement in the housing market and increase in property prices.
Turkey appears to be enjoying a surge in popularity with overseas investors for its year round good weather, low living costs, healthy food, a friendly population and a relaxed lifestyle. The figures from Turkey's Land Registry General Directorate showed that nearly 73,000 foreigners now own property in Turkey and 17,000 are from UK.
ShelterOffshore.com has reported that Turkey offers far more affordable property values than the UK and investors could snap up a potential bargain if they enter the market early. House prices in the most popular areas have gone up by about 25 per cent a year. This indicates that the country offers strong investment potential to those who wish to sell the house in future.
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