Istanbul is fast emerging as one of the most attractive markets for real estate investment in Europe, new research has found.
According to the study by LaSalle Investment Management, Istanbul is one of the best locations for new property acquisitions and developments as the Turkish city climbed from 25th place last year to stand in fifth position in 2011. The firm noted that the government's decision to establish a financial centre in the city, a booming tourism industry and an influx of blue chip companies has made Istanbul, the first choice for many investors.
In addition, a joint study by PricewaterHouseCoopers and the Urban Land Institute (ULI) has found Turkey's largest city to lead the way in terms of development expectations for the second year in a row. Moreover, the city ranked in the top five for real estate purchase expectations. An increase in the level of visitors heading to Istanbul has also put the city to the forefront of investors' minds once again.
Firuz Soyuer, board member at ULI Turkey said that Investors might also look toward different areas to spread risk. Maybe shopping streets will come to the fore again
He commented: "International investors are still wary toward investing in logistics. Meanwhile, hotels in Istanbul still do not number many. Thus, we will see an increase in the supply of four-star hotels on the Anatolian side especially."
Indeed, the news surrounding an increase in property investment comes after Figures from the State Airport Authority have revealed the increase in passenger numbers at Istanbul's Sabiha Gokcen Airport and Ataturk Airport. The news may encourage a number of individuals to consider property purchase in Istanbul in an attempt to take advantage of the growing buy-to-let market.
Meanwhile, Alexander Tomlinson, Istanbul property investment expert and director of agency Gem Invest, said: "Istanbul remains one of the few locations in Europe, if not the world, with real estate investment potential. With a population of nearly 18 million people and a burgeoning middle class, demand for new build highly quality housing continues to grow”. He said that despite increased levels of construction there still remains a serious shortage of quality accommodation, some 250,000 units per annum.
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