'cutting edge' istanbul driving turkish property boom

Photo: IstanbulDayCruises

The index showed that property prices in Turkey increased at the sixth highest rate anywhere in the world, with the next highest European country being Estonia (8th), reports Nuwire Investor.

Istanbul is driving much of the growth, with the city’s popularity amongst international investors booming in recent years, as demand for residential housing in its suburbs rockets. Turkey property specialist Spot Blue has seen demand for property there increase, particularly from Middle Eastern buyers who have been able to own property in Istanbul more freely since the country relaxed its reciprocity laws last year.

Julian Walker, director at Spot Blue, said: “Istanbul’s cutting edge developments, including residential, commercial, tourist and mixed use, are creating excitement globally but especially amongst Gulf nations. Proof of this is the prominence the city will have at the Dubai property exhibition Cityscape being held in October.”

Areas of Istanbul that are the focus of new residential developments, so offer appealing investment opportunities, include Beylikduzu, Halkali, Bahcesehir, Kurtkoy, Kavacik-Beykoz and Erenkoy.