Property for sale in Istanbul

Where East meets West, is how the tourist websites often describe Istanbul. Today, this modern, and commercially thriving city has been tipped to become one of the world's newest property hotspots, as increasing numbers of investors look to buy property in Istanbul and its surrounding suburbs.

Indeed, the recent 'Emerging Trends in Real Estate Europe Report, released by Pricewaterhouse Cooper and the Land Institute, rated Istanbul as number one in its City Development Prospects for this year. This trend is certainly reflected in what we are seeing here, with Istanbul being one of our most popular destinations for overseas investors so far in 2010.

To fully understand the scope of opportunity available in the Istanbul property market, one must first view it in the context of the Turkish economy as a whole. Having enjoying considerable growth over the course of the past two years, Turkey is now seen as a major financial player, and indeed its financial performance has greatly those of other more established markets such as Spain, Italy and Portugal.

As well the large increase in GDP relative to other markets, Turkey has already begun to capitalise on the vast tourism industry which has begun to emerge in recent times. Once in the shadows of some of the more popular Mediterranean destinations, Turkey, along with Egypt, is now one of the leading tourist destinations from the UK. An increasing number of low cost airlines are now offering regular flights into Istanbul, Bodrum and Dalaman International on a daily basis. Understandably, this large increase in tourist visitors has driven up the price of property in Turkey, particularly in the more popular tourist destinations.

However, it would be too simplistic to suggest that the Turkish property boom was based purely on increased tourism revenue. Indeed the demand for property in Istanbul has primarily been driven by the large increases in population in the city, as an estimated 400,000 new inhabitants move to the city on an annual basis. A recent survey by the Real Estate Investment Trust recent stated that around 250,000 new homes per annum will be required in Istanbul in order to cope with the influx of people to the city. Understandably, the will be substantial upwards pressure on the prices of property in Istanbul and the nearby commuter towns.

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