Istanbul 'top property destination'
Istanbul has been named the top destination in Europe
for real estate investment in a survey for the second consecutive
year.
The report - Emerging Trends in Real Estate Europe - from PwC
and the Urban Land Institute said that Turkey's largest city is the
best location in Europe for new property acquisitions and
developments.
Alexander Tomlinson, director of property agency Gem Invest,
said: "Istanbul remains one of the few locations in Europe, if not
the world, with real property investment potential."
According to the latest report, Istanbul has nearly 18 million
inhabitants, or almost one-fifth of Turkey's population, and the
figure continues to grow every year.
This has led to an increase in demand for high-quality Western
style new housing.
The report said that despite elevated levels of construction,
there is still a serious shortage of quality accommodation,
equivalent to around 250,000 units per annum.
Copyright Press Association 2011
