Turkey's gradually increasing economy, huge young population, growing number of more rich consumers and an continuing housing scarcity are all significant factors to deliberate when that country's real estate sector. Turkey's real estate investments were 1.1 billion USD in 2006, and the market is due to grow to 4 billion USD in 2007, according to the Wall Street Journal.
Istanbul has substantial importance for the real estate investment boom in Turkey. Istanbul has a population of around 14 million, and with a 35% share of the Gross National Product (GNP) of Turkey it is a substantial commercial and cultural hub in the region.
Due to huge population growth and growing urbanisation rates, the demand for residential housing is climbing rapidly, and shows no signs of a slowdown in the near future. The Turkish construction sector has registered quarterly average growth rates of 21.2% since 2005, a figure which is substantially above the GDP growth of the country.
Most of the current Istanbul city developments have been of mixed-use – consisting of a combination of shopping centres, office buildings, comfortable city residential apartments and hotels targeting the upper and international market.You can get to know about apartments in istanbul on various sites.
The 179 apartments situated in the flagship Kanyon shopping/residential complex – completed in 2006 – are the latest example of a mixed-use project on a grand scale. The one-bedroom flat resale value is now EUR350,000 – double their original price.