Published: 9th September 2013
A new report out this week from Jones Lang LeSalle has provided good news for the Istanbul property market. The new report, entitled Istanbul Real Estate Review, has shown that despite the challenging global economic climate, the market for residential property in Istanbul remains extremely buoyant, with signs showing strong potential for further growth. The report details how Istanbul offers considerable opportunities for people looking to buy property in the region as the increasing levels of demand for residential real estate in Istanbul continues to outstrip supply.
The major factor affecting the prices of property in Istanbul is the shortage of available land for development in and around the city centre, which has resulted in a number of developers announcing larger projects around the periphery of the city. These developments have done little to appease the considerable demand for property in the central region, which is estimated to be around 250,000 new units per year until 2015. Current supply levels are estimated to be around 180,000 units per year, resulting in increased demand.