Published: 9th September 2013
Over the course of the past 12 months, we have seen considerable growth in demand for property in Istanbul, as many investors seek to capitalise on the considerable growth for rental property in the city. However, it seems as though the large growth in population in Istanbul (currently estimated to be around 17 million people), is beginning to cause organisational issues for the authorities in the region.
Recep Tayyip Erdogan, the Turkish Prime Minister, last month announced a potential solution to these organisational issues is currently under consideration. The project, which would see Istanbul divided into its Asian and European parts, is being considered as a way to making Istanbul or easy to manage going forward. Given the current issues with both infrastructure and be visible services, it is understandable that the project is being given due consideration by the authorities.
Details on the project to split Istanbul are limited at present, and reaction to the proposal has not been universally well received. What is likely, is that the demand for property in Istanbul continue to grow as increased population density continues to drive rental demand upwards.