Turkey still promising business volume for property developers

The improvement of the middle segment of the housing business in Turkey is discussed during a real estate summit in Istanbul. The country’s real estate stock is expected to double by 2020 from a total of $239 billion. Noting the growth potential of Istanbul, an expert from MIT highlights the balance between growth and sustainability The middle segment of the housing business in Turkey is still in a phase of development while the luxury houses and residence market is reflecting rather stable growth, according to a recent report discussed during the REState summit held in Istanbul.

The real estate stock in the country is expected to increase to a volume of $582 billion by 2020 from last year’s $239 billion, said the “Real Estate Sector in the Developing Countries and Turkey” report announced by Can Fuat Gürlesel, director and founding partner of the Economy and Strategy Consultancy Services, a local advisor, on Monday.

Along the middle segment residences market, the housing financing system is also developing, the report said.

The luxury houses and residence market across the country and office building in Istanbul are also posting steady growth, it said.

Source: HurriyetDailyNews.com