Condo values on the rise in turkey

The rise in the income level of Turkish consumers has led to an increase in the number of condominiums throughout Ä°stanbul, experts have said.

Retürk Real Estate Agency director of the board AÅŸkın Çınar said Turkey's first shopping mall and condos at Akmerkez were constructed in Ä°stanbul's Etiler neighborhood in 1993, a few years after Turkey's economic liberalization. "These condominiums reflect the Change in people's needs. The cost of security, janitorial services and recreational facilities has come down with these places, and all those who see an advantage for themselves after doing a cost-benefit analysis choose to live here," he said.

As with all real estate, the price depends on the location, area and services provided to customers. For example, the still under construction Bebeköy project in Ä°stanbul's Bebek neighborhood is expected to cost $18,000 per square meter, which brings the cost of a 400-square-meter residential unit to around $7 million.

Another example of luxury residences is the Kanyon shopping center, located in the city's Levent neighborhood. Top floor residences at this award-winning shopping center have been going for around $10,000 per square meter.