Developers see surge in demand for property in istanbul

Istanbul’s property market shows no sign of faltering in 2011 as the city’s population continues to soar with the rate of migration more than doubling during 2009/10 according to latest official figures.

Over 102,000 migrants made Turkey’s largest city their home during 2009/10, accounting for 7.7% of Istanbul’s total population compared to 39,500 during 2008/09, data from the Turkish Address Based Population Registration System (ADNKS) shows.

This means that buying a property to rent out in the city is becoming more attractive, said Alexander Tomlinson, director of Istanbul property specialists, Gem Invest, who has lived in the city for many years.

‘Istanbul always has held a magnetic draw. Many migrants from the less developed regions of Turkey, often the east and south, relocate to Istanbul for economic factors. Due to its strategic location at the crossroads of Europe and Asia the city has become the economic workhorse of Turkey and people are understandably keen to try and claim their share of this prosperity,’ he explained.

Source: PropertyCommunity.com