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Istanbul 'top property destination'
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Istanbul is one of the best European locations with a potential for real estate investment.
The city has been named the top destination for new property acquisitions and developments, according to the Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute.
For the second year in a row, the largest Turkish city - which is home to one fifth of the country's population - has claimed the number one position on the charts.
Alexander Tomlinson, Istanbul property investment expert and director of agency Gem Invest, said: "Istanbul remains one of the few locations in Europe, if not the world, with real property investment potential.
"The population of the city continues to grow year-on-year, yet despite increased levels of construction, there still remains a serious shortage of quality accommodation, some 250,000 units per annum."
The firms explained that the continued growth in the demand for high-quality Western style housing is due the city's burgeoning middle class and a population of nearly 18 million people.
Copyright © Press Association 2011
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