Sabah - Istanbul’s rapid rise as a lucrative property investment location has left behind the likes of Rome, London, and Paris, with the city emerging as the top growth market in Europe’s real estate industry, according to a survey by PricewaterhouseCoopers (PwC) and Urban Land Institute (ULI).
The real estate forecast, Emerging Trends Real Estate-2012, which is based on the opinions of 600 industry experts, placed Turkey’s metropolis at the top of the “Development and Investment” categories. A booming economy and positive outlook, alongside its young population, lifted the city to the top spot.
Istanbul scored highest in the “Existing Property Performance”, “New Property Acquisitions”, and “Development Prospects” categories. Munich, Warsaw, Berlin, and Stockholm are among the other top property markets ranking behind Istanbul. Affected by Europe’s financial crisis, traditionally strong markets like Paris, London, and Madrid fell considerably behind, ranking, 6th, 10th, and 21st respectively.
Furthermore, Istanbul’s attractiveness as Europe’s top real estate market is to skyrocket with the new law abolishing reciprocity conditions and letting non-Turkish nationals buy property in Turkey. The draft law abolishing the reciprocity principle is currently under debate in the parliament.