Hurriyet – Turkey’s megacity has once again scored well in the league of 27 European cities analyzed for their commercial real estate value, thanks to its development potential and favorable demographics, according to a survey by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
Emerging Trends in Real Estate Europe 2013, an annual report based on market expectations, ranked Istanbul first in “Development Prospects” based on the city’s exciting real estate potential. With its status boosted by Turkey’s rapid growth and the country’s young population, Istanbul also takes advantage of its transformation into a regional financial center and the country’s relaxed property laws which allow foreign property ownership to attract international property investors.
Istanbul ranked second in “New Property Acquisitions” thereby retaining its appeal as a top investment market and took the 4th position in the “Existing Property Performance” category of the report which draws attention to the international companies setting up regional headquarters in the city.
Turkey received USD 2.6 billion of foreign investments in the form of real estate purchases last year, up 31 percent over 2011.