Istanbul ranks 4th most favourable market in Europe for real estate investment this year, according to a Real Estate survey released by Pricewaterhousecoopers (PwC) and the Urban Land Institute (ULI).
Munich ranked first, followed by Berlin and London. Fifth-placed Hamburg followed Istanbul in a top five dominated by German cities.
Istanbul tops in ‘opportunities’
Istanbul ranked top in “development prospects,” obtaining 3.46 points out of 5 in 2012, as it did in a year earlier.
“It’s Berlin and London for the core, but it’s Istanbul for opportunities. It is Istanbul’s exciting economic and demographic potential that keeps it popular with interviewees,” the report said. Turkey’s Association of Real Estate Investment Companies (GYODER) estimates the change will boost investment in real estate by $5 billion a year. However, the report warned that a fragmented market and lack of institutional-quality assets in Istanbul made deals hard to secure.
Meanwhile, Istanbul’s real-estate sales number reached 24,244 in the fourth quarter of last year with a 24.8 percent increase from the third quarter, according to figures revealed by the state-run statistics body TÜİK yesterday. Istanbul took its place in the top five once again, ranking second in new property acquisitions performance last year. It was the leader in 2011.
“Global companies such as Nestlé and Microsoft, as well as newcomers from banking and insurance, are establishing bases, drawn by the proximity to cities in Russia and the Middle East,” TÜİK said.
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