Istanbul held on to the top spot for new real estate investment and development prospects for the second year running, thanks to its booming economy and youthful population.
The survey by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), of more than 600 leading real estate professionals across Europe, found Istanbul number one for investment and development. The popularity of the city is mainly attributed to its young, growing population and strong economic growth prospects. The survey states, “Turkey’s appeal is based on a long-term view of the future,” and says that with consumer spending on the rise, retail development in the country has high potential.
Istanbul is the new hotspots for property investors and developers, as much of Europe remains mired in a vicious cycle of low or no growth, mounting debt and drastic austerity measures.
Its popularity is due largely to its strong economic growth prospects and demographics (a young, growing population). Istanbul real estate Retail development in Turkey has particularly high potential, with consumer spending on the rise and an influx of major international companies. “Turkey’s appeal is based on a long-term view of the future,” says Emerging Trends.
In addition to Istanbul, the survey also found hotspots in the European real estate market to be Munich, due to its having the lowest rates of unemployment in Germany, and Warsaw, an Eastern European financial center. Berlin and Stockholm ranked in the top five as well, while London fell from second in 2011 to 10th in 2012. Moscow made the top 10 for the first time.
Photo by guillenperez
