Property for sale in Turkey‘s second-largest city could prove a hot long-term investment, according to a report by a global property company.
Jones Lang LaSalle has produced the ‘Istanbul Real Estate Overview’, examining the overall outlook for the city’s property market, including commercial projects and new homes.
The company said the homes market has “huge potential” thanks to a need to replace earthquake-vulnerable stock, while warning there may be a slowdown in luxury real estate.
A fully functioning mortgage system is also lacking, but once this gap is filled, Turkish homes could be in for a demand boost.
Jones Lang LaSalle said: “Istanbul’s real estate market is still relatively untapped, and has
potential to become one of Europe’s most attractive destinations for real estate developers, investors and occupiers as global business conditions improve.”
A growing middle class is also expected to see demand increase for mid-range homes, according to the report. New residential property projects in Istanbul include Innovida 2, an apartment scheme where prices start from £35,000 ($50,671).
In wider Turkey new homes are also appearing in Bodrum, Altinkum, and Anakara, among other locations. Last week agents GEM Estates announced a 30 per cent price cut at Turquoise, a five star real estate resort in Bodrum.