Istanbul will be 'star of next decade'
The Turkish Highways Directorate has sold land in Istanbul for $800 million (~£410 million), Today's Zaman reports, highlighting the growing real estate market in the city.
According to data released by the Land Registry Office, over 1 million properties were sold in 2006 with year-on-year revenue generated by the sales rising 14.7% from 2005.
Property in Istanbul proved to be the most valuable in the country, and the growth of the market shows no sign of slowing with sales revenue increasing by 30% last year.
According to a recent PricewaterhouseCoopers/Urban Land Institute survey, Istanbul offers better real estate development prospects than any other city, with one of the 400 property specialist respondents claiming "Istanbul will be the star of the next decade".
Another respondent said of Istanbul: "The market still needs many developers rather than pure investorsreal estate sectors are now in a learning curve."
Overall, 1,377,533 properties were sold in Turkey in 2006, with 188,578 of these transactions taking place on Istanbul property.
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