As reported in the Turkish Daily News, there is a renewed call for more affordable housing to become available within Turkey. There is a large oversupply of property ranging from middle to middle high income groups throughout Istanbul, but some developers need to focus on lower costing property in the residential property market here.
Kerim Cin, who is the managing partner of Colliers International Property Consultancy located within Turkey, had this to say. "Upper range real estate, meaning any properties costing more than $1000 per square meter, targets mid to mid high income groups, which is relatively small market in Turkey." He continues, "But in the past year there have been numerous residential real estate projects where a square meter outside the central areas of Istanbul costs around $2000. It is very likely selling these complexes will become more challenging in 2008."
The problem is that those who can afford the higher $2000 price tag want to live in the centre of the city and are less likely to purchase outside that area.
What's more, the country does have some of the world's most wealthiest investors located within it. As reported by Nirvana International, Julian Walker who is the managing director of Spot Blue said, "Istanbul is quite a quick market at the moment – there's quite a lot of money there." "If you look at the number of billionaires in the world, Istanbul is at number four [in the rankings of where they live.] It might be quite surprising for people."
Turkey is widely becoming one of the most sought after emerging property markets in Europe.
