Growth in Population
As of last year the population in Istanbul grew by more than 400,000 pushing the city’s population to 15 million, as people from around Turkey and all over the world are moving into the city for job opportunitites and properties. Latest statistics show that more than 17,000 of internal migrants came to Istanbul from Ankara, while a similar amount came from Ordu, the Black Sea city in Turkey’s north.
Istanbul boasted the largest share of Turkey’s house sales last year with 16.9 percent or 16,227 properties. In the last seven years the average home in Istanbul has tripled in value, all across Turkey prices increased 2.5 times over the same period.
Turkey’s middle class is growing as more young educated people are moving to the city for work and now that there is access to mortgage finance and the interest rates are making home loans more affordable young people buying property is at a much greater rate than ever before. This demographic shift means Turkish people are viewing properties differently. These particlaur buyers are looking for high qaulity developments offering excellent travel links into the city centre.
High Increase in Air Traffic Figures
A reported 21.5 increase in air passengers travelling to Istanbul is purely down to the city’s status as a global investment hub, which indicates that Istanbul’s position as a strategic investment capital is very strong, plus Turkey seems to be back on everyones radar as far as tourism goes.
More and more investors coming over and buying in Istanbul are from countries in the MIddle East such as Saudi Arabia, Qatar and Kuwait as there are many similarities bewteen them and Turkish culture and the added bonus is the short flight time between Gulf and Middle Eastern countires and Turkey.
Statistics show that investment from the Middle East equals that of the EU, as recent figures show that around 30 percent of foreign companies operating in Turkey are from the Middle East and with Turkey making itself more and more attractive to the outside, investments with the Middle East will continue to go from strength to strength.
Source: Hurriyet News
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