Rapid economic growth, a young demographic profile, and the stirrings of gentrification in Europe’s largest city combined make Turkey one of the hottest real estate attractions around. In line with other markets exposed to the European debt crisis, however, it may see a speed bump in the near term.
What obstacles face developers in urban renewal?
With strong year-end results both in 2010 and 2011, Turkey’s construction sector emerged from the 2008-09 financial crisis in relatively good shape. A projected slowdown in the local economy due to European sovereign debt woes means the double-digit growth is unlikely to be repeated in the near term, but the underlying fundamentals look strong.
Even as Turkey gears up for a major series of investments in infrastructure, residential and commercial construction, its biggest companies are cutting their teeth in developing countries around the world. A host of contractors have been making a name for themselves internationally over the past several decades, working mainly in the Middle East and...
With property values rising, the rest of the world has turned its attention to Turkey’s booming real estate market. In addition to the obvious attractions of portfolio investments in this emerging market, the past several years have seen many foreigners buying Turkish property as a first or second home. Moreover, legal changes are expected to expand...
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