Istanbul was one of the most active and prosperous global property markets in 2010. And with the latest official data revealing a 28.5% increase in tourist arrivals this January, all eyes remain fixed on the city where east meets west in 2011.
According to a Colliers International report on Turkey in 2010, its ââ¬Åeconomy fell into recession, but quickly reboundedââ¬Â, and the report added that the downturn and recovery in Turkey ââ¬Åresembled a ââ¬ËVââ¬â¢ rather than a ââ¬ËUââ¬â¢Ã¢â¬Â.
Official figures from the Turkish Culture and Tourism Ministry Istanbul, the number of foreign tourist arrivals for January increased by 28.5% from 294,352 in January 2010 to 378,380 last month placing increased pressure on already saturated accommodation stock.
Due to its strategic location, Istanbul attracts visitors from all over the world with Germany topping the list in January, followed by Russia, Italy, Iran, Britain and the US. The economic powerhouse of Turkey, which has recorded strong economic growth rates averaging 7.5% over the last 5 years, can currently be accessed by three existing airports (Ataturk, Sabiha Gokcen and Karakoy) which have seen continued growth in passenger numbers and a new international airport, the largest in Turkey, is planned for the western suburbs.
Steven Worboys, MD of Istanbul property experts Experience International, comments,
“Istanbul presented some of the most successful property investment opportunities for our clients in 2010. We at Experience International identified the key fundamentals of limited supply and massive demand at play in the city and it comes as no surprise that Istanbul’s property potential has now been recognized by over 600 real estate experts in the recent Price Waterhouse Coopers survey.”
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