Leading accountancy firm PricewaterhouseCoopers have predicted that Istanbul will be one of the top cities for investment performance in a joint report with Urban Land Institute or ULI.
Turkey’s biggest city now ranks at the top in real estate development expectations, the city ranked fifth in new real estate purchases and stood at number seven in Europe for existing investment performance.
The “Emerging Trends in Real Estate 2010 Europe” report includes predictions by more than 600 sector representatives, including real estate company executives and creditors.
Istanbul stood at number one for the second consecutive year in development expectations, but it declined in investment expectations and existing investment performance. It ranked fifth in new real estate purchase expectations
The report will serve as a pointer for international investors says Nicholas Marr Director of overseas property website Homesgofast.com “International investors will be impressed that a leading firm such as PricewaterhouseCoopers have come up with findings that indicate Istanbul is ripe for investment. It is this type of independent report that is an investors dream”
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Speaking to reporters in Istanbul on Monday, Firuz Soyuer, board member at ULI Turkey, said Istanbul stands among the top in development, especially in retail. “But these investments will not manifest themselves as shopping centres,” Soyuer said. “We will probably see bigger portfolios. Investors might also look toward different areas to spread risk. Maybe shopping streets will come to the fore again.”
In land investments, Silivri and Tuzla are of interest, he said. “But international investors are still wary toward investing in logistics,” he said. “Meanwhile, hotels in Istanbul still do not number many. Thus, we will see an increase in the supply of four-star hotels on the Anatolian side especially.”
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