Property in Istanbul tops European property poll

  Date posted: 11th of March 2011

According to the survey by PricewaterhouseCoopers, Istanbul topped the poll among 27 European cities; Dublin and Athens ranked the lowest.

The result of this recent poll is no surprise; ranked fifth in a previous poll, Istanbul is Turkey’s largest city and has grown in statue in recent years. Istanbul was also chosen as Europe’s city of culture for 2010, a title which also helped boost the city’s popularity.

Experts see Istanbul as the best place in Europe to buy or develop mainly because Turkey’s economy continues to grow while the economies of other European countries continue to decline.

The Turkish economy grew at an annual rate of 5.5 per cent in the third quarter of last year as record-low interest rates boosted consumer spending and investment. The buoyant economy offers prospects of rising rents and home values, contrasting with a sluggish outlook for Europe’s economies as governments slash spending to reduce debt.

Istanbul was also first for the best development prospects and second after Munich for returns from existing house.