February 05, 2011

Istanbul Favorite European City for Property, PwC Survey Says

Istanbul is the best place in Europe to buy or develop property as Turkey’s economic growth contrasts with declines across much of the region, a survey of 600 real estate professionals by PricewaterhouseCoopers LLP showed.

Turkey’s largest city was first among 27 European cities in terms of where respondents are likely to make purchases, the survey showed. It was fifth last year. Istanbul was also first for the best development prospects and second after Munich for returns from existing properties.

The Turkish economy grew at an annual rate of 5.5 percent 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 property values, contrasting with a sluggish outlook for Europe’s economies as governments slash spending to reduce debt.

Istanbul “is one of the few markets where investors remain confident in the city rather than in their own ability to buck the general trend through superior real estate investment skills,” PwC said.

Read more on Bloomberg: Istanbul Favorite European City for Property, PwC Survey Says


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