November 18, 2012

All Eyes on Istanbul for Property Investment

The winding Bosphorus Strait separates the European and Asian shores of Istanbul. Legend has it that Jason and the Argonauts navigated its entire length in search of the Golden Fleece. These days, galleon-bound crusaders have been replaced by snap-happy ferry tourists eyeing up the city’s shimmering shoreline with its myriad minarets, mosques and palaces. But while the legacy of Byzantium and Constantinople lives on in the vintage architecture, it’s the modern gloss of trendy restaurants, boutiques and nightlife that’s bringing a fresh energy to this cultural Mecca.

“Tradition is everything in Istanbul,” explains Maureen Madden of property investment consultancy Colordarcy, “but a growing middle-income population, with over 40 per cent of the current 14 million-plus residents under the age of 35, is forcing a radical overhaul of the city’s urban planning grid. Demand for new housing is currently running at 250,000 units per year, with available land being ring-fenced for large-scale residential projects.”


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