According to conclusions made by a panel on Tuesday in Istanbul, the city is in need of an amended development plan in an effort to preserve its appeal, while the traffic jam problems as well as the constant population increase are making city planning a bit more difficult, while at the same time discouraging institutional property capitalists from getting into the market within the city.
Given the fact that the city of Istanbul is the largest cultural and business hotspot in Turkey, it has become home for several thousand residents from the so called underdeveloped heartland of Anatolia for many decades. An official data find provided information that the city’s population reached a total of 14.65 million in 2015, which is a jump of 2 million from 2007. Based on the statistics, the amount of projects including residential construction has been concentrated in the city, especially over the last ten years. Construction market representatives pitched their plans for urban development in Istanbul to a panel while making a few comparisons based on results derived from Urban Land Institute (ULI) and PricewaterhouseCoopers’ (PwC) “Emerging Trends in Real Estate 2016” reports.
Based on the report, Istanbul climbed six places to be ranked at 14th among a total of 28, as it relates to being the most attractive city in Europe to make real estate investments. The report also stated however, that the city will not make such positive movement up the chart for 2017 given the looming political problems.
According to the president of the İstanbul Contractors’ Association (İNDER), Nazmi Durbakayim, the city is very close to its limit in terms of construction so new and creative ideas are required to accommodate improved transportation and further changes within the urban sector. He went on to say that prior to making upgrades to the transportation infrastructure, Istanbul needs to ensure that they are doing a great job of controlling population growth and keeping stable rates for rent,istanbul apartments for sale seeing that both factors will be quite challenging in the future.
The Chairman of the Housing Developers and Investors Association (KONUTDER), Ömer Faruk Çelik, told the panel on Tuesday that they will need a new story or strategy if they are to attract foreign investors and make them feel confident doing business in the city. He continued by saying that the Turkish market was mostly found attractive to medium and high-risk private investors instead of the institutional kind.
Aziz Torun, the head of the Real Estate Investing Partners Association (GYODER), argued at Tuesday’s meeting that the new plan has to be intricate in an effort to fully optimize Istanbul’s urban turnaround. He added that there should be more concentration placed on the expansion of the city’s metro lines underground.
Also in the ULI and PwC report, it was stated that according to findings from the global real estate entity known as Cushman & Wakefield, 1.9 million square meters of land was being developed in Istanbul during the year 2015.