A panel of Istanbu said that Istanbul is desperately in the need of a modified Urban Development approach to sustain the attractiveness of the city when every year the population is increasing and adding more traffics related issues and making the panning of the city a struggle, and this also is discouraging the Foreign Institutional Property Investors to enter the market of Istanbul.
Istanbul for sale, which has recently gained much fame for evolving as the biggest business and cultural center in the country, Turkey. The city has welcomed thousands of residents in comparison to the less developed Antolian did in last few decades, lately. The population has reached up to the number 14.65 million in the year 2015, which was an increase in the number with 2 million fro what it did in the year 2007, as found by the official data of the country.
This dramatically increased population has led in the result of many residential construction projects, including other major projects, and this only in a past decade. Attending to a panel on the marginal results based on the Urban Land Institute (ULI0 and PriceWaterhouseCoopers’ (PwC), it has reported that Istanbul is “ Budding Developments in Real Estate 2016” as said on Tuesday and many construction market legislatives talked about their Urban constructing solutions for the city.
As per the report, Istanbul is ranked among the 14th most attractive city in the continent of Europe and further a city that ranked on 28 peers that is best suited for real estate investment, hiking 6 places from the 2015. The same report has recommended that Istanbul may not get able to make a similar jump in the rankings of the year 2017 with the problem raised by the politics.
The construction in Istanbul has reached its ledge already, and the city needs to be come up with some new and advanced techniques to assist the better transportation and Urban conversion as per Istanbul Contractors’ Asociation (INDER) President Nazmi Durbakayim. He further said that Istanbul has to look out for the ways to stable rent to manage the ever-increasing population of the city prior it promotes its construction of better transportation, and both are seen as the major changes that are lying ahead.
In the regards, the Chairman Ömer Faruk Çelik of Housing Developer and Investors Association (KONUDTER) said on Tuesday’s panel, “If we, the entire city need to attract the foreign developers here, then we must come up with something new tale, may be a technique that will make the developers realize that it was worth coming here.”. In the same regards, the PwC and ULI reports said that “The market of Turkey has always been a center of attraction from medium to high risk private investors and not much institutional investors. The reasons for this are many like legal structure and scarcity of suitable products.”
A better and understanding approach is required to take out the best of Urbanization projects in Istanbul, in which Aziz Torun, the head of the Real Estate Investing Partners Association (GYODER) disputed on the event that the focus should be shifted on broadening the city’s underground metro lines.
In the year 2015, 1.9 million of square meters of land area in the city are being developed, as per the research made by the Global Real Estate Company Cushman & Wakefield as quoted by the ULI and PwC report.