Turkey has recorded remarkable economic growth over the past decade, tripling the size of its economy to US$ 813 billion in 2014, making it the 16th largest economy in the world.
Turkey is home to a young and fast growing population of 77 million residents, providing a solid foundation for its housing market. Istanbul in particular has seen its population expanding consistently over the past few years, bringing with it an increased demand for homes within commutable distance to the bustling city.
In addition, business travel has risen on the back of Istanbul’s economic growth, creating a new demand for short-term accommodation. Turkey is the sixth most popular tourist destination in the world, welcoming nearly 37 million international visitors in 2014, with the sector contributing nearly US$ 30 billion to its economy.
With the change in the reciprocity law in 2012, Turkey has witnessed a strong and growing demand from foreign real estate investors, in particular from the Middle East. In the first 11 months of 2014, foreign buyers purchased 18,959 housing units in Turkey, representing an increase of 55.6% year-on-year and attracting investments worth US$ 3.8 billion to the Turkish economy.
Cityscape Turkey is the latest addition to Cityscape’s portfolio of events, giving you direct access to this thriving market.