Istanbul property prices 'on the up'

Article Date : 11 May 2007

Property prices in Istanbul have been rising following last year's announcement that it won the much-coveted European Capital of Culture 2010 title, a website has said.

According to Nirvana International, prices in the city are set to rise by as much as 50 per cent as a result of the EU's decision.

Furthermore, other locations in Turkey look set to enjoy higher property prices due to the growing prevalence of low-cost flights from northern Europe.

Istanbul was granted Capital of Culture status in March 2006 after a lengthy application process that started in 2003.

The city's successful bid was built on the theme of the four elements ? earth, air, water and fire ? and EU policy-makers hope the decision will serve to highlight Istanbul as a gateway between Europe and Asia.

According to Easier Property, around 700,000 new residents arrive in the city every year, which has prompted an "unprecedented" building boom.

Istanbul property prices 'on the up'

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