Istanbul property prices 'on the up'

Article Date : Friday, May 11, 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.

Tags:

Asia, Europe, European Union, Istanbul, Turkey

Istanbul property prices 'on the up'

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