Increasing population will lead to property boom in Turkey

Property investors in Turkey may be interested to learn that an increasing population in the country is likely to lead to price rises, Overseas Property Professional (OPP) has reported.

New research, conducted by the Turkish Statistics Institute (TurkStat), has predicted that as the population continues to grow, the housing stock in the country is likely to "explode".

In particular, TurkStat claimed that the property market in Istanbul would be the main beneficiary of the increase in residents, but as population distribution spreads there could also be a rise in the number of people looking at Antalya real estate listings.

Steven Worboys, managing director of UK-based agent Experience International, told OPP that the country was going through a "dynamic shift".

He said: "The continued population expansion is putting pressure on existing housing stock, with the Central Bank of the Republic of Turkey stating a requirement for 5.5 million additional homes in Turkey by 2015."

Meanwhile, Turkey has received an economic growth forecast of 5.2 per cent from the International Monetary Fund for this year.

Like this? Then share with your friends and colleagues!