Istanbul property 'rivals markets in London and Paris'

The property market in Istanbul is in a position to "compete in every sense" with the likes of London and Paris, it has been claimed.

Arman Ozver, Turkey Sotheby's International Realty general manager, made the comments in an interview with Sunday's Zaman.

He explained there are certain areas in the city, such as Nisantasi, which are considered to be safe haven areas for investment.

Mr Ozver is also confident that real estate in Istanbul will remain robust, even if the economic problems in Europe worsen.

Property prices in the most sought-after districts of the metropolis will fall by "a maximum of ten to 12 per cent", he told the publication.

Investors may want to consider the merits of the city's market after Mr Ozver added: "There is still a lot of value and returns to be made on Istanbul's best property."

Figures published last month by REIDIN.com noted real estate values across Turkey climbed during October compared to the previous month, with Istanbul registering a monthly increase of 0.88 per cent and an annual rise of 8.23 per cent in its property prices.

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