Istanbul sees property demand 'increase'

Demand is increasing for property in the Turkish city of Istanbul, it has been claimed.

Ozgül Ozkan Yavuz, director of events and organisations for Istanbul2010, explained that demand for property has been increasing and the city's title of European Capital of Culture for 2010 may result in further interest in Istanbul property.

"In the last five years, Istanbul is growing a lot in terms of tourism," she explained, noting that the city is seeing a 19 per cent yearly increase in the number of tourists visiting the area.

And investors thinking of purchasing property in the city may wish to do so soon, as Ms Yavuz stated that "there will be more demand from the international arena" once Istanbul takes on its Capital of Culture title.

Turkey's Ministry of Culture and Tourism recently revealed that 21.5 million foreigners visited Turkey between January and September of this year, approximately a quarter of which chose Istanbul as their destination.