Over 5 Million More Properties in Turkey Needed by 2016
The Istanbul Chamber of Commerce has said that 5.5 million new properties will be needed by the year 2016.
Between 300,000 and 350,000 additional houses will be needed annually, thanks to Turkey's expanding population and the increasing demand by foreigners for property in the land where East meets West.
Information from the Chamber shows that nearly two thirds of properties in Turkey (65 per cent) were used by their owners, with the remaining 35 per cent being rented out in 2007.
Of the 5.5 million new homes needed, 2.88 million are required due to the expanding Turkish population, 1.25 million are to replace 'shanty' houses with modern buildings, 760,000 are an answer to internal migration and lastly, 652,000 are required for renovation needs.
Between 300,000 and 350,000 additional houses will be needed annually, thanks to Turkey's expanding population and the increasing demand by foreigners for property in the land where East meets West.
Information from the Chamber shows that nearly two thirds of properties in Turkey (65 per cent) were used by their owners, with the remaining 35 per cent being rented out in 2007.
Of the 5.5 million new homes needed, 2.88 million are required due to the expanding Turkish population, 1.25 million are to replace 'shanty' houses with modern buildings, 760,000 are an answer to internal migration and lastly, 652,000 are required for renovation needs.
