Turkey has one of the fastest growing megacities in the world.
Istanbul"s population is expected to rise from the current 12.8 million to 15 million people by 2023. Turkey"s population will soar to 83 million by the same year. And most of these new residents will be looking for housing.
Pressure is already building in Istanbul - where newcomers to the city find it nearly impossible to find quality dwellings. Other high-pressure areas for accommodation include capital Ankara and Izmir.
The Central Bank of Turkey states that an extra 5.5 million homes will be needed in Turkey by 2015. Property in Antalya will also be at a premium as the booming tourist industry pushes the population up. Experts predict the region"s population will rise from 1.9 million to 2.6 million people by 2023. Bodrum"s population is set to increase 20 per cent to 1.2 million.
As new developments spring up in these regions, investors are preparing themselves to swoop in for the kill. Not only are capital gains expected to be lucrative, but housing will rapidly fill with long-term rentals as Turks move from the more rural areas into the city to capitalise on the country"s economic boom.
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