Overseas property investment consultancy Colordarcy is experiencing a “dramatic” surge in sales for Istanbul as the company more than doubles its turnover there, managing director Loxley McKenzie told OPP this week.
The company confirmed £1 million-worth of Istanbul home sales in the last quarter, compared with £400,000 during the same period last year.
“Sales in Istanbul are actually outselling our previous best-performing marketplaces by an average of 60%,” says McKenzie. The city is now doing better than “countries and regions such as Brazil, Egypt, Florida and Atlanta,” he adds.
Official figures show that demand for properties in Istanbul is outstripping supply by 70,000 units each year and such is the need locally for contemporary properties to cater for the ever-growing population that many development projects are not even released to international investors because the local domestic marketplace is so strong.