According to a survey of real estate professionals,
Istanbul is considered the best place in Europe to develop property, PricewaterhouseCoopers (PwC) has said.
The firm explained that strong economic growth in the country, twinned with the poor performance of surrounding nations is helping to drive interest in investment in the region.
PwC compiled the study with the Urban Land Institute by surveying Europe's largest property investors, companies, brokers, asset managers, banks and analysts.
Official statistics show that the Turkish economy expanded at an annual rate of 5.5 per cent during the third-quarter of last year, with record-low interest rates helping to boost consumer spending and investment.
London and Munich completed the top three alongside Istanbul. Dublin ranked lowest in all three categories and Athens the next lowest, reflecting concerns surrounding the growing budget deficits in Ireland
"With capital so risk-averse, winning cities like London and Paris will continue to absorb investment as the only places where tenant demand will be robust," PwC said.
- Monday 07 February 2011