Market Focus: Istanbul, Turkey
Istanbul is the economic and business hub of Turkey, despite Ankara being named as the capital in 1923. With a population of 13.9 million inhabitants, Istanbul is the largest city in Turkey, is strategically located on the Bosporus, one of the busiest waterways in the world, and straddles the continents of Europe and Asia. Despite the official shift away from Istanbul, the city has successfully maintained its economic, cultural and historic prominence and is the financial centre and gateway for foreign capital into Turkey.
Istanbul contributes approximately 27 percent of the gross domestic value-add, with manufacturing the most active sector (a 16.4 percent share) through the extensive production of commodities linked to the textile industry, food processing, production of oil, electronics, machinery, automotive components and paper, among others.
Real estate overview
The Turkish economy saw a good H1 2013, as investment and private consumption