turkey

Istanbul’s Chamber of Commerce (ITO) has claimed that a housing shortage is looming in the country that needs between 300,000 and 350,000 new properties to be built annually to cope with the demand placed on it from a growing younger population and foreign interest. Data obtained from the ITO revealed that in the next eight years, a projected 5.5million new homes will be required to facilitate the country’s expanding population. Some 2.88 million will be needed due to population increases, 760,000 to cope with internal migration and 652,000 to replace old and neglected properties. The ITO also revealed that an additional 1.25 million homes would be needed as part of ongoing urban transformation projects across the country.