Among the top 4 mega cities

The Turkish summary of the report ‘Istanbul on the World Stage,’ prepared for the real estate services and investment management, was shared with the public.

According to the report, Istanbul has been the most improved Emerging World City over the past five years thanks to its development as a trusted financial center, playing host to innovation and trade, and infrastructure improvements.

Examining Istanbul in terms of many criteria such as its global competitiveness and commercial real estate environment, the report also stated that its economic fundamentals are stronger than many of its global peers.

A HUB IN THE AVIATION

The report’s important highlights were listed as follows: A unique cultural identity and extraordinary vibrancy support Istanbul’s position among the world’s top five visitor destinations, although it is vulnerable to security threats. Global connectivity is improving rapidly, and the city is now the world’s fastest-growing air passenger hub. Expansion of the city’s infrastructure is transforming Istanbul and playing a key role in its economic dynamism. An ambitious infrastructure pipeline, which includes metro line extensions, a third bridge, and a third airport, augurs well for future growth and offers a means to spread and shape development.”

FUNDAMENTAL CHANGE

The report “Istanbul on the World Stage” recorded that the newly emerging infrastructure projects changed the Istanbul real estate market’s spatial layout fundamentally. The report also stated that by the end of the current development cycle the city was likely to be home to over 5 million square meters of modern retail space including several truly world-class shopping malls; close to 7 million square meters of Grade A commercial office space including new business districts such as the Istanbul International Financial Center; around 9.5 million square meters of modern logistics space (across the Greater Istanbul area including Kocaeli); and in excess of 56,000 hotel rooms in over 500 graded hotels.

THE KEY TO SUSTAINABLE SUCCESS

The report noted that real estate is a component of the success and stated that Istanbul must provide the infrastructure and environment for activities that facilitate creativity, innovation, and entrepreneurship while protecting the city’s cultural identity.

The report emphasized that this could be achieved with transparent real estate practices such as market tracking, performance measurement, regulatory oversight and transaction processes, liquidity and openness to international capital, preserving Istanbul’s uniqueness, fostering innovation and sense of community, responding to the need for a healthier and sustainable environment and providing high-quality, affordable and accessible housing.

A PURCHASING POWER OF USD 400 BILLION

Istanbul’s economic size as calculated according to its purchasing parity reached USD 400 billion. Also, the city was ranked, according to the Commercial Attraction Index, among the world’s top 20 business centers.

31 Ağustos 2016 Çarşamba

Etiketler : English