"Foreigners seek profits in Istanbul property
Thu Mar 16, 2006 9:13 AM IST170
By Emma Ross-Thomas
ISTANBUL (Reuters) - Peeling facades, abandoned buildings and potholed lanes in Istanbul's trendy Beyoglu mask a housing market boom which is tempting foreigners to invest in the city and doubling the price of a Bosphorus view.
Foreigners have been allowed to buy property in Turkey again after a suspension last year and Duru Real Estate in Beyoglu -- traditionally the diplomatic centre, now packed with pricey bars -- is hiring new staff to meet the demand.
'Since the permission was given so foreigners can buy flats in Turkey, it's moving much faster,' Duru's Semra Sunat said. 'In this part of the city (prices) are just flying.'"
More:Business | Reuters.co.in
