Istanbul is fast becoming one of Europe's property investment hotspots.
New figures released by local property consultants Universal 21 indicate that property prices in the Turkish capital jumped by more than 2.5 per cent in August. This helped the city record an average property price increase of 13.8 per cent for the year.
It's not just Istanbul which is interesting investors though. Throughout the whole of Turkey, property prices are up by 12 per cent in a year.
Speaking to propertywire.com, Universal21 director Monica Anca suggested that Turkey had become a safe haven for property investors.
She said: "For those investors who purchased property in 2010, the past three years have brought year on year increases of between 12 and 15%. There are few property markets in the world that could match this level of property price inflation."
Worldbulletin.net reports that the Turkish government is due to re-open discussions about re-joining the EU today. These discussions have been tipped to potentially have a big impact on the nation's property market.
If Turkey's property market can remain as prosperous as it is at the moment, then its inclusion into the EU could prove useful for other member states, who would financially benefit from an economically stronger union.