Real Estate in Istanbul

Turkey Is the Seventh Largest Organised Retail Market in Europe

Istanbul is the eleventh most attractive location for international retailers in Europe.

Turkey is the seventh largest organised retail market in Europe, with a total leasable area of 8.3 million sq m across 332 shopping centers. Approximately 2.6 million sqm of leasable space is currently under construction, with Istanbul accounting for almost half of this total.

The huge market of approximately 13.3 million consumers in Istanbul is viewed by many retailers as the perfect gateway to the Middle East and Caucasus region. Istanbul’s retail market is revolutionizing itself at great speed, with significant quantities of modern shopping center stock coming online.

The importance of shopping centers in the market is growing, with the likes of Forum Istanbul and Istinye Park trading particularly well. This will be further fuelled by the huge development pipeline, and in particular the imminent opening of several landmark schemes, including the Zorlu Center and Emaar’s Boulevard.

Istanbul’s retail culture is still mostly dominated by the high street, however, with Istiklal Street the dominant mass market location on the European side, along with Nişantaşi district, which caters for luxury brands.

On the Asian side, Bagdat Street is the most well-known and popular area, featuring a range of local and international brands.

Recent entrants into the market include Aeropostale, Carluccio’s, Zadig&Voltaire, Promod and Gymboree.