Posted on 27 October 2010
Turkey is experiencing a PROPERTY BOOM. The country’s real estate developers are the stars of the stock market.
Those are not lines you hear every day, especially not in a Bloomberg video special but that is what we heard today.
Unfortunately the report was typical of mainstream reports; in that it tried to portray the negatives of the boom.
Apparently developers are now massing in Istanbul, where a main driver of development is to restore buildings that are part of Istanbul‘s famous history. This has brought anger from some parts of society, but if we are going to be able to survive as a species were are going to have to reuse old buildings from time to time. It’s not destruction, it’s progress.
Yes, Istanbul is famous for its history. But who is to say that the buildings they are being turned into could not forge forward into the famous buildings looked back on by generations to come?
Historical buildings are almost always protected from the builders’ sledgehammers unless they adhere to strict guidelines.
Given that, the developers will be forced to restore the buildings back to their former glory, using, where possible, the same or similar materials. Turkish people should be enjoying the Turkish construction boom. Not obsessing about it.