Tuesday, March 28, 2006

Gentrification in Istanbul

After a ban on foreign ownership was lifted, the price of property in Turkey's largest city jumped 85 percent last year. This year prices are predicted to almost double again, according to this Reuters article . And here's something that ought to concern all gecekondu residents: "potential redevelopments of Istanbul's shantytowns and earthquake-vulnerable buildings could also fuel growth."

Redevelopment is one of those great real estate code words. It means eviction and replacement with high priced housing.

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