TURKEY PROPERTY PRICES ON THE RISE
Turkey’s real estate market is seeing strong growth with recorded house price figures hitting double digits, including an increase of 12.2 percent announced in May 2013.
Turkey has always enjoyed steady house price growth rates since the beginning of the house price index in 2010. Figures have rarely, if at all, dropped below 10 percent as the market steadily climbs. Whilst economic growth has slowed from eight percent to two percent, the real estate market appears stronger than ever.
The popularity of Turkish real estate amongst investors has resulted in the industry being one of the top ranked markets with huge potential. Property experts Knight Frank recently ranked Turkey in the top 10 fastest growing markets in the latest global house price index, and Ernst and Young followed similarly awarding Turkey second place in the most attractive property markets in Europe.
The market is now seeing more interest and investment from foreign buyers as the real estate potential grows, with an overall figure of 88 different countries buying property in Turkey this year. Sales to overseas buyers in the first six months of 2013 has more than doubled in comparison with the same period in 2012. This year has seen foreign investments total 7,145 compared with 3,107 in the first six months of 2012.
One of the main factors behind Turkey’s real estate boom is the relaxation of property laws allowing foreign buyers residency permits with their properties. This combined with rising tourism figures, which are expected to reach record highs this year, give Turkey a strong and stable future.
Sources: Financial Times, Property Wire