Turkey Property News

Turkish property prices on the up

Turkish property prices on the up
Turkish property prices are on the up, according to new figures from REIDIN.

The data shows that prices of residential property in Turkey increased by 17.1 per cent in January compared to last year. When adjusted for inflation, the annual price growth stands at 9.13 per cent.

The latest price index, which is calculated every month from seven major cities, 71 districts and 481 sub-districts, found that existing homes are seeing bigger price rises than new build: new home values only increased by 1.8 per cent (adjusted for inflation) year-on-year.

The popular city of Antalya led the way, with prices leaping by 22.62 per cent across the year. Istanbul came a close second, with residential sales prices rising by 19.47 per cnet.

Turkey remains a popular destination for tourists as well as investors, so Antalya is well placed to benefit from the consistent overseas demand. Indeed, prices remain relatively low, notes Property Showrooms, while Turkey’s recent change in investment law means that the market is more open than ever to international buyers.

Despite this, figures from the Turkish Statistics Institute suggest that investors are remaining cautious in the current economic climate, with sales slipping by 2.35 per cent in the third quarter of 2012. Nonetheless, the outlook is positive, with house prices expected to continue rising throughout the year.