Turkish property prices up 12pc
Turkish property prices have jumped 12 per cent in the last 12 months, as the country's housing market continues to grow.
New home prices have risen by 12.05 per cent according to the latest data released by real estate analysts Reidin-GYODER, which agents believe suggets values will continue on an upward trajectory this year.
Indeed, Turkey's economy has enjoyed robust growth this year.
Adil Yaman, Director of Istanbul based property company, Universal21, comments: “At the start of the year, there were some question marks around the direction Turkey's economy would take in 2014."
Nontheless, political unrest, which had been a destabilising factor at the beginning of the year has remained stable since local elections held in March. This will help boost the confidence of investors seeking property in Turkey according to Universal21.
The OECD has also revised its forecast upwards for Turkey's GDP. Turkey GDP is predicted to reach 3.3% by the end of 2014, which is over half a percent less than that predicted by Turkey's government.
Inflation too was predicted by the OECD to fall in the second half of 2014 even if Turkey's Prime Minister, Recep Tayyip Erdogan, advocated a lowering of national interest rates – a move that could increase the rate of inflation.
Foreign trade has been the big success story with recent data showing that exports are climbing and imports down, argues Unversal21. Indeed, Turkish exports excluding gold grew by 6.7 per cent in the first six months of 2014.
"Many of the factors holding back potential growth in the national economy have turned out to be short term," continues Yaman. "This is of course good for the health of Turkey's property market."