|Investment Property Worldwide.com||
The prices of new properties in Turkey have been increasing steadily over the last 12 months and experts expect them to continue doing so in 2012.
According to the latest figures from the REIDIN New Home Price Index prices increased 0.78% in November and are now 9.88% up on November 2010.
Trademarked projects in the European side of Istanbul increased 1.17% month on months while those on the Asian side were up 0.47%.
The index also shows prices for existing homes increased 0.89% in Turkey overall, 0.93% in Adana, 0.55% in Ankara, 1.27% in Antalya, 1.08% in Istanbul and 1.14% in Izmir. Prices were stable in Kocaeli and decreased 0.11% in Bursa during December 2011.
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Thanks to a strong economy Turkey is without doubt one of the hottest places to invest in residential property at the moment, good banking policies and growing national and international demand for homes in Turkey to rent and buy.
Despite the global downturn, Turkey has seen an average 4.3% annual increase in GDP for the last seven years, and the OECD
(Organisationfor Economic Cooperation and Development) reports that if this
growth continues, Turkey is set to have the third highest economic growth rate
after China and India by 2017.
Residential property prices appreciated by an average of 6% in 2010 and with a chronic shortage of homes across the country,prices are being tipped to rise further.
Stuart Law, Chief Executive of Assetz, said:
“Turkey's separation from the single currency has been an advantage during the
global downturn. The property market is underpinned by a strong economy with a
growing tourism sector, which can be converted into solid rental yields for
The property market in Turkey has been supported in part by growing tourism which is driving higher demand for holiday homes. The country received 28.6m visitors in 2010.
Ray Withers, director of Property Frontiers, says: "Thanks to huge waves of tourists to the country over the years with some 1.4 million Arab tourists visiting the country between January to August this year alone, it seems everyone wants a piece of Turkey. Certainly, for investors, the Turkish government's plan to make the tourist industry reach 15% of its GDP by the year 2020 will be a big attraction.”
He added: “It is probably one of the hottest markets on the planet.”
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