According to REIDIN.com who are the leading real estate information company focusing on emerging markets, property in Turkey over the last 12 month has increased in price by on average 11.62%.
Link to article - http://www.reidin.com/blog/en/300-reidincom-real-estate-indices-march-2012-results.html
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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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For the past 18 months, Turkey has outstripped China to be the fastest growing economy on the planet.
In Q3 this continued: Turkey expanded a mind-boggling 8.2 per cent. In addition, consumer confidence hit incredible heights – reaching 91.0 in November against 89.7 previous. One problem though remains inflation: 9.47 per cent last month!
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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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According to official data by the Land Registry Directorate's Foreigner Affairs Unit, foreigners from a staggering 89 countries across the world have purchased approximately 111,200 estates across Turkey with some 35,249 Brits owning 24,848 properties, putting the UK on a pedestal as one of the most popular buyers of Turkish property followed by Germans and Greeks.
Further research suggests that foreigners have bought real estate in 76 of Turkey's 81 provinces with a total of 12,190 properties in the economic powerhouse of Istanbul being owned by foreign nationals.
Meanwhile, in response to buyer demand and according to recent figures from the ReidIn Turkey Residential Property Price Index, the cost of buying property in Turkey is rising steadily with sale prices having increased by 0.83% across the country with a 1.05% rise in Istanbul alone in July this year.
The research also indicates that buyers are searching for new build properties which have been growing in popularity amongst overseas and second home owners showing a 1.2% increase in new build buyers from June to July, 7.29% higher than the same period last year. There are also vast rental opportunities at large across the country seeing rental prices increase by 0.36%.
Author - worldpropertychannel.com
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