Prices for Property in Turkey Rise By 5.38%
House Sales Turkey (http://www.housesalesturkey.com/) reports on more positive news for the Turkish property market, especially for those wishing to sell property in Turkey. Price for property in Turkey rose by 5.38% in July 2011 compared to June 2010, according to Turkey’s Residential Property Price Index. This impressive increase is on top of the 0.83% improvement on June’s figures, showing that property prices in the country are increasing both monthly and annually.
Turkey’s Residential Property Price Index revealed not just that residential real estate in Turkey has risen in price by 5.38% annually and 0.83% monthly, but also that rental prices for property in Turkey also increased by 0.36% in July 2011. Rents climbed 0.31% in Adana, 0.47% in Ankara, 0.76% in Antalya, 0.44% in Bursa, 0.28% in Istanbul, 0.81% in Izmir and 0.46% in Kocaeli during the monthly period. These rising prices are put down to the country’s booming tourism trade, ever-strengthening economy (with a currency which is not dependant on the euro zone) and low cost of living.
The types of property in Turkey which are enjoying price increases vary depending on the region. Istanbul is enjoying price rises for some commercial property while villas in Turkey, particularly those in popular coastal holiday hotspots such as Alanya and Bodrum, are seeing price increases due to demand for holiday homes, both in rental and resale. New builds are also in demand, with prices rising by 1.2% in July compared with the previous month, and which are now 7.29% higher than a year ago. Demand is especially high for two-bedroom apartments in sought-after areas of Turkey, and in general larger properties are being increasingly favoured. According to the Residential Property Price Index there was a 0.37% increase in demand for properties of 51 to 75 square meters, a 1.13% increase in 76 to 100 square meters, a 1.65% increase in 101 to 125 square meters, a 0.65% increase in 126 to 150 square meters, and a 1.16% increase in 151 square meters and above.
What is particularly encouraging about the latest figures from Turkey’s Residential Property Price Index is that while the rise in price of residential property shows confidence in the future of the real estate market in the country, prices of property in Turkey are still significantly lower than in other top holiday destinations. Turkish property that is on the up but still affordable is, not surprisingly, attracting the attention of property investors around the world.
House Sales Turkey is the one-stop-shop property portal for those looking to both buy and sell property in Turkey. Find out more at http://www.housesalesturkey.com/.
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