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Turkey property values up by 12.5%

paulajohn
Written By:
paulajohn
Posted:
Updated:
13/12/2013

The average price of residential property in Turkey has soared in the past 12 months thanks in the main to overseas demand.

According to Knight Franks’ latest global house price report, Turkey has outperformed the rest of Europe and comes sixth in the world in terms of property value growth, following Dubai, China, Hong Kong, Taiwan and Indonesia.

Adil Yaman, director of Istanbul property consultants Universal21, said:

“Turkey’s economic growth has actually exceeded expectations this year. With unemployment low and the populations of cities like Istanbul having greater spending power, we are seeing a rise in demand for property from domestic as well as overseas buyers who are encouraged by relaxed property laws.

“There is simply more competition now as foreign investors move in to take advantage of the high capital growth potential of property.”

The Turkish economy is on track to reach 4% annual growth by the end of this year.

Yaman added:

“Unlike some of the other fast growing property markets like China, there is no sign yet that Turkey is overheating. Economic growth has proved to be sustainable and there are no plans to take the heat out of the property market as has been the case in China. “Turkey remains one of the best countries in the world to invest in property and the new more welcoming approach by the government to foreign investors in real estate looks to be paying off.”

Turkey’s Economy Minister, Zafer Çağlayan, said this month that Turkey has grown continually over the last 16 quarters, and added that the Turkish economy was one of the fastest growing economies in Europe, the OECD and the G-20.


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