22 January 2012
Property prices in Turkey on the up
Investing in Turkish property continues to look attractive as the latest figures released by the REIDIN New Home Price Index showed house prices rising by 0.78% in November 2011 – an incredible 9.88% rise since November 2010.
With regards to Istanbul, both areas of this historic city are showing increases with various projects in the European side of Istanbul increasing by 1.17% while those on the Asian side were up 0.47%. Further good news for investors is that rents are also on the rise – prices for existing homes increased 0.70% in Turkey overall and were up by 1.09% in Istanbul. The Turkish residential property market is likely to see further rapid growth in 2012 as the country continues with its economic growth unlike the majority of its European neighbours.
Turkey is currently one of the fastest growing economies in the world, and Istanbul is its top emerging market with a population among the fastest growing in Europe, both in terms of affluence and numbers. This, combined with high liquidity instigating incredible growth in Turkey’s immature mortgage market, is leaving the demand for Istanbul property easily outstripping supply.
One industry leader was keen to point out the benefits of investing now, ‘There are some promising up and coming areas close to the city’s university campuses. Many of these areas are seeing significant development work and further improvements in infrastructure close to the city centre. The best bargains can be found in outlying districts, but if your budget stretches far enough, the city centre still offers excellent yields even with high prices taken into account,’ he explained.
Emerging Real Estate are offering incredible investment opportunities in Istanbul. To find out more about our Turkish portfolio please do not hesitate to get in touch.