According to the ReidIn Turkey Residential Property Price Index, residential property prices in Turkey are steadily increasing as buyers look for larger properties. In July the sales prices in the country increased by an average of 0.83%, up by 0.32% in Adana, by 1.02% in Ankara, by 0.64% in Antalya, by 1.05% in Istanbul, by 0.84% in Izmir and by 0.44% in Bursa.
Rents are also steadily increasing, up by 0.81% in Istanbul, by 0.47% in Ankara and 0.76% in Antalya, to name but a few of the places that showed increases last month. The prices of new property are also increasing, up by 1.2% in July compared to June, giving them a year-on-year increase of 7.29%.
Buyers are also looking for larger properties, and last month data shows there was a 0.37 increase in demand for homes between 51 m² and 75 m², a 1.13% increase in demand for properties between 76 m² and 100 m², while properties between 101 m² and 125 m² are proving the most popular, as these registered a 1.65 increase in demand. Properties sized between 126 m² and 150 m² showed a 0.65% increase, while those above this size range showed a 1.16% increase.
Turkey is still one of the most popular places for overseas investors, and the low property prices here are ideal for anyone who has some capital or who can raise a mortgage. It is also continuing to be attractive to British investors due to the fact that it is outside the Eurozone, while the climate, food and culture are just the icing on the cake.
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