Turkey’s residential property market is the seventh best performing in the world in terms of growth and investment opportunity, recording an 11.5 per cent rise in average prices during 2012.
This is according to the latest Global House Price Index by international property specialist Knight Frank, which also showed that prices in Turkey rose 4.4 per cent between Q1 and Q3 2012 and 2.21 per cent in the last quarter of the year.
Significantly, no other European country was above Turkey in the rankings, which was topped by Hong Kong, followed in descending order by China, Dubai (UAE), Colombia, Brazil and Taiwan. Turkey was also ahead of the USA, which was 10th, while the three highest scoring European countries were Russia (12th), followed by Austria (14th) and Estonia (15th).
In fact, the Index showed Europe as the weakest-performing region, with mainstream prices there falling by 0.3 per cent on average during the last 12 months. Overall, residential property prices around the world rose by 2 per cent in the first quarter of 2013 and by 6.6 per cent over the 12-month period. The Knight Frank Index is compiled on a quarterly basis using official government statistics or central bank data where available.
Much of Turkey’s growth has been fuelled by the removal in May 2012 of a reciprocity clause that dictated who could own property in the country. This opened up its market to buyers from Asia and the Middle East, who currently are investing in large scale residential projects in Istanbul, as well as individual homes along Turkey’s pretty coastline.
Contact Spot Blue for more information on buying property in Turkey: www.spotblue.com, +44 (0) 20 8339 6036.