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Istanbul led Turkish property price gains in July
Date:-25-Aug-2011
Istanbul led Turkish property price gains in July
The Turkish property market continues to go from strength to strength, with prices rising across many parts of the country, fuelled by greater domestic and international demand.
The latest ReidIn Turkey Residential Property Price Index reveals that property prices and sales increased across much of Turkey last month.
The average price of a home in Turkey increased by 0.83% during July compared to the previous month, led by gains in Istanbul, where average prices appreciated 1.05% month-on-month.
Elsewhere, prices appreciated by an average o 1.02% in Kocaeli and Ankara, followed by Izmir (+0.84%), Bursa (+0.66%) and Antalya (0.64%).
Despite the overall Turkish property price gains, it is the capital city of Istanbul which is ultimately attracting the greatest attention from property investors around the world.
With a rapidly expanding population, property developers are struggling to construct enough homes in Istanbul to cater for growing demand.
Medium to long term prospects for the property market in Istanbul look good, with some commentators estimating a demand-supply imbalance of up to 500,000 units.
The residential market in Istanbul has undergone rapid development in recent years, and market drivers remain strong, creating further room for continued growth. The city offers huge potential with an expanding middle class.
EU economists have predicted that Turkey will become Europe’s fastest growing nation and indeed there is the possibility that the country will eventually become a full member of the European Union.
