Keeping an Eye on Turkey

Keeping an Eye on Turkey

Keeping an Eye on Turkey

Turkey boasts arguably the best-performing real estate market in the world and 2016 has shown to be no exception. Growing population, mega projects, growing income per capita, urban renewable projects, and ease of buying property are the main driving forces behind the rapid growth of the real estate sector in Turkey.

In 2015, house prices in Turkey rose faster than any other country in the world, rising 26% in Istanbul, 16% in Izmir and 12% in the capital, Ankara. The price of newly built homes increased by 17.4%. The market is by some measures in very good health. With a low reliance on mortgages and with individual real estate debt low, your average Turkish citizen buys responsibly and sustainably. In Istanbul, the beating heart of the Turkish real estate market, rents in the first half of 2016 have declined by about 2% to 5% compared to in 2015, although this has been blamed more on the decline in the lira than on a reflection of a weakening in demand for property, as it is not uncommon for rents to be priced in foreign currency.

The total number of houses sold in the property market reached 1.3 million in 2015, according to the Turkish Statistical Institute.

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