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Turkish Property Prices Continue Strong, Steady Growth

Posted on 16 July 2011

Earlier this week we revealed that Turkey is now the fastest growing economy in the world, based on the latest data from Turkstat showing 11% year on year growth in the first quarter — beating Argentina (9.9%) and China (9.4%) by a considerable margin. And now we can reveal that Turkish property prices are continuing to grow at over 6% per year.

According to the Turkish association of real estate investment companies (GYODER) in its house price index for June, Turkish house prices grew 6.40% in the year ending June 2011. For some reason GYODER hasn’t released an index for May, but in April prices grew 6.45% year on year, in March they grew 6.17% year on year, and in January and February they grew by 6.30% and 6.18% respectively.

According to GYODER sales of Turkish property to foreign buyers grew by 40% in 2010 compared to 2009; the total of $2.5 billion in sales almost as much as the $3 billion in the 2 years ending 2008.

Surely it is no coincidence that demand from foreigners grew so sharply during a year of incredible economic growth, with 11.7% GDP growth in Q1, 10.3% in Q2 and 8.9% for the year. So, with the economy picking up where it left off this year, it is a good bet that we will see demand from foreign buyers continue to grow — especially with other metrics like tourism also growing strongly.

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