Posted on 09 December 2013
Turkey is ranked sixth – three places above the next European country, Germany – in the latest House Price Index for the third quarter of 2013 compiled by an international property consultancy.
According to Knight Frank’s quarterly index, house prices in Turkey were 12.5 per cent up in the third quarter of the year compared to the same period last year, proving property in Turkey remains a sound investment.
Top of the index is Dubai, followed by China, Hong Kong, Taiwan and Indonesia, with the UK down in 25th position. Overall, the Index rose by 4.6 per cent over the 12 months to the end of September, with Turkey’s bullish growth contributing to this.
“The index’s strong performance has been assisted not just by headline grabbing price rises in Dubai, China and Hong Kong, but also in a number of emerging markets,” said Knight Frank’s commentary about the Index. “Taiwan, Indonesia, Turkey and Brazil recorded price growth of 15.4 per cent, 13.5 per cent, 12.5 per cent and 11.9 per cent respectively in the year to September.
“During the global financial crisis Asian housing markets largely compensated for the weakness of Europe and the US. With the UK and US housing markets now picking up, the Eurozone debt crisis receding (at least for the moment) and prices in many key Asian markets still recording double digit annual price growth, the index is experiencing a strong surge.”
Much of Turkey’s price growth during 2013 has been in Istanbul, where demand for new-build residential properties is growing, fuelled by investors from the Middle East.