The average price of new homes in Turkey continued to rise in June, according to the trade body for Turkish real estate, making a property investment there increasingly attractive to foreign buyers in 2014.
The REIDIN-GYODER New Home Price Index showed that in June, new Turkish house prices recorded a 0.34 per cent increase on the previous month and a 12.05 per cent increase on June 2013. The index also revealed that branded developments on the Asian side of Istanbul increased slightly more, namely by 0.4 per cent, than branded developments on the European side (0.37 per cent).
Homes sized 126sqm-150sqm are proving the best for capital appreciation in Turkey, recording a month-on-month rise in value of 0.48 per cent in June. The price of homes of 101sqm-125sqm also grew, by 0.33 per cent, and those of 76sqm-100sqm by 0.14 per cent. Smaller homes (51sqm-75sqm) saw a slight drop in value (0.07 per cent), as did larger homes of at least 151sqm (0.07 per cent). However, the value of homes of all sizes recorded strong year-on-year growth.
According to the index of an international property consultancy, prices of prime properties across Turkey rose by 13.8 per cent between the first quarter of 2013 and the first quarter of 2014. This makes it one of the four best-performing real estate markets in the world, after Dubai, China and Estonia. Another report reveals how far your money goes in Istanbul: while $1million gets you a 1,045-square-foot luxury property there, in London the same investment gets you just 271 square feet and in New York 433 square feet.