Two independent surveys have confirmed Turkey’s property market as one of the best performing in the world during the second quarter (Q2) of 2016.
Turkey topped Knight Frank’s Global House Price Index for Q2 2016, boasting house price growth of 13.9 per cent between Q2 2015 and Q2 2016. In second position was New Zealand with 11.2 per cent growth, followed by Canada (10 per cent), Chile (9.4 per cent) and Sweden (8.9 per cent).
“Of our top performing countries, Turkey and Sweden are the only two markets where price growth has slowed compared with last quarter, down from 19 per cent to 14 per cent and from 13 per cent and nine per cent respectively,” said Knight Frank.
Meanwhile, Turkey was ranked fifth in a price survey for Q2 2016 by Global Property Guide, recording 9.67 per cent growth (inflation adjusted). China was top of this table, with 20.38 per cent growth.
“Turkey's housing market was boosted by strong foreign investment and a growing population, despite a collapsing currency, dissatisfaction with the government, and geopolitical tensions,” said Global Property Guide.
Elsewhere, according to a new report by international property consultancy CBRE the average cost of an apartment in Istanbul is now $137,614, with the average monthly rent $754 per month. CBRE’s report, which compares major cities around the world for value and cost, ranked Istanbul top in terms of annual apartment price growth (25 per cent) as well as second best value for money, after Johannesburg. “Average asking prices in Istanbul have risen 16 per cent over the last year,” said CBRE. “Some of the largest increases in average asking prices were seen in Istanbul’s more peripheral and developing districts such as Sultanbeyli, Çekmeköy, Gaziosmanpa and Beylikduzu.”