Turkey continues to blow the world away with its incredible growth and stability. The latest Knight Frank global house price index shows that Turkey was the 4th fastest growing property market in the world last year.
The index, which is based on the collation of data from other sources shows that Turkish property prices grew 10.5% last year, putting it well above China and India in 8th and 9th with growth rates of 9.3% and 8.5% respectively. Even Russia is now behind Turkey with growth of 10.2%. The top 3 markets in 2012 were Hong Kong with growth of 23.6%, Dubai with 19% and Brazil with 13.7%.
In Turkey's case the figure is based on the GYODER/Reidin/Garanti Bank index, which in turn is based on data on new development asking prices and possibly mortgaged values from Garanti Bank. The index shows that Turkish property prices grew 1.2% in the last quarter and 3.5% in the second half of last year.
The Global Property Guide runs a near identical index, which is in fact based on almost identical sources, the key difference being that the Global Property Guide publishes prices after factoring inflation, whereas the Knight Frank index shows nominal growth.