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Turkey leads the 2016 Knight Frank House Price Championships
Turkey 'wins' the European House Price Championships!

Turkey leads the 2016 Knight Frank House Price Championships

A report in the Guardian today suggests, “Turkey ‘wins’ 2016 House Price Championships!”.

With Euro 2016 just a few days away, property firm Knight Frank ran an analysis and compared house price performance across 23 European countries since the last Euro’s back in 2012. According to the stats, Turkey leads the way showing mammoth 65.6% rise in property values recorded over the past four years. The Republic of Ireland comes second showing a 34.3% increase, Sweden at 32%, and Iceland with 30.6%. England followed some way behind seeing a rise of 29.7%.

Analysis of the figures show “a marked contrast between northern and southern Europe”, according to The Guardian. The statistics show property prices rose in all but six of the European contenders. The Ukraine ranked last with a 22.6% drop in house values, followed by Italy with a 13.1% fall, Spain dropping 7.2% and France, hosts of the Euro 2016, were down 6% over the past four years.

“Property prices in Turkey have certainly risen since 2012”, says Suleyman Akbay of Oceanwide Properties. “Just the exchange rate alone has seen to that. If you had brought a £100,000 property back in 2012, when the exchange rate was around 2.5, it meant your properties worth would be 250,000 Turkish lira. Today, buy a property for the same value [£100,000], it would equate to 430,000 Turkish lira…that’s a big increase. There are, of course, some areas that are more popular than others, and the market has changed significantly, but I certainly agree with the statistics”.

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