Surprise! Latest figures released by property investment firm Knight Frank put Turkey in first place for property price increases.
According to statistics released this week by respected investment firm Knight Frank, property prices in Turkey jumped 13.9% thereby topping the charts for global property price increase. These figures may come as a shock to many who believed the real estate market in Turkey was struggling given the past years political and terrorist events.
These figures are a fantastic boost for the property market in Turkey and should go some way to bolster investment confidence in the country. Turkey ranks way ahead of second ranking New Zealand who came in with an annual rise of 11.2%, and Canada third with 10%.
The 5 Highest and Lowest Ranking Countries* (According to Knight Frank Research)
- Turkey 13.9%
- New Zealand 11.2%
- Canada 10%
- Chile 9.4%
- Sweden 8.9%
- Taiwan -9.4%
- Ukraine -9.2%
- Hong Kong -8.1%
- Morocco -3.6%
- Greece -2.9%
*Figures released are based on nominal domestic price growth. If inflation is stripped and real price increase shown, New Zealand ranks No.1.
According to Knight Frank, “of our top five preforming countries, Turkey and Sweden are the only two markets where price growth has slowed compared with last quarter, down 19% to 14%, and 13% to 9% respectively“. This is to be expected given the political and economic climate in Turkey the past year, we would hope to see price figures rise again as the country gains strength once more.
“Turkey’s housing market remains strong despite popular belief”, says Suleyman Akbay of Oceanwide Properties.
“Despite the past years geopolitical tensions, Oceanwide Properties have had a successful year so far. The property market in Turkey has changed. We have noticed a drop in British demand for coastal properties, but there has been a definite increase in sales and enquiries from investors from the Gulf, Germany and further afield. The demand for properties from Turks has also risen leaving the property market still bouyant here in Fethiye and along much of the coast.”
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Photo credit: Quinn Dombrowski at Flickr