House Sales Are Hot, Hot, Hot In Turkey
Istanbul holds the top spot for house sales in Turkey with almost 19% of overall sales. Housing sales have increased for the last seven months consecutively, according to Turkey’s All Real Estate Agents Federation President, Haci Ali Taylan. The industry experienced a 12% drop from the last month due to the season of Ramadan when most consumers do not make as many purchases. Also because the exchange rate was low while interest rates remained high.
Regardless, the value of real estate in Istanbul has increased in value steadily since 1989.
“Internal immigration towards Istanbul has increased since the 1950’s, as it is the fastest growing industrial and trade center,” said Taylan. Istanbul’s population increased to over 15 million this year.
The top foreign nation buying property here is Russia, but in second place comes Britain. This year, experts predict that the total of real estate sales in Istanbul will double. While most foreigners look to buy on the coast, a report by Price Waterhouse Coopers and the Urban Land Institute last year identified Istanbul as having the most attractive property investment market in Europe. This is a strong advantage compared to the slow-moving economies of the Eurozone and Britain. The country recently reformed its property laws, making it possible for foreigners to buy double the amount of land in Turkey than was previously allowed.
The rocketing property market reflects Turkey’s economic success. Competition between entrepreneurs has driven prices for the best homes to dizzying heights. This could be the right time to snap up real estate in Istanbul—according to the Knight Frank Global House Price Index, Turkish property prices are experiencing the third fastest growth in the world, outpacing both Russia and Hong Kong.