Turkish property prices climbing

Turkish property prices climbing

Turkish property prices are climbing in double-digit figures, according to the latest report from the online real-estate analysts REIDIN - with price growth in the country reaching 10.76 per cent year-on-year.

Property in Izmir was the highest performing, with price hikes of 14.6 per cent annually. However Istanbul property prices also posted high levels of yearly growth with a rise of 12.29 per cent.

The report also noted that rental returns were rising throughout Turkey.

The price of renting in Izmir and Istanbul rose by 13.79 per cent and 11.38 per cent respectively, but the best performing area was Antalya where the cost of renting a property has risen by 13.99 per cent in the past 12 months.

Overall, rents for Turkish real estate climbed by 10.34 per cent year-on-year and by one per cent on a monthly basis.

Foreign investment in Turkish property has grown significantly in 2012 according to the Central Bank, which revealed overseas buyers snapped up $1.1 billion (£706 million) worth of real estate assets in May this year.

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