"Turkish house prices are on a seemingly endless rise. The latest figure, for May 2013, shows an increase of 12.2 per cent annually.
Turkey is used to double digit house price growth rates. Since the Central Bank of Turkey started producing its house price index in 2010, growth rates have almost always been in double digits, and rising. But economic growth has slowed from 8 per cent plus to around 2 per cent. Chart of the week takes a look at what is driving the market.
There’s no doubt that Turkey’s real estate is on the up. Turkey ranked in the top 10 fastest growing markets in the latest global house price index by Knight Frank. Turkey also ranks second by Ernst and Young in the most attractive property markets in Europe; and the Jones Lang LaSalle survey of European supply chain managers reveals Turkey at the top of markets expected to be the next emerging logistics location. Finally, Istanbul ranks first in the latest PwC Emerging Trends in Real Estate Europe 2013 survey for expected investment in the property market.
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