Turkey property prices increase by over 6% annually

Turkey’s real estate sector has experienced considerable price increases this year marked by yet another strong month of growth. Turkey’s property prices have now reached an annual growth rate of over 6% for the first 4 months of 2011 according to The Association of Real Estate Investment Companies (GYODER).

GYODER’s most recent monthly index showed that prices have increased by 6.45% in the year ending April 2011. This data follows previous index’s that showed annual growth of 6.30% at the end of January, 6.18% in the year ending February and 6.17% in the 12 months leading up to the end of March.

It’s been widely reported that Turkey’s popularity has grown considerably in international markets; helping it ward off many of the economic problems faced by much of Europe. Holiday homes have seen the most dramatic price increases with a 40% surge in foreign ownership in 2010; a total $2.5 billion worth of real-estate sales in just one year!

The surge in holiday home ownership has tracked Turkey’s significant growth in tourism. Turkey’s ministry of tourism announced that the country welcomed 28.6 million tourists in 2010, an increase from 27 million in 2009, 26.3 million in 2008 and 23.3 million in 2007. Turkey is expecting another good year for tourism growth in 2011 with record numbers of holiday bookings already placed for this summer.

Source: Select Property