House price hike: Turkey leads Europe with highest housing market growth
- Latest Global House Price Index records Turkey’s annual growth as 18.6% – the highest throughout Europe (Knight Frank)
- Turkish economy expanded by 2.3% in Q1 2015 in comparison to Q1 2014, exceeding all market expectations (MarketWatch)
- Excitement around Turkish property still prevalent, industry expected to continue to develop (Universal21)
Turkey’s property industry remains one to watch with consistent annual price growth and increasing buyer interest. The latest figures released by Knight Frank, in their annual Global House Price Index report, rank Turkey’s annual growth as the highest in Europe at 18.6%, and second globally, just missing out to Hong Kong by the smallest of margins.
Inextricably linked to Turkey’s flourishing housing market is its construction industry. The most recent research conducted by the Turkish Statistical Institute (TUIK) in relation to confidence in Turkey’s construction services shows an increase of 1.6% when compared to last year. A growing number of managers within the construction industry advised that workload was above the seasonal average and they were expecting a rise in “total employment” over the next three months.
Universal21, the leading property agency in Istanbul, works closely with every aspect of Turkey’s property industry and confirms the sense of confidence currently surrounding the market.
Director, Adil Yaman explains further,
“Over the last decade Turkey’s housing market has thrived, attracting a vast amount of interest and subsequent investment from both domestic and international buyers. The most recent figures suggest that the property industry is still recording annual growth, albeit at a slower pace, with house price growth remaining consistent.
“Evaluating our current levels of interest for our residential projects here in Istanbul, we can feel that the excitement around Turkish property is still prevalent and would expect the industry to continue to develop as the nation where east meets west retains its place at the forefront of the global real estate market.”
Indeed the positive effects of Turkey’s robust housing market are certainly having an influence on the country’s economy, expanding by 2.3% in Q1 this year in comparison with Q1 2014. This substantial increase has exceeded all market expectations and demonstrates that the annual growth estimate of 3.1% in 2015 is completely achievable.
Universal21 understand the importance of Turkey’s property industry to the wider economy and strive to develop some of Istanbul’s most sought after real estate.
Their most recent offering is Diamond Residence. Located in a quiet, relaxed area of Old Beylikdüzü, Istanbul, whilst still being in close proximity to all amenities and restaurants, the residence is comprised of 148 beautifully designed apartments. With both one and two bedroom apartments available, Diamond Residence is just a 20 minute drive from the main Ataturk international airport and a 10 minute walk from the area’s major shopping centre, Marmara Park.
More than just a residential development, the property also offers an array of excellent and functional facilities, including 24 hour security, a Vitamin Bar, fitness centre, indoor swimming pool, children’s game room and cinema room. With one bed apartments starting from £57,000 and two bed apartments from just £98,000.
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.