Sabah – Residential properties in Turkey continue to gain value, with prices rising by 18.6 percent year-on-year according to Global House Price Index Q1 2015, prepared by international real estate consultancy firm Knight Frank.
Second only to Hong Kong in the 56-location index with a 18.6-percent rate of increase, Turkey emerged as the top-performing housing market in Europe, leaving behind Ireland, Luxembourg, Estonia, and Iceland.
One of the top tourism destinations in the world and with a steadily growing economy and population, the country has been enjoying increasing demand from foreign realty investors in recent years. Since the easing of regulations related to property ownership by foreign nationals in 2012, tens of thousands of foreigners have acquired properties in the country, most notably in the Marmara and Mediterranean regions, home to Turkey’s major finance and tourist hubs.
The amount of real estate purchases by foreigners in Turkey reached USD 4.3 billion in 2014, up 41 percent over the preceding year.