Turkey sees greatest house price jump in Europe
By Steve Binge

Turkey sees greatest house price jump in Europe

The story of the European property market has been a tale of woe in recent years but it seems things are looking up. Leading the way is Turkish real estate and according to Knight Frank the country has seen prices rise by the greatest amount on the continent over the last 12 months. Values jumped by 12.2 per cent over the last year as investors moved away from traditional hot spots.

Over the second quarter of the year, prices increased by 3.8 per cent - a pleasing rise but not the greatest on the continent. During a six month period, growth of 5.9 per cent was also recorded. These figures show that despite recent domestic turbulence, the country is establishing itself as an attractive place for investors. Figures from the Ministry of Environment and Urban Planning recently revealed overseas buyer numbers more than doubled during the first six months of the year compared to the same period in 2012. H1 saw 7,145 international investors buy Turkish property, up from 3,107 a year previous, Property Wire reported.

The relaxation of reciprocal ownership laws has helped to drive activity in Turkey, with sales up by more than 50 per cent over the first half of the year. Buyers are coming from 88 different countries, compared to 55 seen in 2012. Britons were involved in 720 sales, while German investors accounted for 653 transactions, the news portal revealed.

These improvements come as conditions in Europe strengthen. Overall house prices on the continent have increased for the first time since 2010, according to Knight Frank. Over the last year values increased by 0.7 per cent, but there was a sharp divergence, with Greece, Spain and Italy finding themselves at the bottom of the pile. Performance was also down in the Netherlands and Hungary, where values fell by 8.2 per cent and 8.5 per cent respectively on an annual basis as the markets flailed.
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