Turkish Property Market Stable, Ready for Growth

The REIDIN March index of residential property prices in Turkey for points to a market that is now very stable and ready to return to growth. The data provided by the index is as follows: Adana +0.26%, Ankara +0.36%, Bursa +0.55%, Istanbul +0.53%, Kocaeli +0.06%, Antalya -0.12% and Izmir -0.05%.

As you can see there is no real movement one way or the other, just as a monthly index should be in a stable market, though obviously a rise is still better than a fall.

The data also pointed to increasing returns on Izmir and Antalya property, as rents increased by 1.11% and 0.12% respectively, obviously because prices fell in these areas during the period yields will have increased.

Rents also increased in Adana (1.11%), Antalya (0.66%), Istanbul (0.30%), Izmir (0.42%) and Kocaeli (0.12%), but fell Bursa (0.68%). Rents remained constant in Ankara during March 2010.

This index is of the housing market in Turkey, according to Julian Walker of UK based Turkish property agent Spot Blue, prices of properties in touristic zones aiming at the foreign market are a completely different kettle of fish, he said:

"Turkish property remained popular with foreign buyers during the recession, not least because of the Euro strengthening, which made Eurozone property upwards of 20% more expensive to British buyers. Thus, on the top quality Turkish properties, those offering massive value for money at the price they stood at as the recession hit, have held their value well, and are now preparing for growth as demand increases significantly."

Spot Blue are currently marketing property in Turkey priced from as little as £25,000.

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