New data released by REIDIN.com, the creators of Turkey’s real estate index found average house prices in Turkey have increased again. The country has gained significant property investment from foreign buyers this year as Turkey’s overseas market has flourished, but the growing affluence of the domestic market has also pushed up prices.
While prices recorded growth across the majority of Turkey, Istanbul property recorded the strongest year on year growth with values up by 7.42% compared with August of last year.
This impressive growth in real estate values has been driven by an extremely high demand coupled with a very limited supply. The yearly demand for residential real-estate in Istanbul is reportedly over 250,000 homes while the actual supply will do well to reach 180,000 units this year. This substantial gap between demand and supply is predicted to continue for a number of years, significantly increasing property prices.