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Turkish rents and property prices rise again

After rising in March, the cost of buying and renting a home in Turkey increased again in April, according to the latest figures from REIDIN, which reported that property prices rose nationally by 0.86% in April, compared to a month earlier, while rents jumped by 1.02%.

The biggest rise in sales prices was recorded in Istanbul and Ankara, with both destinations experiencing growth of 0.96%.

Unsurprisingly, Istanbul was also the most robust rental market, with the cost of leasing a home in the city increasing by 1.18% last month, while Izmir posted strong growth of 1.12% also.

Year-on-year, the value of Turkish real estate is up by 11.93%, the data revealed and new legislation soon to be introduced, allowing foreigners to buy larger land plots, if approved, should help the property market further.

Also, another law, expected to come into effect in September will allow other foreign buyers to purchase in Turkey. Until now, only citizens of countries that allow Turkish citizens to buy property in their country have been allowed to buy land, apartments or houses in Turkey. The EU countries all allow this but not the super-rich Persian Gulf countries.

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