Housing prices increased in Türkiye – Tejaratnews

According to Tejarat News, according to the global house price index published by Knight Frank real estate consultant, housing prices in Turkey increased by 132% in the first quarter of 2023 compared to the same period last year.

Housing prices in Ankara, Izmir, and Istanbul grew by 135.3, 133, and 127.3 percent, respectively, which recorded the highest increase throughout the country.

The sharp jump in property prices was recorded after a powerful earthquake hit the Turkey-Syria border region in February, killing more than 51,000 people in Turkey. Ankara has estimated the cost of damages at more than 104 billion dollars.

Turkey is in the global ranking of real estate price increases, followed by North Macedonia and Croatia, whose prices have increased by 18.8 percent and 16.6 percent, respectively, in the first three months of the year. Hungary (16.6%) and Lithuania (15.3%) are in the next ranks.

According to data tracked by Knight Frank, Greece, Iceland and Mexico saw house price increases of 14.5%, 13.4% and 11.7% respectively, while Portugal (11.4%) and Singapore (11 .3 percent) are also seen in the ranking of the first 10 countries.

Real estate consultancy Knight Frank added that the global property market saw annual price growth of 3.6 percent in January-March, down from 5.7 percent in the previous quarter.

The Global House Price Index tracks the dynamics of average residential property prices in 56 countries around the world. Prices are nominal and not adjusted for inflation.

Source: ISNA