Turkish housing prices rise 11 percent in a year

ISTANBUL – Anadolu Agency

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The price of new houses in Turkey has increased 10.79 percent in July compared with the same month of last year, Reidin-GYODER New House Price index shows.

According to a report prepared by Garanti Bank in collaboration with Reidin-GYODE, an association of real estate investment companies, new housing prices in Turkey increased 0.74 percent in July 2014 compared to the previous month.

“The steady increase in housing prices in the country shows real estate stands out as an investment in Turkey,” Garanti mortgage vice general manager, Umur Güven, said in a statement with the report.

Annually, the highest increase was observed in Istanbul with 21.59 percent, while the lowest was recorded in Antalya with 10.79 percent.

A new Economic Outlook report released by main opposition Republican People’s Party (CHP) last week said the excessive rise in housing prices in Istanbul despite a property boom concerns sector representatives, who warn against a real estate crisis that may spill over to other cities.

The monthly report prepared by the CHP using official figures unveil that housing prices have reached alarming levels, requiring immediate action from policymakers.