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Istanbul ranks 3rd for highest house price increase

Conducting global studies in the real estate sector, Knight Frank, a London-based residential and commercial property consultancy firm, has published its 2016 Global Residential Cities Index. Accordingly, Istanbul became the third-ranking city in the world considering the price movements over the past year.

Istanbul has been named as the third favorite European destination of choice for international travelers after London and Paris, according MasterCard’s Target Cities Index.

House prices have increased 20 percent in Istanbul over the past year, making Istanbul third among 150 cities around the world on the Global Residential Cities Index, while four Chinese cities are listed among the top five.

Shenzhen and Shanghai lead the rankings respectively followed by Istanbul in the Global Residential Cities Index. China's new rising star Shenzhen saw a 62 percent increase in house prices over the past year while the price growth in Shanghai hit 30 percent, followed by Istanbul with a 20 percent rise.
Chinese cities Nanjing and Beijing came fourth and fifth on the list respectively. Therefore, Istanbul ranked in the middle of four Chinese cities at top five. While İzmir ranked ninth with a 16 percent price growth, Ankara came 27th with a 10 percent increase.

One of world's mainstream cities, London's price growth has remained at 15 percent while Amsterdam, Sidney and Barcelona saw house prices increase by 10 percent, 9 percent and 8 percent, respectively. Well-known cities of many prominent countries that saw house prices decline are listed in the index as well. Maximum price drops occurred in Aberdeen, United Kingdom followed by Taipei and Moscow, each with an 8 percent fall.

Those investing in Istanbul properties generally prefer either the coastline or locations close to airports. The focus of high end development is concentrated on the European side of the Bosphorus with the central districts of Etiler and Nisantasi still considered prime for foreign property buyers. One bedroom apartments measuring 100 square metres in the Levent neighbourhood are currently selling for $500,000. A new build three bedroom home in Nisantasi can be bought for $1 million, and a four bedroom home measuring 2000 square feet can be purchased in the Etiler district for $3 million. Property in Istanbul is prime at the moment and it is now a great time for investors from the GCC states.

Seventy-four percent of the cities tracked by the index saw house prices rise in the year to March 2016. The gap between the strongest and weakest performing housing market has expanded from 55 percentage points last quarter to 74.

Another region enjoying considerable growth is Scandinavia, fueled by a combination of limited new supply, high demand and cheap financing. The cities of Stockholm, Gothenburg, Malmo, Oslo and Copenhagen all recorded annual price growth of between 9 percent and 17 percent in the year to March.
In North America, Vancouver continues to lead the way, with a year-to-year growth of 17 percent.

In 2016, Turkey remains of the world’s leading countries in the global real estate market, with investors looking to put their money into properties in Istanbul more than any other city in Turkey. 2015 predicted an increase of 60,000 foreign property purchases in Turkey for 2016. Demand for properties in Istanbul has generally been on the rise over the past few years, not only with investors from Gulf countries but also Russia and Eastern Asia and 2016 looks as positive as ever.

With real estate investment funds continuing to be on the rise, emerging trends in Europe suggests that there has only been a 17% increase of real estate companies in Turkey making a loss in the first quarter of 2016, compared to last year’s figures, which is extremely positive under the current climate. There has been a significant increase in investors from the Middle East, buying into the second home holiday market in Istanbul, but also in the Marmara and Black Sea regions. Official statistics from Turkstat show that Iraqis are the most prevalent nationality buying in Turkey, accounting for 19.6% of foreign property sales, followed by Saudi Arabian buyers with 13.3% and purchasers from Kuwait at 11.1%.

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