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Property prices in Turkey creeping up, latest index shows

Sales prices increased 0.83% in Turkey overall, the ReidIn Turkey Residential Property Price Index shows. They were up 0.32% in Adana, 1.02% in Ankara, 0.64% in Antalya, 0.66% in Bursa, 1.05% in Istanbul, 0.84% in Izmir and 1.02% in Kocaeli during July 2011.

Rental prices are also on the up, increasing 0.36% in Turkey overall. Rents climbed 0.31% in Adana, 0.47% in Ankara, 0.76% in Antalya, 0.44% in Bursa, 0.28% in Istanbul, 0.81% in Izmir and 0.46% in Kocaeli during July 2011.

New homes, popular with both domestic and overseas buyers are also increasing. They were up 1.2% in July compared with the previous month and are now 7.29% higher than a year ago.

The price of new properties on popular projects on the European side of Istanbul increased by 2.45% and on the Asian side of the city they increased 3.25%.

Buyers are looking for bigger properties, the data also shows. There was a 0.37% increase in demand for properties of 51 to 75 square meters, a 1.13% increase in 76 to 100 square meters, a 1.65% increase in 101 to 125 square meters, a 0.65% increase in 126 to 150 square meters, and a 1.16% increase in 151 square meters and above.

Meanwhile, Turkey is named along with Spain and Florida as an ideal location for property investors.
According to Andy Bridge, managing director of A Place in the Sun, the three nations currently offer affordable homes for those who have capital or access to a mortgage.

Turkey was described as proving popular due to being outside of the eurozone as Sterling goes further.
‘Property is relatively affordable and it's a wonderful country for food, climate and culture,’ Bridge added.