Residential property prices in Turkey are creeping upwards with prices increasing in December in five major cities, according to the latest index to be published.
Prices were up 1.36% in Adana, 0.47% in Ankara, 0.55% in Istanbul, 0.09% in Izmir and 0.94% in Kocaeli and were down 1.5% in Antalya and 0.43% in Bursa, the REIDIN Turkey Residential Property Price Indices (TRPPI) shows.
It is designed to be a reliable and consistent benchmark of property prices in Turkey and looks at the real estate market in seven key cities.Rental prices were also up in five cities in December, increasing 0.30% in Adana, 0.26% in Antalya, 0.58% in Istanbul, 0.83% in Izmir and 0.23% in Kocaeli, and falling 0.47% in Ankara and 1.33% in Bursa.
The news comes as the economy in Turkey is predicted to do better than forecast. Jim O’Neill, the Goldman Sach’s economist, who first coined investment category term “BRIC” (Brazil, Russia, India and China) has forecasted that Turkey and Indonesia will grow beyond expectations.