Turkish rents and property prices up

The cost of buying a home in Turkey and rental charges have both increased in April.

According to the latest figures from REIDIN, the value of Turkish residential properties climbed by 0.86 per cent in April, compared to a month earlier, while rents jumped by 1.02 per cent.
The biggest rise in sales prices was recorded in Istanbul and Ankara, with both destinations experiencing appreciation of 0.96 per cent.

Istanbul was also the most robust rental market, with the cost of leasing a home in the city increasing by 1.18 per cent. Meanwhile, Izmir posted strong growth of 1.12 per cent last month.
Year-on-year, the value of Turkish real estate is up by 11.93 per cent, this new data revealed.
There are also hopes the country's property sector could be boosted further by the introduction of new legislation that will open up the market to a greater range of overseas buyers.

If approved, the draft law will allow foreigners to buy larger plots, as well as remove the clause relating to reciprocity. This currently stops citizens from countries where Turkish nationals cannot own property from entering the real estate market.


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