According to the data from the last 3 years, Turkey is in the 2nd place behind Hong Kong in terms of house price increases. While the dollar rate, the heat of which has not dampened down one way or another, has been effective in these increases, the high demand from individuals is also triggering the prices.
While the construction sector, one of the building blocks of the Turkish economy, continues its growth, an astonishing increase in house prices has also been observed in the last 3 years. According to the house price index covering 21 countries, house prices in Turkey have risen by 61,4 percent since the first quarter of 2012.
Dollar has had an Impact
The reasons for this are said to be the considerable rise in value of the dollar, both in Turkey and the world, and the ever increasing costs of construction, in that order. Together with the continued rise in the dollar, the high demand of consumers for houses has also been effective. Despite the political uncertainty and the dollar, the volume of home sales in Turkey has shown a continuous rise. While house prices in Turkey have risen by 18 percent through the year, prices in megacity Istanbul have risen by 26 percent.