Steady increase in housing prices in the country shows that real estate stands out as an investment in Turkey, expert says
ISTANBUL - The price of new houses in Turkey increased 10.79 percent in July compared with the same month of last year, Reidin-GYODER New House Price index shows.
According to a report prepared by Garanti Bank in collaboration with Reidin-GYODER -- an association of real estate investment companies -- new housing prices in Turkey increased 0.74 percent in July 2014 compared to the previous month.
"The steady increase in housing prices in the country shows that real estate stands out as an investment in Turkey," Garanti mortgage vice general manager, Umur Guven, said in a statement with the report.
Annually, the highest house price increase was observed in Istanbul with 21.59 percent while the lowest was recorded in Antalya with 10.79 percent.
The Turkish Composite House Price index, which measures the rate of price variations of Turkish single-family homes, increased 1.41 percent compared to the previous month, and rose 16.71 percent compared to same month of last year.
The measurements for the Composite House Price Index are based on the property sales records of public land registries.
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