Drop in real estate prices stopped in 3 cities
According to Referans's Real Estate Index, the continuous drop in Turkish real estate sale prices that had been observed since April has subsided in three major cities. Prices in Antalya, Ankara and İzmir swelled by 5 percent, 4 percent, and 12.3 percent, respectively. In Istanbul, these price increases have yet to be reflected, and in fact, prices experienced a monthly decrease of 2.5 percent. Prices in Bursa had also further decreased in July, down 3.3 percent since June.
Per-square-meter prices have increased in Ankara from YTL 1,138 to YTL 1,184, in Antalya from YTL 1,041 to YTL 1,093 and in İzmir from YTL 1,316 to 1,478 after each city had experienced a drop of 2.7 percent, 1.6 percent and 4.6 percent, respectively, this past June. Despite the dropping real estate prices, these three large cities managed to surpass their April levels.
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İzmir, Antalya zenith of the year
The upward movement in July has been the strongest since February. With the downward tendency of interest rates in February, a 15 percent increase has been noted in some provinces. As of July, figures show prices in İzmir and Antalya reaching their highest level in 2007 so far.
