Turkey Housing Price Increases the Highest In Europe
TUIK (Turkish Statistical Institute) has released an end of year report on the Turkish housing price index. According to the global report, the highest real estate price increase in Europe took place in Turkey in the third quarter of 2015, making Turkey at the top of the list for the most highest house price increase on investment.
The report revealed that, Turkey was the country where the housing price increased the most in the quarter. Among 45 countries on the rise, Turkey housing prices rose by 18.9% growth making it first place on the list. When viewed on a global scale, the housing prices in Turkey was seen rising 2.7 percent annually.
While following Turkey were countries like Hong Kong and New Zealand, in Europe the second most housing price increase with 11.1 percent was Sweden. In Germany the growth rate was 4.7 per cent and 3.7 per cent in the UK. Housing prices in the U.S. rose 4.9 percent. According to the report, as Ukraine's economy is experiencing great difficulties living in the country, the largest price decline was in housing market prices. In the third quarter, housing prices in Ukraine has lost 14.8 percent value.
In France and Italy on an annual basis prices fell 3 percent, while housing prices in China lost value by 2 percent. With the economic crisis in Greece, prices are declining. While the TUIK report shows that price pressures would be less in 2016 in the residential sector on a global scale, a slow down was pointed out to housing prices pressure in markets around the world.