Turkey's house price rise accelerates

Turkey's house price rise accelerates

Apartments in Turkey in April rose by 5.2 percent year on year. At the same time, in March, the annual rate was only 2.8 percent. On a monthly basis, apartments in Turkey increased in price by 1.7 percent in April.

Country authorities offer cheap loans for purchase of apartments through their own banks and in July last year forced the Central Bank to lower interest rates from 24 percent to 8, 25. However, buying activity remains at a rather low level. In May sales of apartments in Turkey decreased by 44 percent compared with May last year, after falling by 56 percent in April.

Annual inflation in Turkey in April was 10.9 percent. If you do not take it into account, then prices for apartments in Turkey increased by 16.7 percent year on year, following up 15.1 percent in March. In May, annual inflation in Turkey amounted to 11.4 percent.

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Turkey's house price rise accelerates