(MENAFN) In the first 3 months of this year, property prices in Turkey increased by 132 percent on a yearly basis, based on the Global House Price Index published by real estate consultancy Knight Frank.
The highest gains in Turkey were seen in Ankara, Izmir, as well as Istanbul, where house prices increased by 135 percent, 133 percent, and 127.3 percent, correspondingly.
Following a string of strong earthquakes hit the Turkish-Syrian border region in February, killing over 51,000 citizens in Turkey alone, a dramatic increase in property values was seen.
The damage is expected to cost over USD104 billion, according to Ankara.
North Macedonia as well as Croatia, where prices increased by 18.8 percent and 16.6 percent, accordingly, in the first 3 months of 2023, were second and third in the global ranking of real estate price rises, correspondingly, behind Turkey. Lithuania (15.3 percent) along with Hungary (16.6 percent) completed the top 5.
MENAFN30082023000045015682ID1106986727
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.