World Economy

House Prices in Turkey Rise

House Prices in Turkey RiseHouse Prices in Turkey Rise

New home prices in Turkey increased 0.76% in May from the previous month, according to a report prepared by Garanti Bank in collaboration with Reidin-GYODER - an association of real estate investment companies, BGN News in Ankara reported. The Turkish Composite House Price index, which measures the rate of price variations of Turkish single-family homes, and which are based on property sales records in public land registries, increased 1.40% in May compared with April and climbed 16.54% year-on-year. Moreover, property sales in Turkey increased 42.7% from last year during the month of April, according to house sale statistics released by the Turkish Statistical Institute on May 25. Some 119,317 houses changed hands in April. In the first four months of the year, 416,535 houses changed ownership, up from 341,463 in the same period of last year.