Real Estate in Turkey - Reha Medin Global

NEWS

Real Estate in Istanbul Turkey - Reha Medin Global

Asian Side Property Prices of Istanbul Exceeded European Side

Asian Side Property Prices of Istanbul Exceeded European Side

With the support of Is Bank, The New Property-Residence Price Index for January was prepared by Reidin and Gyoder. When compared, it was noticed that the prices for branded properties increased 0.48 percent compared to December 2015. It was also noticed that when comparing to the same period last year, the prices increased by 8.84 percent. The price increase on the Asian side (0.57) has topped the increase on the European side (0.42). The increase in the prices were noticed as, 0.30 percent on the 1+1 properties, 0.35 percent on the 2+1 properties, 0.79 percent on the 3+1 properties and 0.07 percent on the 4+1 properties. 


As reported by the index, the properties sold in January were 84 percent completed residential properties. On the other hand, 16 percent of the sold properties were uncompleted residential properties. In the meantime, the apartments sold on the Asian side and the European side consisted of completed apartments by the percentage of 20 and 14. 34 percent of the branded properties were sold to foreigners in January and 39 percent of these were sold in the last six months. Most of the preferred apartment types were 3+1 and approximately 139 square meter apartments.


In January 2016, the most increase in the property price was seen in Bursa. 99.6 percent of branded properties which were sold in January 2016, had 1 percent value-added tax (VAT) applied meanwhile the remaining 0.04 percent had 18 percent VAT applied. In January, 28 percent of buyers that bought branded properties paid with cash, but the other 40 percent used bank loans instead and 32 percent of them paid in bonds.


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