Ahmet Kayhan, the CEO of REIDIN - Emerging Markets Real Estate Information, shared the results of a study they conducted on the changes in house prices last year that show an overall increase of 9 percent. Noting that overall housing prices, including first- and second-hand houses, increased by 9.1 percent on average, Kayhan said that the increase in new house prices remained at 2.9 percent. Kayhan said the annual price increase in apartments between 51 square meters and 75 square meters, the smallest apartment size group, is 5.2 percent, while the increase in 151 square meters, the largest apartment size group, and above remained very low during the same period with an average rise of 0.4 percent. Kayhan stressed that Balıkesir led the way with 25.9 percent in terms of the highest increase in house prices over the past year, followed by Kırklareli with 22.6 percent, Muğla with 19.8 percent, Çanakkale with 18.9 percent and Tekirdağ with 18.5 percent. Touching on the provinces in which the prices have fallen or only slightly increased in the past year, Kayhan said that house prices decreased by 2 percent in Mardin, 0.5 percent in Kilis, and 1.1 percent in Şanlıurfa and Kars. Kayhan said that the Anatolian side has come to the fore when it comes to Istanbul's districts with the area having the highest increase in prices last year. Kayhan underlined that house prices in Maltepe increased by 21.9 percent in this period, followed by Üsküdar with an increase of 21.2 percent, Küçükçekmece and Şile with 20.5 percent and Pendik with 18.8 percent. Pointing out that house prices decreased by 5.6 percent in Beyoğlu, 4.1 percent in Ataşehir and 1.7 percent in Kadıköy, Kayhan added that Sarıyer and Beşiktaş showed the lowest increase in housing prices with 0.3 percent and 0.5 percent, respectively. February 26, 2017 Source: Daily Sabah

Antalya continues to develop with new projects as one of the fastest growing cities in Europe and the Mediterranean region. The Antalya Metropolitan Municipality showcases its projects at MIPIM 2017.  The Antalya Metropolitan Municipality is participating in the international real estate fair the Marche International Des Professionnels De L'Immobilier (MIPIM) 2017 for the third time this year, which is an efficient way to realize institutional foreign investments and promote projects, functioning as the most important meeting point in terms of turning the interests of the countries into an opportunity. In 2015, we started our MIPIM adventure with the motto, "Invest in Antalya." "Moving Antalya to the top of world investment rankings" is our primary target for participating in MIPIM 2017. Antalya is one of the fastest growing cities in Europe and the Mediterranean region with its great potential for development; also serving as a city that offers great opportunities in tourism, agriculture, industry and trade. The city of Antalya, which comes to the fore with its vision projects, is continuing to develop. For investors, Antalya is an attractive city because of its nature, climate, comfortable living conditions, historical and cultural riches, offering a wide range of business opportunities and high quality living standards. This year, we as the Antalya Metropolitan Municipality are participating in MIPIM 2017 with the Boğaçay Marina and Creek Project, the New Kepez Ecologic Smart City via Urban Transformation, the Konyaaltı Project, the Tünektepe Project and the Cruise Port Project. Boğaçay Marina and Creek Project The Boğaçay Marina and Creek Project in Antalya will become a global attraction and a centre of ecotourism by embracing diverse natural beauties and historical heritage. Beyond Turkey, this project will be on the cutting edge of resilient design and will set a precedent for waterfront transformation around the world. The Boğaçay master plan identifies several development projects and infrastructure projects, to guide Antalya's development and to focus on three priority projects: The Marina, Creekside ...

The Economist magazine has announced the world's most expensive and cheapest cities according to the cost of living, with Asian cities dominating the list of most expensive cities and Istanbul named as one of the cities making the biggest leap on the list.  The Economist Intelligence Unit (EIU), the research unit of The Economist magazine, has published a report titled, "Worldwide Cost of Living 2017." According to the report, half of the world's 10 most expensive cities are located in Asia while Singapore and Hong Kong maintained their spots at the top of the list as the two most expensive cities in the world. Istanbul ranked 62nd this year, outperforming 16 countries compared to last year. Istanbul's living cost index increased by 5 points to 72 points. According to the report, most of the world's most expensive cities are in Asia. Singapore was named "the most expensive city," topping the list for its fourth consecutive year. Zürich, which was named the second most expensive city in the world like Hong Kong last year, ranked third on the list this year. With cities in the Asia region having become relatively more expensive in recent years, the region is home to five of the top six most expensive countries. The only city in North America to enter the list was New York which fell to the ninth rank this year from seventh last year. The most expensive 10 cities in the world were named as Singapore, Hong Kong, Zürich, Tokyo, Osaka, Seoul, Geneva, Paris, New York and Copenhagen. Istanbul was one of the cities that made the biggest leap in the last 12 months, rising to 62nd this year. The cities with the most notable decline in cost of living were Manchester and London in the U.K. and Argentina's Buenos Aires, while the Chinese capital of Beijing dropped to 47th, falling behind 16 countries. Three cities in India, the ninth largest economy in the world, were named ...

As well as easing the burden of loan interest for construction companies, real estate securities will enter the market as lucrative investment tools for both Turkish and foreign investors.  The first issuance of real estate security starts today, with trading to commence at Borsa Istanbul on April 5 after three days of demand collection. The project subject to the first sale will be Park Mavera 3, carried out by TOKİ and Makro İnşaat in Başakşehir, İstanbul, with an income-sharing partnership model. Housing in the Park Mavera 3 project will be sold share by share under TOKI's guarantee. Citizens have shown great interest in the project, with 1,200 people seeking information about the new model every day. Twenty-seven intermediary institutions have also expressed interest in the sale of shares. The process of demand collection for the real estate security, a new investment tool in the sector, starts today. It will allow individuals who do not have enough savings to buy a house to buy shares in housing projects. While some will collect their shares and become homeowners, others will sell their shares and benefit from the increase in value. With this model, small investors will be able to take part in big projects. Foreign investors can also buy shares in this system and no upper limits are in place. The first step in providing financial support to companies that develop real estate was taken in Başakşehir, Istanbul. In the Park Mavera 3 project to be realized by the TOKİ-Makro İnşaat venture, the real estate security model will be applied for the first time, with demands to be collected March 29-31. Citizens who want to buy one share will pay TL 42.50 ($11.75), with 100 shares equivalent to 1-square-meter. To become a homeowner within the scope of the project, at least 11,058 shares are needed. The system basically helps the construction company to provide interest-free finance instead of taking a loan on interest from a bank, ...

Recently introduced by an omnibus bill and approved by the Turkish parliament, VAT-free residential sales of housing to foreigners starts. The move is expected to drive the Turkish real estate sector.  As ththe Value Added Tax (VAT) discount on foreign residential sales in Turkey is set to be implemented tomorrow on April 1, representatives from the sector pointed out that housing sales are gaining momentum and have entered a promising period that will be boosted with the VAT discount, adding that the security of the real estate market will have a positive impact on mobility. Chairman of the Construction Contractors' Confederation (İMKON) Tahir Tellioğlu stated that İMKON regards the application of the VAT discount on foreign residential sales as a positive development for the sector, suggesting that this practice will trigger mobility in the real estate sector. Stressing that the VAT discount will be most effectively introduced through İMKON's participation in international fairs, Tellioğlu said: "We consider the government's recent steps in the sector positive. If governmental support is increased, returns will also increase." The chairman went on to speak about the effects of the move on real estate security, saying that developments in the sector must be implemented in a way that will attract the attention of the international market. Asserting that the application of the VAT discount will enable citizens to be homeowners with purchases based on square meterage, Tellioğlu noted that according to the duration of the housing projects, which will cover periods of either 24 or 36 months, security holders will either turn their securities into cash or an investment, buying a house at the end of the specified period. The chairman went on to say that in order to attract more international investors, the deadline for the application should be lifted. 'Market is stable and gaining momentum' Ali Taylan, the chairman of the Turkish Real Estate Advisory Agencies' Federation (TEMFED), said that there is no negative situation in the housing market at ...