Turkish housing prices second fastest rising in world
▻http://www.todayszaman.com/business_turkish-housing-prices-second-fastest-rising-in-world_368504.h
Housing prices in Turkey on average increased by 14 percent in 2014, the second highest behind Ireland, where prices increased by 15 percent. Dubai, the UK and Estonia rounded out the top five spots on the index. Turkey was sixth on the index last year, behind Dubai, China, Hong Kong, Taiwan and Indonesia.
Prices have continued to rise in the Turkish housing market amid a sluggish year for sales. A major problem is that the majority of houses being built are too expensive for most Turkish customers to afford, according to a recent report from the Housing Developers and Investors Association (KONUTDER).
The report says there is demand in İstanbul for 72,000 homes built at a cost of TL 1,263 per square meter, but supply in that price range is lacking.
On the upper end, there is a demand for only 8,000 homes costing more than TL 3,000 per square meter, but over 63,000 homes in that price range are being built, indicating a huge imbalance.
Official data show that between 2002 and 2011, 520,000 homes were built in Turkey.