Property prices climb in Turkey

Bank exchange rates are you being ripped off by your bank

Many of us can’t wait to buy our own house, whether it is to escape living with the parents or to escape a nagging landlord, but times are tough and it has become very hard to make the big leap.

It seems that increasing property prices are not consigned to the UK though. Due mainly to the economic crisis, Turkish property prices have climbed into double-digit figures.

According to reports and analysis conducted by the online real-estate analysts REIDIN, there has been a price growth which has reached 10.76% year-on-year.

If you were looking to rent in the areas of Istanbul or Izmir then you will be looking at an increase of 11.38 per cent and 13.7 per cent respectively. So, be prepared to spend more when you are considering renting.

It seems that many of us who live overseas have also been buying houses in Turkey. According to the central bank, the foreign investment into Turkish property has grown considerably in 2012, up to £706 million worth of property assets were recorded in May this year.

Transfer Money to Turkey

If you are looking to invest in Turkey, think carefully about how you will be transferring money to Turkey. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Turkey – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Taking a sensible approach such as this could be the difference between securing a profitable exchange rate or one that leaves you disappointed overall.

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Property prices climb in Turkey

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