Will the cost of Turkish property ever decline?

Bank exchange rates are you being ripped off by your bank

Once again, the cost of houses in Turkey has risen significantly in the space of just one month, and due to the constant increase over the past year it is questionable whether property prices will ever drop.

The familiar upward trend of Turkish property prices returned once more in May as prices experienced a further increase of 1.1 percent nationally when compared to the month before.

According to the figures provided by leading real estate information company, REIDN, as the value of Turkish property increased in May, the total cost of buying a house in the country has risen by a massive 10.19 percent throughout the past year.

The region of Antalya recorded the steepest hike on a monthly basis as it saw the average property price increase by 1.7 percent.

When reviewing which region saw the biggest increase throughout the year, property in Izmir saw a rise of 13.46 percent.

Izmir also proved to be the most costly location when renting residential property as it came out on top when comparing the cost of renting in different destinations. Rent in Izmir rose monthly by 1.66 percent.

When analysing the cost of rent throughout Turkey as a whole, rents soared by 1.01 percent between April and May.

Only time will tell whether the increasing cost of Turkish property deters potential investors from considering the region as a proposition.

Transferring money to Turkey

If you are looking to invest in Turkey, think carefully about how you will send money abroad 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 sending money to Turkey – which is probable if you are intending to make a property investment, be sure to compare the market before you buy your overseas currency.

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