Two Turkish Cities Make to the Top Four Global Residential Cities Index

submitted 3 years ago by extraproperty to HomeImprovement

Despite strict containment measures amid lockdown, interest in Turkey’s residential real estate market did not come to a complete halt. Whilst transaction trends have certainly slowed, the contraction depth has been relatively limited.

According to the recent statistics of Knight Frank’s Global Residential Cities Index, several cities around the world have witnessed increased annual residential sales. The indices seem to recover after the coronavirus infections, considered to be the lowest point for global residential activities.

In the first quarter of 2020, two Turkish cities- Izmir and Ankara took the third and fourth spot in the global residential cities list. The index tracks housing rates in 150 cities using central bank data and official government statistics. Of all the locations in the indices, nearly 85% saw elevated prices year-on-year in the first quarter.

Source: Knight Frank

Izmir, Turkey and Budapest, Hungary were tied for second place in the ranking after each recorded similar annual change of 16.3%.

The two cities were closely followed by Ankara, Turkey which logged a growth rate of 14.8%, according to the report. Moreover, Istanbul also jumped on the bandwagon and was the third Turkish city securing the 12th place with the overall price gains of 11.6%. Read more at - https://extraproperty.com/turkish-global-residential-cities-index/