A global list, focused on changes in property values in 156 cities, named three Turkish cities among the top 20.
The index prepared by British real estate company Knight Frank placed Turkey's largest city Istanbul at second place with an increase in property values by 25 percent while the global average stood at 4.4 percent. In Turkey, Izmir followed Istanbul with 16.5 percent increase in property values and placed sixth spot in the index. The capital Ankara stood at 13th place with a 12.4 percent increase.
Izmir Chamber of Real Estate Brokers Mesut Güleroğlu said that Izmir now outranked Ankara as investors shifted their focus from Istanbul due to very high increases.
He added that multi-story residence and office projects recently completed or under construction in Bayraklı neighborhood were the main drive behind the increase.
Güleroğlu said that smaller investors now wait for mortgage rates to decrease from 1.20 percent to under 1 percent, thus second-hand sales in property market are actually very stagnant. He stated that he believe the sales will gain more impetus in the second half of 2016, and investors should pay attention to the fact that prices would go up when interest rates are decreased as the supply would remain stable while the demand is high.
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