Time to reconsider the vacation house? Istanbul housing prices up 21%
Although housing prices have continued to surge throughout the year, prices have also soared, particularly in İstanbul and other major urban centers.
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İstanbul housing prices shot up 21.65 percent in August year-on-year, according to figures from real estate market analyst Reidin.
The monthly Reidin report covers the housing market in the provinces of Adana, Ankara, Bursa, İstanbul, İzmir and Kocaeli. Prices went up between 0.75 and 1.75 percent on a month-to-month basis in all the provinces while the year-on-year rises were notably higher. İstanbul posted the highest rise among the provinces while Antalya's 7.05 percent housing price surge was the lowest out of the six provinces.
Prices in the provinces of Ankara and İzmir, home to Turkey's second- and third-largest cities, rose 11.62 percent and 10.65 percent, respectively, in August year-on-year. Average home prices in the provinces of Kocaeli and Bursa rose 7.52 and 9.96 percent.
Although housing prices have continued to surge throughout the year, prices have also soared, particularly in İstanbul and other major urban centers. Market experts have estimated that there are over 1 million unsold homes currently on the market nationwide.
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