Welcome to today’s email of property news and views…
According to the latest figures from Gyoder, property prices in Istanbul are now rising at twice the rate they were this time last year. They rose by more than 1 per cent in April. Much of this growth is being driven by foreign investors. We’d urge you to consider where the local buyers are purchasing too. As always, you are likely to be letting to and selling to local buyers.
Adil Yaman of real estate agents Universal 21 comments, ‘We would normally expect fluctuations in growth in the early part of the year, which are traditionally times when the market takes a breather. The buying season normally reaches a peak in August with strong growth also seen in June and July. In August 2013, for example, property prices in Istanbul increased by more than 2 per cent in a month, which would add £1,000 to the price of a £50,000 apartment in the city.
‘The city has seen huge investment in its infrastructure, which hasn’t always been popular with locals but the pace of change in the city is rapid and the population is rising with it. So it comes as no surprise that this puts pressure on existing housing stock. Along with the recent announcement of a third airport in the city which will provide a boost to suburban areas like Beylikduzu, all the signs are positive for another year of strong growth.’ More to come.
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Spain’s ‘bad bank’, Sareb, is in the news as its head, Belen Romana, has been talking in public at an event in Madrid. ‘It’s time to invest in the property market because it is stabilising in terms of price. New mortgage lending grew 2 per cent in March from a year earlier, marking the first annual increase in four years – and providing another sign of
It’s been said that the Bank of Spain could force Sareb to revalue some of the 51 billion euros of assets it took on at zero, if they do not carry certain guarantees and have been in default for over 18 months. ‘We will do what we have to do.’ Interesting – we will have an article on this shortly.