Turkey experiencing fastest house price growth in the world

The Turkish cities of Ankara and Istanbul saw the highest house price growth in the world in the past year.

In Ankara, Turkey’s capital, prices more than doubled by 102.7%, while they surged by 77.6% in Istanbul.

The analysis comes from the Knight Frank Global Residential Cities Index.

Turkey is currently experiencing rapid inflation, which stood at 61.98% in November, and in that environment a number of Turks are looking to purchase real estate as a way to retain their wealth.

A number of foreigners are also drawn to Istanbul, particularly Russians.

Interest rates are now 42.5% in the country, suggesting many are forced to buy with cash.

Outside Turkey, Knight Frank said most cities are currently dealing with stretched affordability, while high mortgage costs are a challenge across the world.

London was ranked the 78th city out of 107 in terms of house price growth, as they fell by -1.2% in the UK capital.

Europe has struggled the most in the past year, with the three worst cities for house price falls being Stockholm, Sweden (-12%), Bratislava, Slovakia (-10.3%), and Frankfurt (-10.1%).

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