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TURKEY: Real estate ‘bouncing back'

Monday, March 08, 2010

According to one influential source, the Turkish real-estate market has had a good couple of months, which could be good news for potential property investors.

Some 116,000 homes were sold during the final quarter of last year in Turkey, reported Ekonomist, an Istanbul-based weekly economy magazine.

Home sales in the final quarter experienced a 25.2 percent increase compared to same period a year earlier. The sales increase compared to a quarter earlier was 3.9 percent.

Home sales had declined significantly in the final quarter of 2008. During the period only 93,000 homes were sold. That is part of the reason why the sales increase this year seem so high, said Ekonomist, adding that another reason for the increase is likely interest rate cuts.

Due to the tax cut implementation, property registration of some homes, which had already been sold, was done in the final quarter of last year, Ekonomist added.

The total number of homes sold last year was at 532,000, while this figure added up to only 427,000 a year earlier. Therefore, the increase in home sales last year is calculated to be 24.5 percent. The jump in the second quarter of last year played an important role in that in this total increase. The sales reached an extraordinary level during that period, climbing to 195,000 homes.

Source: www.hurriyetdailynews.com

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