But prices climbed regardless. Resale values of existing Turkish homes rose by 0.88 per cent on average in May, according to the REIDIN index.
Bursa, Antalya, and Adana all saw prices jump by 1.2 per cent, 1.19 per cent and 1.16 per cent respectively. The smallest increases were recorded in the capital of Ankara (0.47%), Kocaeli (0.52%) and Istanbul (0.87%).
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Photo credit: Bryan_T
Overall, prices are now 15.63 per cent higher than May 2012, a positive move that defies the country’s current social situation.
Indeed, the Foreign & Commonwealth Office has warned Brits not to travel to the south-east parts of Turkey unless on essential business.
“While demonstrations continue to take place in cities across Turkey, they are broadly peaceful and sporadic,” said the FCO. “Violent confrontations between police and protesters which mainly occurred in Istanbul’s Taksim Square and the surrounding area; central Ankara, particularly in the Kizilay area; and central Izmir near the waterfront, have now largely abated.”
Now, the protests have died down, although unrelated incidents in the Kurdish south-east region this weekend have seen the Peace and Democracy Party call for a “summer of protests” against the country’s “lack of commitment” by Ankara to a peace process, reports Yahoo.
Overseas investors have been cautious in the wake of the unrest, particularly given its cause: further construction in the country’s largest city to build “yet another” shopping centre and luxury apartments.
2 million square metres of mall space are currently under construction, according to CBRE, far ahead of many European cities. Some brave buyers have continued to enter the market, though, attracted by yields of 8 per cent for retail real estate in Istanbul - above London’s 3 per cent or even Paris’ 4 per cent.
Indeed, Turkish rental values were up 0.3% overall, according to the REIDIN index, led by Istanbul at 0.35%.
Agents remain confident in the wider appeal of the country’s market. As of June, the country now has 383 Blue Flag beaches to its name, the most it has ever achieved and ahead of France.
“Turkey is raising its game and improving the quality of its beaches and marinas,” Julian Walker, director at estate agent Spot Blue told TheMoveChannel.com. “The knock on effect is positive for the property market. Being near a Blue Flag beach can only help a property hold value.”
Antalya’s untapped coastline leads the way with 179 Blue Flags - an area that is far from the protests that have dominated the news of late.
“Some people have been concerned by pictures they have seen on the television but I have spoken to our agents in Turkey and it is business as usual,” added Walker near the beginning of June.
“Protests are part of living in a democracy and if there were real concerns then the UK’s Foreign Office would be advising people not to travel. We are still receiving just as much interest from foreign buyers as we were before the protests.”
“As far as we are concerned Turkey is a safe place to buy property and potential buyers who have concerns should feel free to get in touch and we will try to answer their questions.”
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TurkeyHouse Prices, Property InvestmentTurkey property, real estate in Istanbul, homes in Antalya