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Source: Ante Samarzija / Unsplash
January 3, 2024
Author: Zsolt Lendvai
When it comes to rising luxury property prices, two Turkish cities are outperforming the rest of the world.
The experts also predict a significant price increase for the Hungarian real estate market, namely a price increase of 5-10 percent by 2024, but according to indications, the situation is no different elsewhere. Knight Frank, on the other hand, did not produce a large, general statement, but rather specifically analyzed the development of prices for luxury real estate. The data from the third quarter of 2023 was examined, which was used to observe the changes over a twelve-month period. It is not a big surprise that a very serious price increase was also observed in this segment.
What is more interesting, however, is the cities in which prices jumped the most: In the Turkish capital Ankara the increase was 102.7 percent, which means that luxurious houses and apartments changed hands for more than twice as much, but Istanbul also rose 77 percent. 6 percent. Obviously, the merciless Turkish inflation rate also played a major role, and this partly explains the lag that we can see in the case of Dubai, which is in third place in the ranking: there has already been an increase of “only”. “18 percent. Numerous European cities follow the rest of the list: Zagreb (14 percent) and Athens (12 percent) round out the top five.
According to the analysts, the reasons can be cited as the limited number of newly built properties, as this also increases the value of used houses and apartments, but the growing savings and increases in income that exceed inflation also played a role – obviously for the wealthy class Circles these sales and purchases took place. However, there are also settlements that experienced a double-digit decline: Stockholm, Bratislava and Frankfurt also belong to this category.
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