At a glance: istanbul drives turkish property growth
TheMoveChannel.com's At a Glance infographic compares Turkey's property market in June 2014 to two years ago and reveals that Istanbul remains the driving force behind the country's booming real estate. Searches for the city on TheMoveChannel.com have surged by 80 per cent in the last two years, replacing Mugla as the most sought-after location in Turkey. Istanbul now accounts for 1 in 4 property searches (25.60 per cent), twice as big as its share in June 2012 (12.38 per cent).
Mugla, meanwhile, has seen its share decline from 13.39 per cent to 4.9 per cent, as interest in Turkish property becomes more widespread. Indeed, the top 10 most searched-for locations have changed significantly since 2012: Kusadasi is now the second most searched-for destination, accounting for 9.4 per cent of searches compared to just 2.87 per cent two years ago. Izmir and Bodrum have likewise leapt from 15th and 12th place to 5th and 6th respectively, pushing down by Antalya and Alanya into 7th and 9th respectively.
Enquiries have become equally widespread: in 2012, just 12 of the 81 Turkish provinces received any enquiries. In 2014, 19 provinces generated enquiries, including, notably, areas in the central (Diyarbakir), north east (Artvin) and north west (Corum) of the country.
Istanbul again fuelled the majority of activity. In real terms, the city's enquiries soared 41 per cent. It was responsible for 3 in 10 (30.76 per cent) of enquiries in the 12 months to June 2014, up from 1 in 4 (26.77 per cent) in the 12 months to June 2012.
Mugla saw its share of enquiries dip from 34.94 per cent to 22.79 per cent, again slipping into second place. The Mediterranean coast, though, remains the heart of Turkish real estate, with Aydin and Antalya still in the top five most popular provinces, accounting for 21.55 per cent and 9.84 per cent of enquiries respectively.
Demand has expanded to neighbouring areas, though, with interest spreading further inland to Denizli, now the sixth most popular province (8.98 per cent).
Foreign buyers have also started to turn to areas surrounding Istanbul, including Bursa (0.66 per cent) and Sakarya (1.17 per cent), both new members to the top 10 most popular provinces.
The At a Glance infographic also analyses searches on Google, capturing behaviour from potential buyers at all stages of the purchasing process. Searches for Turkish property have increased overall, with the phrase "property in Turkey" the most commonly used. Interest in the country's real estate peaked in Q4 2013, but what is notable is that several keywords, such as "Turkish estate agents" and "land for sale in Turkey", which were previously not entered into Google, have now begun to be searched for.
TheMoveChannel.com Editor Ivan Radford comments: "What a difference two years makes! While some property markets remain broadly the same as they recover, TheMoveChannel.com's latest At a Glance infographic visibly shows how much appettite for Turkey has spread. Areas that received no attention from buyers at all in 2012 have sprung to life, while neighbouring provinces to popular hotspots have also enjoyed a rise in interest. This expansion of overseas demand is partly fuelled by rising house prices, as investors seek more affordable opportunities close to familiar locations, but also by new listings coming onto the market from confident sellers across the country.
"With terms such as "land for sale in Turkey" now being searched for on Google, buyers are also becoming more confident in the country's range of investment sectors as well as locations; a sign that the housing market's recovery has gathered strong momentum.
"While demand is rippling out across the country, though, Istanbul is the major driving force. Enquiries in the city have soared 41 per cent in the last 2 years, while searches have surged 80 per cent, a sign that Istanbul real estate is attracting attention as well as converting house-hunters into buyers."
Notes to Editors
About Lead Galaxy and TheMoveChannel.com
Founded in 1999, www.TheMoveChannel.com is the leading independent website for international property, with more than 800,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
TheMoveChannel.com is one of more than a dozen international property sites operated under the Lead Galaxy brand. Lead Galaxy provides online marketing solutions to thousands of property companies worldwide, focusing on portal listings, email marketing, qualified leads, paid search and social media advertising.
The business is headquartered at 24 Jack’s Place, Corbet Place, Shoreditch, London, E1 6NN.
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