Residential Real Estate Price Rises Highest In Europe
News: The average value of residential real estate in Turkey rose by 10-15% in the first nine months of 2013, leading the European rise in prices, according to estimates by property consultant Knight Frank. The recent rise in construction costs is the main factor that the consultant has taken into account to arrive at the estimate. Knight Frank's Global House Price Index shows that house prices rose by 12.5% during the first three quarters of 2013, with Turkey retaining its top position in terms of the rate of residential real estate appreciation in the EU. A report by the Turkish central bank showed that the country recorded the biggest increase in residential real estate in Europe in 2012. Globally, the country ranks sixth in terms of house price increases. Dubai leads in residential real estate price rises with 28.5% annual appreciation, and China comes second with 21.6% (Today's Zaman).