Turkey Property Suffered 7.5% Depreciation In Global House Price Index
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TURKISH PROPERTY ONE MORE STEP DOWN, TWO MORE TO THE BOTTOM
"Turkey continues its decline in the global housing market" according to Turkish iClassified data, "the rise in the global house price index set a record, while Turkey suffered a 7.5 percent depreciation".
IN THIRD QUARTER 2019 DATA TURKEY PROPERTY FELL FROM THE TOP
The International Monetary Fund (IMF) ranked the countries where house prices rose the most and fell the most in the world. According to third quarter 2019 data from the IMF Global Housing Monitoring Report covering 63 countries, the country where house prices rose the most compared to the same period of the previous year was the Philippines with a 20 percent increase, while the most losses were in Ukraine with 11.8 percent.
In Turkey, which has always been in the top three in the ranking with high house price growth in the past periods, there has been a 7.5 percent drop. Turkey, which peaked at 14 per cent in 2015, has been losing momentum in the global housing League since then.
Turkey, ranked 39th in the IMF's 2016 report, 51st in 2017 and 60th in 2018, is 61st as of the 2019 third quarter.
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GLOBAL RECORDS OF THE LAST 19 YEARS
The IMF Global House Price Index rose to the highest level in its history in 2019. The index, which was considered 100 in 2000, set a record, seeing 167 in the third quarter of 2019.
The period saw a loss of -0.6 per cent in the UK, while the other countries where house prices declined most were,
- Canada -1.3 percent
- Indonesia -1.6 percent
- India -3.4 percent
- Hong Kong -4.4 percent
- Australia -5.3 percent
- United Arab Emirates -5.5 percent
- Qatar -6.3
- India -7.5 percent,
- Serbia -8.8 percent
- Ukraine -11.8 percent
House prices in the United States rose by increase value 1.6 percent, while they rose 2.3 percent in France and China, 3.2 percent in Germany, 3.6 percent in Russia, 4.5 percent in Spain, 8.5 percent in Greece and 10.5 percent in Portugal.
RENTS PRICES HAVE RISEN MORE WORLDWIDE
According to Turkish iClassified data, the rate of increase in house prices in Turkey lagged behind the rate of increase in rents. According to the index comparing the increase in house prices with the increase in rental prices, this rate was 98.1 in Turkey as of the third quarter of 2019, when 2010 was considered 100.
In other words, the price increase of the house for sale over the past 9 years has remained below the rent increase of 2 per cent, meaning that the return on rent on housing has passed the pace of price increase for sale. With a difference of 42 per cent in 2015, Turkey was the country where house prices for sale rose the most compared to rental prices.
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