Turkey is now the country with the fastest growing house prices in Europe.
Turkish real estate has gone from strength to strength in recent years, as strong population growth, improving infrastructure and a relatively upbeat economy all fuel demand for property, both from domestic buyers and overseas investors.
Now, the country has overtaken its European counterparts to become the market with the fastest growing property prices: in the 12 months to Q1 2015, Turkish property values jumped 18.6 per cent, according to Knight Frank's Global House Price Index - ahead of Irish property prices, which rose by 16.8 per cent.
"European countries which claimed almost exclusive rights to the bottom half of the rankings for several years are now more evenly spread with seven of the top ten countries now located in Europe," says Kate Everett-Allen, Partner in International Residential Research at Knight Frank.
Indeed, Turkey, Ireland, Luxemburg and Estonia all registered double-digit annual growth.
"A two-speed Europe is increasingly evident," adds Everett-Allen. "Cyprus, Greece, France and Italy sit amongst the 10 weakest-performing markets, notable by their absence however are Spain and Portugal. Prices in Spain are now rising at their fastest rate in six years due in part to improved mortgage lending."
Development continues to follow suit, with growth in the construction sector reaching 2.9 per cent for the first nine months of 2014. The latest Colliers Turkey Real Estate Review reveals that, within the same time period, the total construction area covered by new building permits throughout Turkey increased by 39 per cent in comparison with 2013.
The rising demand for residential property can clearly be seen at a national level, but is most noticeable in the city of Istanbul, with sales of brand new houses in April 2015 increasing by 40.1 per cent compared with the same month last year. A new record high, according to the Turkish Statistical Institute (TUIK).
Adil Yaman, Director of Universal21, the leading property agency in South-West Istanbul, comments: "Turkey's construction sector is flourishing, increasing their total turnover by 4.6 per cent in 2014, and Istanbul's property market is at the forefront of this demand for new build projects. Proud to be central to Istanbul's expanding real estate industry, we have definitely noticed an increase in enquires regarding new build properties."
Recent analysis published by ITE Group suggests that with approximately 70 per cent of Turkey's population living in cities, the need for both housing and major infrastructure projects is critical, with the two often inextricably linked.
Of three new developments due to be completed by the end of this summer, the most recent project in the Universal21 collection is Diamond Residence. Located in a quiet, relaxed area of Old BeylikdÃ¼zÃ¼, whilst still being in close proximity to all amenities and restaurants, the residence is comprised of 148 apartments.
"Before taking on any of our projects, we ensure that the location and surrounding amenities will fulfil the needs and expectations of our potential clients," continues Yaman, "Part of the success of Istanbul's housing market is due to the progression of the city and the infrastructural developments that have and are being made throughout."