İstanbul leads way in luxury homes' value loss - global report
İstanbul saw a 2.4 percent drop in the sale of luxury homes in the first half of 2018, with prices sliding back by 6 percent, according to report by UK-based property consultancy Knight Frank.
The Global Residential Cities Index, which tracks the performance of luxury residential prices across key global cities on a quarterly basis, found that Turkey dropped to 39th place from from 37 during the second quarter of 2018 in the ranking of price increases to luxury homes.
İstanbul led the way with the largest loss of value in luxury real estate among the 43 cities included in the report.
The report found that China’s Guangzhou, with a hike of 11.9 percent, saw the largest increase in luxury real estate prices in the first half of 2018, followed by Singapore at 11.2 percent and Spain’s capital Madrid, which saw an increase of 10.3.
This week, Turkey’s leading real estate group appealed to the government for financial aid, saying rising interest rates are leading to stagnation in the sector amid an ongoing currency crisis.
The Turkish lira has lost 40 percent value since the beginning of the year in an ongoing diplomatic row between Washington and Ankara.