Primary destinations for Turks buying around the world are in London, New York and Miami.
Based on the figures published in Knight Frank’s 2017 Wealth Report let us summarize how “premium” residential properties in these markets performed, and more importantly, lets compare their performance with İstanbul :
• For a million USD you can buy 26 sq m in New York, 30 sq m in London and 79 sq m in Miami. İstanbul is still relatively “affordable” – you can buy 102 sq m. Leading this category is Monaco – you can only buy 17 sq m for a million USD (a small bedroom☺).
How many square metres of prime property US$1m buys across the world
Source: Knight Frank Wealth Report, 2017
• Premium residential values increased in New York about 3.5 % but declined in London and Miami by respectively 6.3 % and 2.7 %. However, İstanbul performed considerably worse : values declined by approximately 8 %.
Luxury residential market performance by global rank and geography
(annual change December 2015 to December 2016)
Source: Knight Frank Wealth Report, 2017
