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"Property prices in Turkey are continuing to increase. According to data from the Association of Real Estate Investment Companies (GYODER) house prices in 2011 are rising at a rate of around 6% per year. In April house prices rose 0.56% month on month, and were up 6.45% year on year. This follows similar growth in the previous 3 months, with prices in January up 0.95% and 6.30% respectively, prices in February up 0.19% and 6.18% respectively and prices in March up almost the same; 0.19% on the month and 6.17% on the year. A recent report from PwC and the Urban Land Institute surveyed 600 real estate professionals for the latest emerging trends in Real Estate Report Europe and concluded that Istanbul is now the number one city for property investors. Certain areas such as Bahcesehir are particularly attractive to investors, with modern developments offering a 7% rental guarantee for two years, as well as good capital growth projections. Turkey is benefiting from a buoyant economy, and domestic confidence is also increasing, not least because of the 2.9% reduction in unemployment over the past year. As consumer confidence grows there is also an expectation that the number of people with a total wealth of more than $1 million will nearly double during the next three years, as Turkey continues to be one of the fastest-growing economies in the world.
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