House prices in Çeşme show fastest hike last year

IZMIR - Doğan News Agency

The value of the houses in the Aegean district of Çeşme costs around double the rate of other districts in Izmir, according to the research. DHA photo

The Çeşme district of Izmir has seen the largest increase in annual real estate prices, ahead of Turkey’s metropolitan centers of Istanbul, Ankara and İzmir.

The value of the houses in the Aegean district of Çeşme, a popular Turkish holiday destination, rose by 23 percent last year, around double the rate of other districts in Izmir, research undertaken by global real estate consultancy body Realty World revealed.

Çeşme Mayor Faik Tütüncüoğlu said that thanks to the resolution of problems relating to chronic water cuts and lack of sewerage system during his term, the house prices in the district have climbed fast.

“We have made 33.5 million Turkish Liras worth of investment last year. More than half of this amount was spent on infrastructure. Through the rising real estate values and rise of our [Çeşme’s] brand value, we are collecting the fruits of the importance we’ve attributed to the infrastructure and tourism,” the Republican People’s Party (CHP) mayor Tütüncüoğlu, who is now serving his fourth term in the office, said.