Turkey is banning the use of foreign currencies in the country's property market as it looks to stem the dramatic fall of its own currency, the lira.
This week’s currency crisis has prompted a flood of overseas buyers seeking bargains
Under the plan, foreigners who buy property worth at least $1 million and hold it for three years will become eligible for Turkish citizenship.
New Zealand, Turkey and Canada have seen the biggest leap in house prices over the past year, according to a new global ranking.
Prices have risen 18.9% over the past 12 months, according to Knight Frank, but 2016 should see reduced pressures on markets across the world
International buyers are snapping up property in Turkey in defiance of the terror threat
Global house prices have increased by a median of 4.7% year on year led by Hong Kong, Turkey, Ireland, Sweden and Australia, a new international report shows.
Overall prices have increased in 21 of the 26 countries tracked by the Economist House Price Index but growth does vary from nation to nation.
The growth is topped by Hong Kong with annual price growth of 20.8%, followed by Turkey with a rise of 18,8%, Ireland up 13.4%, Sweden up 10.3% and Australia up 7.5%.
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