Global Real House Pricing Index by IMF shows that after 2008 Crisis, housing market has reached its pre-crisis levels by the end of year 2016. The global increase of real prices in housing market can be associated with the recovery of global economy. The graph below indicates in Turkey credit growth - which is directly related with the house prices - is increasing. That is construction sector is fed by the credit of financial sector. Note that, this increase in housing prices and credit growth is sustainable since the house prices to income ratio is not growing much in Turkey less compared to other countries. This means Turkey house prices and credits grow much higher than the other countries, but also income in Turkey rises more than the prices. This means the growth of housing sector in Turkey is not an asset bubble but a sustainable growth.