Turkish export restrictions 'could increase Israeli property prices'

New restrictions on Turkish exports to Israel could drive an increase in property and rent prices, Israeli businessmen have warned.

The Turkish government imposed restrictions on exports to Israel earlier this week, after the issue of exports was cited by many as a factor in the ruling Justice and Development Party (AKP)'s poor local election results.

Despite repeated criticism of Israel's assault on the Gaza Strip, trade had continued between Israel and Turkey, including in raw materials such as cement.

Sources familiar with the construction industry told Israeli news outlet Mako that the new restrictions were expected to increase the prices of apartments in the country if they are implemented.

The restrictions announced by the Turkish Ministry of Trade include 54 products, many of which are used in the construction sector, such as aluminium wire, steel, cement, granite and bricks.

Read more: Israeli construction industry warns that Turkish export restrictions could increase property prices