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Turkey’s house prices increase by 26%

Turkey’s nationwide house prices soared by 26% during the year to Q3 2021,

With an average of TRY 4,054 (US$502) per square metre, according to the Central Bank of the Republic of Turkey, ranking it as the number one nation for real estate price growth in the past 12 months.

The real estate growth has largely been driven by foreign investment, which is expected to reach nearly $7.5 billion in sales this year. In January-August, house sales to foreigners increased by 47.6 percent compared to the same period of 2020 to reach 30,849, according to data released by the Turkish Statistical Institute (TÜİK), with the total number forecast to be close to 50,000 by the end of 2021, which would be an increase on the past two years (2020 – 40,000 and 2019 – 45,000)

In August alone, 5,866 houses were sold to foreigners, Istanbul had the lion’s share with 2,729 units sold followed by the Mediterranean province of Antalya (976), the capital Ankara (400), and the Mediterranean province of Mersin (242).

Residential Property Price Index (RPPI) (2017=100)

Source: Central Bank of the Republic of Turkey