Market News

Property prices have fallen in Turkey

In Turkey, real estate prices have decreased0

Major changes in major cities

In several major cities in Turkey, prices for renting and purchasing real estate have decreased. These changes were recorded in February of this year compared to January a month earlier. So, what specific changes have occurred?

The increase in rent and housing costs was so insignificant that it did not exceed the inflation rate for the month.
The increase in real estate prices in Turkey began in 2020. A slight decrease was recorded in July 2023, and in February of this year, exactly the same dynamics in the market continued.

In general, prices in major cities of Turkey fell by more than twelve percent year on year. In February 2024, housing costs in Istanbul fell by 14% over the year, and in the capital, Ankara, by less than one percent. While in Izmir the figure is also significant, reaching twelve percent.

If you do not take into account inflation, then in Turkey real estate prices increased by 47% in February. And this figure is 9% lower than what was recorded twelve months earlier.

Currently in the country, the average cost of one square meter of housing is 27 thousand Turkish liras.

Housing prices in Ankara increased by 66%, in Istanbul by more than 42%. But in Izmir, the price increase was 47 percent. These are very significant indicators. But compared to previous periods, there was a decrease in real estate prices.

A similar situation is occurring in the country’s rental market. Prices have decreased in major cities of Turkey compared to 2023.