How have housing prices changed in the autumn

According to the Central Bank of Turkey, October 2023 is marked by significant changes in the cost of housing, and let's look at what factors influenced this market trend.

So, in real terms, adjusted for inflation, the annual increase in house prices was 15.4%. It is important to note that the Central Bank bases its analysis on the residential real estate Price Index (RPPI). This indicator increased by 3.8% in October 2023, recording annual growth of 86.5% in nominal terms and 15.4% in real terms.

The main changes were reflected in the regions of the country. For example, in Istanbul, the capital of Ankara and the Aegean Izmir, the RPPI index increased by 2.9%, 4.7% and 3.3%, respectively. Compared to October 2022, housing prices in these regions increased by 74.4%, 101.5% and 80.1%.

The average price per square meter in the country exceeded 30,000 Turkish lira. Istanbul stands out in particular, where the price reached 44,000 liras per square meter, Izmir with 35,000 liras and Ankara with 23,000 liras.

Special attention should be paid to the Black Sea provinces such as Kastamonu, Trabzon and Ardahan, where housing prices have changed markedly.

The central bank also noted the unusual price behavior in the provinces of Adiyaman, Malatya, Hatay, Kahramanmarash and Osmaniye. These regions have remained stable since February 2023, despite the earthquake on February 6. However, this creates some difficulties in assessing the real impact of the earthquake on prices in these places.

It is important to understand the context of changes in housing prices in Turkey. According to RPPI, the price increase began in July 2021 after the lifting of restrictions related to the COVID-19 pandemic. Since then, housing prices have increased by more than 50% per annum.

This dynamic market provides both unique opportunities and challenges for investors and buyers. Follow our updates for more information about the current trends in the Turkish real estate market.