Turkey breaks records for property price growth in 2024

At the beginning of 2024, Turkey faced a new challenge - a record rise in real estate prices. According to the latest statistics for January of this year, there is an amazing jump in prices, which causes concern to many.

The overall increase in house prices in the country over the year reached an astounding 64.86%, exceeding even December forecasts and indicators. This impressive growth affects various segments of the real estate market and affects buyers, sellers and tourists.

Housing and communal services are the main engine in this price surge, increasing by 45.99% year-on-year. Household goods and household appliances are also not far behind, showing an increase of 61.10%. Even in the food and soft drinks sector, where there was a slight slowdown in growth to 69.71%, prices continue to hold high.

Additional pressure on inflation was created by a sharp increase in the minimum wage by 49% in December last year. This decision, seemingly aimed at improving the social situation, as a result became a catalyst for even greater fluctuations in the real estate market.

The Turkish authorities predict a decrease in inflation in the coming months. However, experts remain skeptical about these optimistic predictions. In the foreground of the problem is the non-standard economic policy of President Erdogan, who questions the usual methods of managing inflation.

The recent change in the leadership of the Central Bank also raises concerns. A possible deviation from the policy of raising interest rates may further fuel inflationary fires and create uncertainty in financial markets.

The situation in Turkey requires attention, especially for those who are interested in buying real estate or planning to visit the country in the coming months. All eyes are focused on price dynamics, and questions about the future of the real estate market are becoming more relevant.

To sum up, the rise in real estate prices in Turkey is not just a statistic, it is a challenge that requires careful consideration and measures to minimize possible negative consequences.