The Central Bank of Turkey has published a housing price index, which by the end of November 2022 has increased by almost 175% over the past year. Compared to the previous month, it grew by 3.8%.
The provinces with the highest growth in housing prices in November of the year just ended were Antalya, Burdur and Esparta - 214.5%. They are followed by Adana and Mersin with an indicator of 191%. The provinces of Aydin, Denizli and Mugla also rose significantly - by 187.6%.
As of November 2022, the average cost per square meter in Turkey has increased to 16,984 Turkish lira (TL). But in Istanbul, as the largest metropolis, this figure is much higher - 26,904 TL.
Thus, in September, October, and November, the average price for Istanbul square meters of residential real estate was kept around $1,500, despite inflation.
There are already suggestions that very soon housing in Istanbul will outstrip even Miami in terms of cost. Well, in areas where new metro lines are being laid, it becomes more expensive by leaps and bounds, and especially quickly.