According to official data released by the Central Bank of the Republic of Turkey, the housing price index in September increased by 4.9% compared to August and by 189.2% year-on-year (compared to September 2022).
If you look at the changes in the housing price index in the three largest cities of the country, then in Istanbul, Ankara and Izmir in September it was 4.6%, 4.3% and 5.8%, respectively, compared to the previous month, and by 212.1%, 196% and 185.8% compared to the same month of the previous year.
The housing price index is calculated to track price changes adjusted for the quality of houses in Turkey.
The rise in prices is largely due to the fact that tariffs for materials continue to rise, as well as the cost of construction and labor costs.
Therefore, fewer and fewer citizens can afford to buy housing at full cost; we have to look for opportunities to participate in state programs for the distribution of preferential housing. For the largest of them, the most applications were submitted in Istanbul.