The Central Bank of Turkey has published the long-awaited Housing Price Index for December 2022. It turned out that over the past year, residential real estate prices have increased by an average of 167.8%, and only in December - by 5.3%.
As for the largest megacities, in December 2022 in Istanbul, Ankara and Izmir, housing prices rose by 4.7%, 4.6% and 4.2%, respectively, compared to the previous year. The housing price index for the year in these cities increased by 174.2% in Istanbul, 172.7% in Ankara and 168.3% in Izmir; moreover, in November over the past 12 months, the cost of residential real estate increased the most.
So, in November, the provinces with the highest growth in housing prices were Antalya, Burdur and Ysparta - more than 200%; and Aydin, Denizli and Mugla - about 190%.
According to the results of November, the average price of a residential residence with an area of 100 sq.m in Turkey increased to 1,698,410 TL; despite the fact that in October it was equal to 1,656,300 TL.
The cost of housing in the winter of 2023 continues to grow, although analysts predict a slight decline in prices for luxury lots, at least in dollar terms.