«Selling» prices for residential real estate increased in October immediately by 191.4% compared to the same period in 2021. While there was a decline in world housing prices, the growth of real house prices in Turkey came to the fore. Here are the details...
Such data was presented by the Center for Economic and Social Research of the University of Bahcesehir (BETAM), publishing a report on the current prospects of the housing sales market.
The annual price increase, which was 196.8% in September, decreased to 191.4% in October.
In the same month last year, the average price per square meter of housing for sale in Turkey was 4,940 Turkish lira (TL), but now it has reached 14,395 TL: in this sense, the increase is enormous.
During the same period, the cost per square meter of residential real estate increased by 218.1% in Istanbul, by 197.7% in Ankara and by 181% in Izmir: to 21,429 TL, 9615 TL and 16,250 TL, respectively.
The provinces with the fastest growth in prices per square meter were Mersin (+231.2%), Antalya (+223.5%) and Istanbul (+218.1%) in October.
Recently, we told you that due to the rapid increase in the cost of residential real estate, apartments for rent are now being sought more often than for sale. Well, foreigners have been reoriented by the rise in housing prices to buy «secondary».