The cost of Turkish housing continues to rise, but the growth rate is decreasing. Experts believe that now is the right time to invest without relying on bank loans.
According to Endeksa's July 2024 report, there is a 36% increase in prices annually, with the growth rate being 18% when inflation is considered. There was a 0.05% rise in prices in July, while they grew by 2% in real terms. The average price per 1 m2 is TL 26.5 ($777). The average price for residential properties is TL 3.44 million ($101,000). With these indicators, investments are expected to yield returns in approximately 13 years on average.
The most significant price increases were recorded in Ankara and Izmir (+38%), while the real cost was 17% lower. Istanbul housing has risen in price by 37%, when accounting for inflation, it has actually decreased by 18%. Considering inflation, there is a 24% increase in appreciation rate and a 26% decrease in real price in Antalya.
Gerkem Oğyut, CEO of Endeksa, emphasizes that the slowdown in housing cost growth is more noticeable than in 2019. The rental market is also showing a decline, although the limit on rent increases was lifted, the increase was only 47%.