In the first quarter of 2022, Turkey became the «leader of the planet» in increasing the cost of residential real estate. This was announced by the international real estate consulting company Knight Frank, presenting a report for January-March.
The study has just been published because the processing took quite a long time: data collection affected 56 countries.
So, according to the results of the first quarter of 2022 (compared to the same period of 2021), Turkey added 110% to the cost of housing at once. In second place, but by a very large margin, was the Czech Republic (25.9%); in third place – Slovakia (22.1%).
However, Turkey is also leading in terms of inflation; so, adjusted precisely for the depreciation of the Turkish lira, the real change in the value of residential real estate was 30.3%. Which is still higher than in any other of the «surveyed» Knight Frank states.
Of the survey participants, housing prices fell only in two countries: by 7.5% - in Morocco, and by only 0.1% - in Malaysia.
According to the center, the average price per square meter of residential real estate in Turkey in May increased to 11,945 TL. According to the results of the first quarter, Antalya showed the largest increase from the province (180.3%). In this province, by the way, Russians and Iranians buy the most housing from foreigners.
Istanbul is not far behind (165.4%). Adana and Mersin have very high rates (160.7% each).
Real estate in Bingel, Elaziga, Malatya and Tunceli has increased the least in price.
Well, a few days earlier it became known that Turkey is also leading among many countries in terms of the rate of rent increase.