Last month’s statistics showed that residential properties in Turkey became 191.4% more expensive on average compared to last year. The growth rates can be even higher in the most popular locations with beautiful nature, extensive facilities, and high demand from buyers and tenants. For instance, this indicator surged to 218.1% in Istanbul, 223.5% in Antalya, and a whopping 231.2% in Mersin.
The key reason for high value is the growing demand. Over the first ten months of the current year, the real estate sales in Turkey increased by 26.9% year-on-year. The leaders were Antalya and Istanbul. Turkey attracts expats with a promise of a “safe haven”.
In monetary terms, the average value of an apartment in the center of Antalya, for instance, was USD 1,000 per square meter (as of September 2022). Homes in more remote communities can cost USD 600 per square meter. This indicator is even higher in Alanya with USD 1,280 per square meter. Apartment prices in Istanbul also start at USD 600 – USD 1,000 but the property value varies greatly depending on the number of bedrooms, floor area, amenities, location, and other features. The price of a square meter in the most attractive districts can exceed USD 2,000. The cheapest residence already costs EUR 100,000.
Villa prices also vary with the type, size, and other parameters. In Istanbul, villas cost upwards of USD 400,000 and the most opulent options sell for up to USD 2 million.