The Central Bank of the Republic of Turkey confirmed, referring to the monthly Housing Price Index, that the value of residential real estate in dollar terms has been declining for the fourth month.
Housing in Istanbul rose in price by 1.2% in Turkish lira in January 2024, in Ankara — by 2.4%, and in Izmir — by 2.8% compared to December 2023. As for current prices, the average cost of 1 sq. m of residential real estate in Turkey is $1028.2, and the average in Istanbul province is $1501.6.
Investors from abroad also failed to meet expectations in this matter: the volume of transactions in this segment is the lowest in the last 24 months. Locals are in no hurry to purchase apartments as well. However, land sales in Turkey are breaking all records.