Average home price 3.4 million liras in Türkiye: Study

ISTANBUL

An average home price in Türkiye was 3.4 million Turkish Liras ($103,000) in May, according to the numbers from Endeksa, which compiles data on the real estate market.

Home prices rose 48.47 percent annually, while the monthly increase was 0.36 percent.

In real terms, adjusted for inflation, the year-on-year increase was 14 percent but home prices declined 3 percent month-on-month.

Average home price across Türkiye was 25,931 liras per square meter, according to study by Endeksa.

The capital Ankara recorded the highest annual increase in home prices at 55.3 percent, while in real terms, prices were down 10 percent. The average home price in the city was 2.8 million liras.

In Istanbul, home prices spiked 48.2 percent annually but in real terms they fell 14 percent. The average price was 4.6 million liras.

In Antalya, one of Türkiye’s most popular holiday destinations where foreigners heavily buy properties, the average home price was 4.1 million liras, rising 37 percent from May last year. In real terms, however, home prices in the city plunged 21 percent.

A separate study conducted by Istanbul-based Bahçeşehir University’s Economic and Social Research Center (BETAM) showed that in real terms, average rent prices declined by 14 percent in May compared with the same month of 2023.

The annual rate of increase in current rental prices continued to decline, said the report, noting that the year-on-year increase in the average price in rental housing ads across Türkiye eased to 49.8 percent in May.

In real terms, rental prices declined by 13.3 percent in Istanbul from a year ago, while the annual declines in Ankara and the western province of İzmir were 1.2