Average home price in at 2.86 million Turkish Liras

ISTANBUL

The average home-sale price in Türkiye rose by 110 percent in August from a year ago to 2.86 million Turkish Liras ($106,000), according to data by Endeksa, which collects data on the real estate market.

The average sale price was 21,997 liras/square meter.

In Istanbul, the country’s largest city by population, the average home price was more than 4 million liras, rising 92 percent compared with August 2022.

In Ankara, the average sales price leaped 125 percent to 2.32 million liras, while the annual increase in residential properties in İzmir, the country’s third-largest city, was 105 percent to 3.6 million liras, the data showed.

In the Mediterranean province of Antalya, where foreigners are very active in the local property market, the average home price climbed 112 percent on an annual basis to 3.89 million liras.

In Hatay, which was among the provinces that suffered from the devastating earthquakes in February, the average home price soared 165 percent in August from a year ago 2.64 million liras.

In August, home sales in Türkiye reached this year’s highest level at more than 122,000. Home sales, however, declined by 1.1 percent from August last year.

Mortgaged sales were down 26 percent year-on-year to 16,375, accounting for 13 percent of all home sales.

“High prices and problems with accessing loans appear to be the main reasons for the annual decline in home sales,” commented Görkem Öğüt, the general manager of Endeksa.

Access to housing became more difficult as interest rates have risen, he added.

“We do not expect a significant decline in home prices in the upcoming period as long as the increase in construction costs and the supply-demand imbalance in the housing market continue,” Öğüt said.