Turkey's property market is actively developing, but do not expect prices to fall

Turkey's housing stock increased by 84,519 units in the first six months of 2024, according to a report by the Turkish Ready-Mixed Concrete Association (THBB). This is according to statistics published in THBB's September assessment report on the construction industry.

THBB also cited other industry data: the August 2024 Ready-Mixed Concrete Production Index increased by 5.9% in August compared to the same month last year, while the number of construction jobs increased by 1.2% in August.

In nominal terms, the house price index rose by 34.3% year-on-year in August. Developers have seen construction costs rise sharply over the summer, with plaster prices up 120% and labour costs up 650%. This will undoubtedly have an impact on further house price increases.