2023 was a landmark year in terms of real estate price growth in Turkey

According to the analytical platform Endeksa, housing prices in Turkey soared by 84% in 2023 compared to the previous year, surpassing the three million Turkish lira mark, which is about $100,000. It is worth noting that these calculations were made in Turkish lira and did not account for inflation.

According to the report, in December 2023, the total number of real estate transactions in Turkey decreased by 33% compared to the previous year. Istanbul stood out as the region with the highest number of sales (23,700 transactions), accounting for 17% of the total sales in the country. Meanwhile, the average cost of a house in Istanbul increased by 73%, reaching 4.2 million lira (approximately $140,000). However, the Turkish Statistical Institute (TÜIK) notes that inflation in 2023 reached 64.77%, which is the highest figure for a year according to official data. The report also indicates that the average annual real increase in property value (adjusted for inflation) was 0.2%.