Property prices in Turkey have risen by almost 50% in the past year

Artificial intelligence based on TÜIK statistics has analysed housing sales in Turkey for May 2024. According to TÜIK, sales increased by 46% during the month but decreased by 2% compared to last year. A total of 110,588 residential units were sold in May—down by 3.4% compared with the same period last year.

The index notes that Turkish property values continue to rise, but the pace of this growth is slowing. The annual price increase was 48.47%, but after adjusting for inflation, the real annual increase fell by 14% and the monthly increase by 3%.

May 2024 rents also increased by 54% year-on-year, but real annual growth fell by 11%.

Istanbul recorded the highest volume of sales (18,814 homes), followed by Ankara (9,861) and Antalya (6,305). Ankara saw the highest nominal price growth, rising by 55.3% over the year, although real prices fell by 10%.