Turkish property prices are higher and higher

This time, the price spike is not caused by demand but by the local currency situation. Turkey's economy is directly related to construction. Up to 6% of the total GDP is allocated to this area. Thus, economic growth depends on how quickly new property is built and how profitable it is to sell. The country did not recover from the 2018 currency crisis, as the pandemic pushed the market back. This year, the Turkish lira has depreciated by almost 50% against the dollar, jeopardizing the completion of ongoing projects. Construction companies state that it is difficult and impossible to complete projects within previously approved budgets. The devaluation of the lira and high prices for building materials have led to an increase in prices.