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House prices in Turkey: house price index (2017=100)
Turkey
Turkey’s nationwide house prices rose by a whopping 189.9% in November 2022 from a year earlier, to an average of TRY 16,984 (US$904) per square metre (sq. m.), according to the Central Bank of the Republic of Turkey (CBRT), following y-o-y rises of 64% in 2021, 32.6% in 2020, and 2.9% in 2019. It was one of the strongest y-o-y episodes of house price increases ever recorded.
Despite the huge difference between the nominal and real figures, inflation-adjusted house price growth during the year to November 2022 remains very high at 57.2%.
In Turkey’s major cities:
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In Istanbul, Turkey’s largest city and most expensive housing market, the average house price soared by 193.9% during the year to November 2022 to TRY 26,904 (US$1,432) per sq. m. Adjusted for inflation, house prices were up by 59.4% y-o-y.
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In Ankara, the country’s capital, house prices rose by a huge 195.9% y-o-y in November 2022 to an average of TRY 12,446 (US$663) per sq. m. When adjusted for inflation, house prices increased 60.5%.
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In Izmir, the country’s third largest city, house price growth accelerated to 202.9% y-o-y in November 2022 (64.3% inflation-adjusted) to TRY20,861 (US$1,110) per sq. m.
House prices in Turkey, % change 1 yr
Nominal and inflation-adjusted ('real')
Turkey
Source: Turkey Central Bank
Quarterly change in house prices, inflation-adjusted
| Q1 | Q2 | Q3 | Q4 | |
| 2020 | 3.19% | 7.6% | ||
| 2019 | -1.34% | -0.82% | 0.53% | -0.03% |
| 2018 | -0.57% | -2.79% | -9.65% | -0.56% |
| 2017 | -1.07% | 1.01% | -0.24% | -2.23% |
| 2016 | 1.8% | 1.48% | 1.58% | -1.49% |
| 2015 | 1.68% | 2.61% | 0.87% | 0.89% |
| 2014 | -0.29% | 1.79% | 3.23% | 1.48% |
| 2013 | 0.91% | 2.36% | 1.39% | 0.24% |
| 2012 | 1.81% | 2.91% | 0.04% | -1.06% |
| 2011 | 0.16% | -0.14% | 0.58% | -4.18% |
| 2010 | 1.57% | -0.34% | 1% |
This table shows the change in house prices during a single quarter, adjusted for inflation.
Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.