House prices in Turkey: house price index (2017=100)
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')
Quarterly change in house prices, inflation-adjusted
| Q1 | Q2 | Q3 | Q4 | |
| 2025 | -0.26% | 0.85% | -2.13% | 0.13% |
| 2024 | -6.64% | -1.81% | -2.92% | 0.72% |
| 2023 | 12.56% | 6.10% | -2.93% | -4.13% |
| 2022 | 8.54% | 20.77% | 12.20% | 4.25% |
| 2021 | 2.86% | 3.60% | 6.16% | 6.22% |
| 2020 | 4.40% | 5.53% | 3.87% | 0.72% |
| 2019 | -1.76% | -1.24% | 0.97% | 0.28% |
| 2018 | -0.36% | -2.26% | -9.12% | -0.94% |
| 2017 | -0.46% | 1.05% | 0.00% | -2.88% |
| 2016 | 1.67% | 1.53% | 1.39% | -1.48% |
| 2015 | 2.02% | 2.60% | 0.97% | 0.12% |
| 2014 | -0.66% | 1.20% | 3.16% | 1.02% |
| 2013 | 1.25% | 1.92% | 0.81% | 0.93% |
| 2012 | 3.14% | 0.83% | -1.10% |
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.
Yearly change in house prices, nominal and inflation-adjusted
| Year | Inflation Adjusted | Nominal Change |
| 2025 | -1.43% | 29.04% |
| 2024 | -10.37% | 29.43% |
| 2023 | 11.14% | 83.14% |
| 2022 | 53.33% | 151.88% |
| 2021 | 20.17% | 63.52% |
| 2020 | 15.27% | 32.06% |
| 2019 | -1.76% | 9.83% |
| 2018 | -12.32% | 5.47% |
| 2017 | -2.31% | 9.38% |
| 2016 | 3.10% | 11.88% |
| 2015 | 5.81% | 15.14% |
| 2014 | 4.76% | 13.40% |
| 2013 | 5.00% | 12.73% |
This table shows how house prices have changed over each year. It compares the latest quarter or month of a given year with the same period the year before, so you can quickly see whether prices went up or down over that year.
