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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.

Turkey house sales

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:

  • 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.

  • 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%.

  • 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

 Q1Q2Q3Q4
20203.19%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%
20161.8%1.48%1.58%-1.49%
20151.68%2.61%0.87%0.89%
2014-0.29%1.79%3.23%1.48%
20130.91%2.36%1.39%0.24%
20121.81%2.91%0.04%-1.06%
20110.16%-0.14%0.58%-4.18%
20101.57%-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.


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