The average home price in Türkiye was 2.3 million Turkish liras (around $119,000) in March, according to Endeksa, which collects data on the real estate market.
Home prices have been on the rise due to the increased construction costs and the imbalance between supply and demand in the housing market.
Home prices across Türkiye rose by 154 percent in March from the same month of 2022, with average prices standing at 17,573 liras per square meter, showed a study by Endeksa.
In Istanbul, the country’s largest city by population, home prices exhibited an annual increase of 144 percent to 27,000 liras per square meter. The average home price was 3.2 million in March in the megacity.
Prices leaped 154 percent in Ankara to 13,000 liras per square meter. A home in the capital was sold at 1.7 million liras on average.
In Antalya, where foreigners heavily buy properties, the average price of a home was 2.7 million liras, increasing by 164 percent from March 2022.
The highest increase in home price was registered in the northwestern province of Kırklareli. Home prices in this province increased by 208 percent on an annual basis to 1.6 million liras, followed by Antalya. In the northwestern province of Kocaeli, the annual increase in home prices was 164 percent with the average price at 1.92 million liras.
Home sales in Türkiye plunged 21.4 percent last month from a year ago to around 106,000 units, the Turkish Statistical Institute (TÜİK) reported this week.
In the first three months of 2023, a total of 283,000 homes were sold in the country, pointing to a 11.5 percent decline from January-March last year.