Turkey observes largest hike in housing prices worldwide

London-based real estate company Knight Frank reported that Turkey saw the largest hike in housing prices worldwide in 2021. Residential purchases in Turkey also dropped by 17 percent in the past year, according to state data.

Duvar English

Turkey has seen the largest hike in housing prices worldwide in 2021, London-based real estate giant Knight Frank reported on Sep. 14. 

According to a survey of 55 countries, housing prices average worldwide grew by 9.2 percent, with developing countries bringing the average down with a mere 4.9 percent whereas developed countries saw a 12 percent hike. 

Meanwhile, the increase in Turkey more than tripled the global average with a 29.2-percent hike, followed by New Zealand's 25.9 percent and the United States and Slovakia that each observed 18.6 percent spikes.

Residential purchases have also shrunk in Turkey over the past year by 17 percent, with only 141,400 homes purchased, according to data from the Turkish Statistical Institute (TÜİK).

Turkey has also been experiencing a crisis in the market for rental properties, as rent prices have spiked to unaffordable levels in Istanbul. 

Noting that rent prices have averaged a 40 percent increase nationwide, a group of university students started a petition on Sep. 14 calling for the installment a ceiling price for rents on change.org.