Amidst a historic economic crisis in Turkey, housing prices are skyrocketing. According to official data from Turkey's Central Bank, the Housing Index rose 13.1% to 279.1 in January 2021 month over month. Housing prices have now, on average, increased 77.4% annually.
The highest increase in housing prices was in Turkey’s largest city, Istanbul. In January alone, housing prices in the city of over 15 million increased by an average of 14.1%. Year over year, housing prices increased 83.5% in the city.
Other major cities also experienced extreme rises in housing prices. In Ankara, prices increased by 12.5% in January and 13.6% in the Aegean province of İzmir. Year over year, the two cities experienced a 73.5% and 73.1% increase, respectively.
Newly built houses increased in price more than those previously occupied. New houses increased 85.7% annually in January on average, while previously occupied houses increased by 75.9%.
The average selling price per housing square meter is now 7,479.5 Turkish Liras.