Turkish housing prices increase by over 77 percent annually

According to official data by Turkey’s Central Bank, housing prices increased on average by 13.1 percent in January 2022 and 77.4 percent year-over-year.

Thursday March 17 2022 11:39 am

Duvar English

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.