Price increases of properties in Turkey
On October 18th, the Turkish Central Bank announced that The Residential Property Price Index (RPPI) increased by 3.9 percent. The yearly nominal terms are 33.5 percent and 11.9 percent in real terms.
The index rate was standing at 192.6 in August 2021, and for new developments, the index number increased to 208.3 with 40.2 percent.
The highest yearly increases were seen in the following Aegean provinces: Muğla, Denizli, and Aydin. On average a rise of 53.7 percent was recorded in these areas. The second areas were Şanlıurfa, Diyarbakır with 44.3 percent. In the south-western areas of Isparta, Burdur, and Antalya the annual price rise was 41.9 percent.
Property prices in Izmir and other regions
In the Aegean province of Izmir the rise was 33.6 percent. In Istanbul and Ankara it was respectively 30.7 and 28.5 percent. The monthly statistics are 3.8 percent in Izmir, 4.4 percent in Istanbul, and 3.3 percent in Ankara.
The average price per square meter for properties all over turkey is $522. In Istanbul the average price per square meter is $782, followed by $643 in Izmir and $378 in Ankara.
During the period from January to September 2021, the national house sales in Turkey decreased by 18.3 percent with 949.138 units in comparison to the same period last year, according to the Turkish Statistical Institute.
House sales in Turkey to foreigners
However, in the same time, the house sales in Turkey to foreigners increased by 43.2 percent with 37.479 units. Turkey is expecting a total amount of nearly $7.5 billion in sales to foreigners this year. With these results, the Turkish property market ranks in the top 10 of the world.