Table of contents
- Overview
- Sale prices
- Rental prices
- Explore the latest price trends of 2024
Overview
As of 2024, the real estate market in Turkey is characterized by significant price increases and high demand.Over the past year, property prices have continued to rise sharply. For instance, the average home price surged to $100,316 by mid-2023, reflecting one of the steepest increases on record. This trend has been driven by a combination of local demand, foreign investment, and rising construction costs.
In major cities such as Istanbul and Antalya, prices have increased by over 200%, with these areas being particularly attractive to both local and foreign investors. Coastal cities like Bodrum and Izmir also offer lucrative investment opportunities, though at relatively lower initial costs compared to Istanbul.
Rental prices have similarly surged, with an average annual increase of 152%. This trend is consistent across the country, but especially pronounced in popular regions like Mugla and Antalya, where rental prices have risen by as much as 334% over the past year.
Despite these high prices, the Turkish government is taking steps to stabilize the market and make housing more affordable. This includes potential interventions such as increasing the availability of affordable housing and controlling speculative activities that inflate prices.
Sale prices
The average price of residential properties in Turkey has seen significant growth. By mid-2023, the average home price reached approximately $100,316, marking a sharp increase from previous years.
Most expensive cities/areas
Istanbul: Continues to be the most expensive city for real estate in Turkey. Prices for new apartments in luxury developments can start from around $200,000 and go up to over $600,000 depending on the location and amenities. Key areas such as Uskudar, Besiktas, and Beyoglu are particularly sought after.
Antalya: Popular among expatriates and tourists, Antalya has seen robust real estate demand. Prices for new residences range from $159,000 to $551,000, particularly in areas like Belek and Side.
Bodrum: Known for its luxury villas and holiday homes, Bodrum remains one of the pricier markets, especially in coastal areas and near the marina.
Izmir: Another expensive area, particularly in districts like Alsancak and Karşıyaka, where modern apartments and villas are in high demand.
Rental prices
Rental prices for properties in Turkey have experienced significant increases, continuing a trend observed over the past few years. The average rental price has surged by 152% nationally over the last year, reaching an average of 46.72 Turkish lira (TL) per square meter and approximately 5,139 TL per housing unit monthly.
Most expensive cities for rentals
Mugla: This city tops the list with the highest rental costs. The average rent per square meter is 138.27 TL, and for an entire housing unit, it averages 15,763 TL per month. The rapid increase is partly due to its appeal as a tourist destination and its coastal location, attracting both local and international interest.
Antalya: Known for its Mediterranean coastline and vibrant tourism industry, Antalya has seen rental prices soar by 334% over the past year. The average rent per square meter is 93.56 TL, and for a housing unit, it averages 10,292 TL monthly.
Istanbul: As the largest city and an economic hub, Istanbul also has high rental prices. The average rent per square meter is 74.15 TL, with the average monthly rent for a housing unit being 7,786 TL. The city's diverse job market and cultural offerings continue to drive demand.
Explore the latest price trends of 2024
Looking to keep up with the latest house price trends in Turkey?Whether you're interested in buying or renting, our up-to-date data has you covered.
Click here to explore detailed insights and stay ahead of the market:
