Economy in Turkey: Housing prices in Turkey increase by 103.6 percent

While the Housing Price Index increased by 3.6 percent in May 2023 compared to the previous month, it increased by 103.6 percent in nominal terms and by 45.0 percent in real terms compared to the same month of the previous year

The Central Bank of the Republic of Turkey has announced the statistics of the Housing Price Index May 2023. While the Housing Price Index increased by 3.6 percent in May 2023 compared to the previous month, it increased by 103.6 percent in nominal terms and by 45.0 percent in real terms compared to the same month of the previous year. The average price per m2 in Turkey was 23 thousand 573.7 TL, while in Istanbul it was announced as 36 thousand 4.6 TL.

In dollar terms, the average price per m2 in Istanbul was 1826 dollars, while in Turkey it was 1195 dollars. Prices in Turkey in August 2022, which surpassed the peak in September 2016, extended their record streak to month 10. In Istanbul, a record was broken for 6 consecutive months.

The record streak is expected to end in the June figures due to the increase in the exchange rate.

According to the data announced by the CBRT; the regions where prices increased the most were listed as follows:

Zonguldak, Karabuk, Bartın: 135 percent
Edirne, Kırklareli, Tekirdağ: 125.5 percent
Ağrı, Ardahan, Kars, Iğdır: 120.8 percent