Turkey is one of the three countries where housing prices have fallen the most

According to the housing price statistics released by the Bank for International Settlements (BIS) for the first quarter of 2024, Turkey is among the top three countries where housing prices have dropped the most. The data shows that global housing prices fell by 1% compared to the same period last year.

In Turkey, housing prices decreased by 8.9%. The largest decline in the first quarter was in Luxembourg, with a 13.7% drop, followed by Hong Kong with a 13.2% decrease.

During the pandemic, global housing prices soared rapidly, but they began to decline in the third quarter of 2022. By the first quarter of 2023, this decline reached 3.1%, though the rate of decrease slowed in 2024. Turkey had previously seen the highest real estate price increases globally during the pandemic. In the third quarter of 2022, the annual real increase in housing prices in Turkey reached 59.6%, but by the first quarter of 2024, this growth turned into a decline.

Meanwhile, the country with the largest increase in housing prices in the first quarter of 2024 was the United Arab Emirates (UAE) with a 15.6% rise, followed by Poland and Bulgaria, which also saw significant increases.

According to BIS data, the decline in housing prices in developed economies has almost come to a halt. In developing economies, the decline in housing prices has been more pronounced, particularly in Asian countries. (ekonomim.com)