The average home price was 3 million Turkish Liras ($103,000) in Türkiye in November, increasing by 96 percent from the same month of last year, according to the numbers from Endeksa, which compiles data on the real estate market.
The average price was 23,546 liras per square meter.
Home prices in Istanbul, Türkiye’s financial and commercial capital, rose by 83 percent last month from a year ago to 4.1 million liras or 35,858 liras per square meter.
Among Türkiye’s three largest cities, Ankara took the lead in the annual increase in home prices. In the capital, the average home price leaped 114 percent year-on-year to 2.53 million (19,445 liras per square meter).
In the western province of İzmir, the third largest by population, homes were sold for 3.7 million on average, pointing to an 89 percent increase from November 2022.
The highest annual increase was recorded in Hatay, which was one of the provinces most affected by the devastating February earthquakes. In the city, the average price of a home soared 140 percent to 2.8 million liras.
“Home sales stagnated in November as the average price across Türkiye exceeded 3 million liras,”Görkem Öğüt from Endeksa commented.
Besides elevated property prices, Öğüt also links the poor sales in the housing market to higher interest rates, which make access to loans more difficult.
“Another reason is that people are waiting for the launch of a campaign for first-time homebuyers.”
Home sales plunged 21 percent in November to 93,514 from a year ago, the Turkish Statistical Institute (TÜİK) reported earlier this month.
Mortgaged sales nosedived nearly 69 percent year-on-year to 5,245, which accounted for 5.6 percent of all home sales.
Source: hurriyetdailynews