According to the information derived from the Central Bank of the Republic of Turkey (TCMB) statistics, price per one square meter in Turkey averaged around 2,112 Turkish Liras. Housing prices per square meters have risen by 8,6% compared to the previous year. Housing price per one square meter across Turkey has shown the slowest annual growth rate in 2017; lowest in the last 7 years.
Pace Slowed in Istanbul
In Istanbul alone, which holds the title of being the biggest province in Turkey, price demanded for one square meter has doubled in the last 5 years. While housing prices per square meters have risen 82,5% around Turkey in general; in Istanbul, this rate has gone up to 113% and hit 3,832 Turkish Liras.
However, a gradually slowed growth rate in terms of housing prices in Istanbul has been observed. It was declared that in May 2017, the rise percentage has gone down to a single digit.
Ankara Prices Keep Rising
Turkey's capital Ankara is also experiencing a gradual rise in housing prices, it seemed, but the rate is not as high as other districts. Prices have risen by 6,4% compared to the previous year, and amounted to 1,703 Turkish Liras. The rise in housing prices amounted to 59% in the last 5 years, while housing prices per square meters calculated annually rose by 13% in the last 8 years.
İzmir Price Growth Rate Gone Up To 20%
İzmir, Turkey's third biggest city and an important trade port, is experiencing the gravest raise in housing prices. It has risen by 17,8% in the last year and has reached 2,627 liras. In the last 5 years period, price for square meters have risen by 104%. Since 2010, İzmir has been experiencing a 2-digits price growth rate.