Property Prices in Turkey Increased by 40% Compared to October 2020Wed, Jul 27, 2022, 12:43:32 AM
Property prices in Turkey had a historical increase in October 2020 compared to the previous year. Experts believe this increasing trend will continue in the following months.
Today, the average square meter price of a property in Turkey is 5,317.40 Turkish Lira. The average square meter prices of property in Istanbul, Ankara, and Izmir are 8,166.50, 3,818.80, and 6,337.30, respectively.
The Turkish Central Bank announced the House Price Index October data. Accordingly, the House Price Index increased by 5.5% in October compared to the previous month and increased 40% nominally compared to the same month in 2021. According to the same statistics, the real percentage value of the House Price Index is 16.8%.
House Price Index Is Increasing Every Month
House Price Index is calculated to track the changes in property prices in Turkey. It increased by 5.5% and reached 209.9 in October. Considering the most popular cities in Turkey by foreigners, the property prices in Istanbul, Ankara, and Izmir increased by 7.1%, 5.8%, and 5.7% compared to the previous month.
When we compare the property prices compared to the same month of the previous year, property prices in Istanbul, Ankara, and Izmir increased by 38.7%, 36.1%, and 40.2%, respectively.
This is one of the record-high increases in property prices in Turkey. Most experts believe that this increasing trend will continue in the following years. Most optimistic experts predict this trend will continue for at least three years.
Is It a Good Time to Invest in Turkey?
It is a known fact that the number of foreign investors investing in Turkey is increasing every passing day. Although the Turkish government tries additional methods and adopts new strategies to prevent this problem, things and the economy are getting worse.
As a result, Turkey turned into investment heaven for foreign investors. Besides large companies, individuals are also investing in real estate in Turkey. You can buy a luxury holiday house in a luxury neighborhood at quite affordable prices compared to all European countries and the United States.
So, if you are planning to invest in Turkey, these times are the best times due to the devaluation of the Turkish Lira.