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Turkey's provinces with the most rapidly growing housing prices in February 2024 have been revealed

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They are: Hatay, Erzurum and Mugla.

What has happened

The data of the research platform Endeksa has showed that in February 2024 housing prices across Turkey have risen by 63% year-on-year. The average housing price in the country was recorded at 3.22 million Turkish liras ($99,250), and the average sales price per square meter was 24,581 Turkish liras ($758). The average return on investment for residential real estate was 15 years. These numbers were presented in Turkish liras and were not adjusted to inflation.

Large cities

Housing prices in Istanbul have increased by 59% year on year. The average selling price per square meter in the city was 37,582 Turkish liras ($1,158), and the average price of a residential property was 4.32 million Turkish liras ($133,155).

Over the past year, housing prices in Ankara have risen by 78%. The average price of housing in the capital is 2.65 million Turkish liras ($81,680), and the price per square meter is 20,404 liras ($629).

In Izmir, the annual increase in housing costs is recorded at 59%. The average housing price in the city is 3.90 million Turkish liras ($120,209), and the average sales price per square meter is 31,234 Turkish liras. ($963).

The provinces with the fastest price increases

The three Turkish provinces with the highest annual house price growth in February were Hatay (+101%), Erzurum (+94%) and Mugla (+89%).

Source: Endeksa

Photo by Hussein A.Himmati on Unsplash

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Tags: Turkey, Market Analysis, Investment, Real Estate

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