Average house price in Turkey is 2.86 million Turkish Liras - Latest News

The average home price in Turkey is 2.86 million Turkish liras ($106,000), up 110 percent from last August, according to data from Endeksa, a leading real estate market data collector.

The average selling price is 21,997 liras per square meter. In Istanbul, the country's largest city by population, the average cost of housing exceeded 4 million liras, up 92 percent from last August. In Ankara, the average selling price rose by 125 percent to 2.32 million liras, while in Izmir, the country's third-largest city, the annual increase in housing prices was 105 percent, reaching the 3.6 million liras mark. In the Mediterranean province of Antalya, where foreigners are active in the local real estate market, the average cost of housing rose 112 percent to 3.89 million liras in a year. In Hatay, which is among the provinces hit by the devastating earthquakes in February, the average housing price has risen 165 percent since last August to 2.64 million liras.

Sales were down 1.1 percent compared to August last year. Mortgage-backed sales fell 26 percent year-over-year to 16,375 transactions, representing 13 percent of all home sales. "High prices and problems in obtaining credit seem to be the main reasons for the year-on-year decline in home sales," commented Endeksa CEO Gorkem Ogut. Making access to housing more difficult is due to rising interest rates, he added.

"We do not expect house prices to fall significantly in the near term as long as construction costs continue to rise and the supply-demand imbalance in the housing market persists," Ogut said.