The average price of a house in Turkey is2.86 million Turkish lira - latest news

The average cost of a home in Turkey is 2.86 million Turkish liras ($106,000), up 110 percent from a year ago, according to Endeksa, which collects data on the real estate market.

The average selling price is 21,997 liras per square meter. In Istanbul, Turkey's largest city by population, the average price of housing exceeds 4 million liras, up 92 percent from August 2022.

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 growth of residential real estate was 105 percent to 3.6 million liras.

In the Mediterranean province of Antalya, where foreigners are heavily involved in the local real estate market, the average cost of housing rose 112 percent to 3.89 million liras.

In Hatay, which was hit by devastating earthquakes in February, the average cost of housing has risen 165 percent since last August to 2.64 million liras.

Turkey's home sales in August reached the highest level this year at more than 122,000.

Mortgage-backed sales fell 26 percent to 16,375, representing 13 percent of total sales.

"High prices and problems with access to credit seem to be the main reasons for the year-on-year decline in home sales," commented Gorkem Ogut, CEO of Endeksa. As interest rates have risen, it has become more difficult to access housing, he added.

"We do not expect home prices to decline significantly in the near term as long as construction costs are rising and the imbalance between supply and demand in the housing market remains," Ogut said.