The cost of housing in Turkey: 2.3 million Turkish liras - Latest News

The average home price in Turkey is 2.3 million Turkish liras (about $119,000) in March, according to Endeksa, which collects information on the real estate market. Housing prices continue to rise due to rising construction costs and the imbalance between supply and demand in the housing market.

The average housing price in Turkey rose 154 percent in March compared to the same month in 2022 to 17,573 liras per square meter, an Endeksa survey showed. In Istanbul, Turkey's largest city by population, housing prices rose 144 percent to 27,000 liras per square meter. The average cost of housing in the metropolis was 3.2 million lire in March. Housing prices in Ankara rose 154 percent to 13,000 liras per square meter. In the capital, the average housing price amounted to 1.7 million liras.

Home sales in Turkey fell 21.4 percent last month from a year earlier to about 106,000 units, the Turkish Statistical Office (TUIK) reported this week. Nationally, 283,000 homes were sold in the first quarter of 2023, showing a decline of 11.5 percent from January-March last year.