Real Estate Market in Turkey: January 2024 Overview
The real estate market in Turkey continues to demonstrate resilience and growth, with January 2024 showing significant trends in prices and sales across various regions. According to data from the Turkish Statistical Institute, the average cost per housing unit has risen to 3 million TL (approximately $101,000). Let’s delve into the detailed statistics and explore the dynamics shaping the real estate landscape in Turkey.
Average Housing Prices in Turkey (January 2024)
| Parameter | Average Price (thousand TL) | Average Price ($) |
|---|---|---|
| Per housing unit | 3 million | $101 thousand |
| Per 1 square meter | 24.1 thousand | $777 |
| In Istanbul (per housing unit) | 4.2 million | $136.6 thousand |
| In Istanbul (per 1 square meter) | 36.8 thousand | $1.2 thousand |
These tables provide a clear overview of housing prices and sales dynamics in the Turkish real estate market for January 2024.
- Average Price per Square Meter: Nationwide, the average price per square meter stands at 24,100 TL ($777).
- Istanbul: Istanbul maintains its status as a prime real estate hub, with the average price per square meter at 36,800 TL ($1,200) and the average housing unit cost at 4.2 million TL ($136,600). It’s noteworthy that these figures represent the province as a whole, with prices typically higher within the city center.
Rapidly Appreciating Regions in Turkey (January 2024)
| Region | Price Increase for Housing Unit (%) | Average Price for Housing Unit (thousand TL) | Average Price per 1 square meter (thousand TL) | Average Price per 1 square meter ($) |
|---|---|---|---|---|
| Ankara | +87% | 2.6 million | 19.8 thousand | $639 |
| Antalya | +59% | 3.7 million | 32.6 thousand | $1,000 |
| Mugla | +93% | 7.2 million | 55.3 thousand | $1,800 |
Several regions are experiencing notable increases in property prices, making them attractive to investors:
Ankara
- Price Increase: +87%
- Average Unit Cost: 2.6 million TL ($83,000)
- Average Price per Square Meter: 19,800 TL ($639)
Antalya
- Price Increase: +59%
- Average Unit Cost: 3.7 million TL ($120,800)
- Average Price per Square Meter: 32,600 TL ($1,000)
Mugla
- Price Increase: +93%
- Average Unit Cost: 7.2 million TL ($231,800)
- Average Price per Square Meter: 55,300 TL ($1,800)
Decline in Sales in Popular Regions (January 2024 vs December 2023)
| Region | Sales Decline (%) |
|---|---|
| Mugla | -44.6% |
| Gaziantep | -44.3% |
| Istanbul | -43.4% |
While the overall market is robust, certain provinces witnessed a decline in sales compared to December, particularly among provinces popular among foreign investors:
- Mugla: Sales decreased from 1.98 thousand to 1.1 thousand units (-44.6%)
- Gaziantep: Sales decreased from 4.1 thousand to 2.3 thousand units (-44.3%)
- Istanbul: Sales decreased from 23.7 thousand to 13.4 thousand units (-43.4%)
The reasons behind these declines may vary, ranging from seasonal factors to economic dynamics impacting investor sentiment.
Conclusion
Despite fluctuations in sales figures, the Turkish real estate market remains dynamic and promising. Investors continue to show interest in various regions, attracted by competitive prices and the country’s strategic location bridging Europe and Asia. As the year progresses, it will be intriguing to observe how market trends evolve and how stakeholders adapt to seize emerging opportunities.
