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House prices in Istanbul and Izmir fell by 0.2% month-on-month in July.
The central bank released housing price index data for July 2024 yesterday.
In July, house prices in Turkey rose 0.9% month-on-month and 38.7% year-on-year. House prices fell 14.3% in real terms (adjusted for inflation).
Looking at data from the three largest cities, house prices in Istanbul rose by 26.8%, Ankara by 39.4%, and Izmir by 37%.
Istanbul and Izmir details
On a monthly basis, prices in Ankara rose by 0.6%, while those in Istanbul and Izmir fell by 0.2%. As a result, Istanbul house prices fell for the first time since June 2019.
According to TUIK data, the cities with the highest house sales in July were Istanbul (19,000 units, 47) and Ankara (11,000 units, 364). In Izmir, 600,479 houses were sold in July.
Although the number of house sales in Izmir and Istanbul increased by nearly 50% month-on-month, the decline in prices has attracted attention.
What is the average house price?
The central bank adjusted the housing price index data and began to publish housing prices on a quarterly basis.
The average house price in Turkey in the second quarter (April, May and June) was 32,434 Turkish liras per square meter. This means that the average price of a 100 square meter house in the country is 3.2 million.
In the second quarter, this figure was 26,000 TL 718 in Istanbul, 49,000 TL in Istanbul and 36,000 TL 796 in Izmir.
The most expensive province is Mugla, at 72,720 liras, while Antalya is third after Istanbul at 37,757 liras.
As a result, the average price of a 100 square meter apartment in Istanbul is close to 5 million liras. As a result, both real and nominal data fell in July.
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