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Thursday, November 30, 2023

Türkiye. The prices of houses and flats increased by almost 100 percent

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Residential property prices in Turkey rose 96 percent from a year earlier, according to a report released Wednesday by Turkey’s central bank.

The largest jump occurred in the capital, Ankara, where house and apartment prices rose by 106% in June. compared to the same month in 2022. In Izmir, these prices increased by 100%, in Istanbul – the largest city Turkey – by slightly more than 85 percent.

How much per square meter?

The average price per square meter of a flat in June amounted to 24,600 Turkish lira (approx. PLN 3,725) nationwide.

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The increase in house and apartment prices is attributed to the high inflationwhich pushed wealthier Turks to secure their capital by buying real estate, and to foreigners, especially Russians, buying residences primarily in Istanbul and along the Mediterranean coast.

The Turkish Statistical Office (TUIK) reported in early August that inflation in the country amounted to 47.83 percent in July; Independent experts from the ENAG group determined it at the level of 122 percent.

Main photo source: Photo Oz / Shutterstock

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