The Clash of Giants over One of the Major Markets, and the Turkish Overcomes
Last Updated: 2022-09-27
In the midst of the crises the world is witnessing, such as wars, conflicts and the collapse of economies, the Turkish Real Estate Market has registered remarkable progress with the rise in the average cost of houses in Turkiye, achieving an increase of 173%, according to a report of the Central Bank of the Republic of Turkiye.
Istanbul topped the list, where the price of an ordinary flat in Istanbul increased by 200%, by 208% for new flats located in residential complexes or newly built buildings, and by 202% for second hand flats.
The price is determined according to the area of the flat in Istanbul, the price per square meter reached 22,590 Turkish liras, bringing the average price of a flat in Istanbul, which has an area of 100 square meters, to two million and 259 thousand Turkish liras.
Additionally, this increase is not only in Istanbul, but has spread throughout the country, with the price per square meter reaching 13,936 Turkish liras, bringing the price of a flat in Turkiye, with an area of 100 square meters, to one million and 393 thousand Turkish liras.
Regarding the younger twin of Istanbul, the price of flats in Izmir increased by about 162%. While in the capital, the increase reached 181%.
By contrast, the increase in the USA Real Estate Market reached only 16%, contrary to expectations and readings of the index, which some see as a bad omen of the return of the 2008 crisis to the scene.
As a result, the Turkish Real Estate Market is ahead of the American's giant one, leaving behind the rest of the real estate markets, which may take many years to return to their former glories.
Source: Investing.com
Edited by Mersat Real Estate Team ©
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