How Much Does Housing Cost in Turkey in 2024?

In 2024, Turkey's residential real estate prices rose by 25% nominally but declined by 14% when adjusted for inflation, according to a report by Endeksa. Notably, in the last two months of the year, the real increase was about 1%.

The average price per square meter reached ₺29,724 ($820), and the average property cost was ₺3.8 million ($105,000). The return-on-investment period for such assets stood at 14 years. Among major cities, Gaziantep showed the highest nominal price growth (33%), which still translates to a 9% real decrease.

In Nurdağı, a town hit by the 2023 earthquake, new housing emerged by fall 2024. Prices there reached ₺21,605/m² ($596), with the average property costing ₺3.4 million ($94,000).

Cities like Izmir, Ankara, and Adana saw nominal increases of 28–29%, but real declines of about 12%. Average prices were:

Izmir: ₺38,579/m² ($1,065), ₺4.8 million total ($133,000)

Ankara: ₺25,482/m² ($703), ₺3.3 million total ($91,000)

Adana: ₺22,147/m² ($611), ₺3.3 million total ($91,000)

In Istanbul, the nominal growth was 23%, while real value dropped by 15% to ₺44,755/m² ($1,235). The average price there was ₺5.1 million ($144,000).

Price Corrections in Tourist Cities

Muğla and Antalya, which experienced astronomical price growth during the post-pandemic period, saw the largest real price declines in 2024.

Muğla: Nominal +19%, real -19%, with prices at ₺63,387/m² ($1,750) and average unit cost of ₺8 million ($221,000). Return period: 20 years.

Antalya: Nominal +20%, real -18%, with ₺37,969/m² ($1,048), average unit price ₺4.3 million ($119,000).

Muş remains the most affordable province, with prices at ₺14,915/m² ($412) and ₺2.4 million per home ($66,000). Other low-cost cities include Kırıkkale, Siirt, Kilis, and Mardin.

Rental Market Overview

Rentals saw a nominal increase of 41% and a real rise of 3% to ₺20,000/month ($552).

Izmir and Ankara: Rents rose by 52% and 4%, averaging ₺21,000–₺24,000/month ($580–$662).

Muğla: Highest increase – 58% nominal and 8% real – to ₺25,626/month ($707).

Istanbul: 44% nominal increase, but a real decline of 1% to ₺25,331/month ($699).

Antalya: 36% nominal increase, 7% real drop – ₺19,436/month ($537).

Bursa: Nominal rise of 39%, real decline of 5%, average rent ₺18,312 ($505).

Endeksa co-founder and CEO Görkem Öğüt highlighted that new trends are emerging in Turkey's real estate market. Even a 14% real annual price drop couldn't fully correct the impact of the 2022–2023 housing price surge (with peaks of 178% nominal and 52% real increase).

According to Öğüt, the second half of 2024 marked the beginning of market recovery, and 2025 is expected to bring more momentum. The removal of the 25% rent increase cap also made rental properties more attractive as investment tools. "Falling interest rates and new housing campaigns will boost demand and fuel future growth," he noted.

Sales Volume and Foreign Buyers

According to the Turkish Statistical Institute, over 1.4 million homes were sold in Turkey in 2024 – up 20.6% year-over-year. Istanbul led with 239,213 sales, followed by Ankara (134,046) and Izmir (80,398).

Mortgage-backed sales dropped 10.8% to 158,486, while new housing sales rose 27.6% to 484,461 units.



Sales to foreign buyers dropped 32.1% to 23,781 units – just 1.6% of total transactions. Most foreign purchases occurred in:

Istanbul: 8,416 units

Antalya: 8,223 units

Mersin: 2,112 units

Top foreign buyers were from:

Russia: 4,867 homes

Iran: 2,166 homes

Ukraine: 631 homes



Experts point out that economic instability, high inflation, and currency depreciation continue to deter foreign investors despite a generally growing housing market.