Overview of the Turkish Real Estate Market: Trends of 2024

At the end of 2024, the Turkish real estate market exhibited significant changes. According to analytical data from Endeksa, the value of properties for sale increased by 25% over the year, yet, adjusted for inflation, real prices declined by 14%. The average property price nationwide reached 3.8 million Turkish lira. In the final months of the year, a trend of price growth emerged, indicating a gradual market recovery.

Price Changes in Major Cities

Gaziantep: Leader in Price Growth

Among cities with a population exceeding 2 million, Gaziantep experienced the highest price increase. Here, property values rose by 33% nominally, but when adjusted for inflation, this represented a real decline of 9%. On average:

Price per square meter – 21,605 TL;

Average property price – 3.4 million TL.

Izmir, Ankara, Adana: Moderate Growth with Real Decline

In these cities, nominal price growth ranged between 28–29%, but considering inflation, real prices fell by 12%. Average housing prices:

Izmir – 38,579 TL/m², average price – 4.8 million TL;

Ankara – 25,482 TL/m², average price – 3.3 million TL;

Adana – 22,147 TL/m², average price – 3.3 million TL.

Istanbul: Stability Amid Inflation

In Turkey’s largest city, nominal prices rose by 23%, but adjusted for inflation, this resulted in a real decline of 15%.

Average price per square meter – 44,755 TL;

Average property price – 5.1 million TL.

Regions with the Largest Price Drops

Muğla and Antalya: Decline Following Rapid Growth

After experiencing significant price surges in previous years, these regions recorded notable real price declines in 2024:

Muğla: Nominal increase of 19%, but a real decline of 19%. Average price per square meter – 63,387 TL, average property price – 8 million TL.

Antalya: Nominal increase of 20%, but when adjusted for inflation, real prices dropped by 18%. Average price per square meter – 37,969 TL, average property price – 4.3 million TL.

Rental Market Trends

In 2024, rental price dynamics were less pronounced compared to sales. Overall:

Nominal rental price growth reached 41%, but with inflation adjustments, the market saw a 3% decline;

The nationwide average rent rose to 20,000 TL per month.

Izmir and Ankara: Strong Rental Price Growth

Here, rental prices increased by 52% nominally, leading to a real rise of 4%. Average rental prices range from 21,000 TL to 24,000 TL.

Muğla and Istanbul: Most Expensive Rental Markets

Muğla: Nominal increase of 58%, real increase of 8%, average rent – 25,626 TL.

Istanbul: Nominal increase of 44%, real decline of 1%, average rent – 25,331 TL.

Antalya: Largest Real Rental Price Decline

Nominal growth – 36%;

Real decline – 7%;

Average rent – 19,436 TL.

Real Estate Market Outlook

In 2024, the Turkish real estate market underwent a price correction following the significant growth of previous years. However, recent months indicate a revival, suggesting the beginning of a new growth cycle in 2025.

Key factors driving increased demand include:

Removal of rental price increase limitations;

Expected interest rate reductions;

New government support programs for buyers.

Experts predict that, with these developments, 2025 could mark a period of rising demand for real estate, leading to price increases. Therefore, the current period can be considered an opportune time for purchasing property in Turkey.