Housing prices increase most in three Turkish provinces in world

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The Global Housing Price Index of international real estate consultancy firm Knight Frank revealed that housing prices in Turkey increased by 132.8 percent in the first quarter of 2023 compared to the same period of 2022, Euronews' Turkish service reported on Aug. 26. 

Analyzing 56 countries and regions, Ankara, İzmir and Istanbul were the provinces with the highest increase in housing prices among the 150 provinces on the list with 135.3 percent, 133 percent and 127.3 percent respectively. 

Zagreb followed Turkish metropolitan provinces with 22.5 percent increase in housing prices.

After Turkey, housing prices in North Macedonia increased by 18.8 percent in the same period, whereas Croatia took the third place with 17.3 percent. Croatia was followed by Hungary with 16.6 percent and Lithuania with 15.3 percent.

Housing prices decreased in some regions, especially in European countries. Housing prices in Germany fell by 1 percent, while this rate was 3.1 percent in Britain and 8.8 percent in Sweden.

The government-run Turkish Statistical Institute (TÜİK) on Aug. 3 reported an annual inflation rate of 47.83 percent in July, whereas the independent inflation group ENAG put the figure at 122 percent.

Over the past couple of years, rent prices in Turkey also have spiked by an unprecedented degree. And a new exodus from the country’s eastern region following the major earthquakes of Feb. 6, has caused a further increase in the already soaring rent prices.

Annual rent price hikes has been officially limited to 25 percent since June 2022.