Nominal price growth was 23.5% year-on-year, but in real terms there was a drop of 6.2%. In other words, despite the impressive figures in lira, housing affordability for Turks continues to decline due to high inflation.
The decline in real prices affected the 30 provinces with the largest number of sales. The smallest real drop was recorded in Ankara (2.6%), followed by Kocaeli (2.9%), Istanbul (3.4%), Antalya (5.1%) and Elazig (5.2%). It was these provinces that showed the strongest nominal growth: Ankara - 28.2%, Kocaeli - 27.8%, Istanbul - 27.2%, Antalya - 24.9%, Elazig - 24.8%.
In absolute terms, the most expensive provinces in the country to buy apartments and houses look like this: Istanbul leads with an average price of 7.4 million liras, followed by Izmir (6.6 million liras), Antalya (6.1 million liras), Ankara (5.1 million liras) and Bursa (4.7 million liras).
Source: Hurriyet Daily News
