The Turkish real estate market continues to surprise: the resort Mugla surpassed Istanbul in housing prices for the first time. According to a report by Emlakjet and Endeksa, the average price per square meter in Mugla reached 87,244 liras (about $1,800) against 65,078 liras (about $1,345) in Istanbul. The average house price in Mugla now stands at 11.3 million lira ($233,000), and in Istanbul at 7.1 million lira ($146,500).
Antalya was followed by 55,495 liras per square meter ($1,145), Izmir 53,974 liras ($1,115) and Canakkale 53,387 liras ($1,100). Nationwide, the average price per square meter reached 41,703 liras ($860), which is 23.3% higher than a year ago (however, in real terms, adjusted for inflation, prices have fallen).
The highest annual price increase among the 30 largest cities was shown by the Black Sea city of Ordu, plus 32.4% (in real terms, this is the only city where prices have increased). It is followed by Ankara, plus 28.7% (real drop) and Kocaeli, plus 28.5% (real drop).
According to the Central Bank, the nominal increase in house prices in July 2026 in Turkey as a whole amounted to 25% in annual terms (in real terms, a drop of 5.1% was recorded). This means that the cost of housing in lira is growing more slowly than the general price level in the economy. The real decline in housing prices has been recorded for the eighth month in a row.
The rental market is showing a similar trend: the nominal increase in rental rates in July was 28.4% year-on-year (the real drop was 2.6%). The average cost of renting a square meter in the country is 294 lira (6.1 dollars), in Istanbul 456 lira (9.4 dollars).
Source: Patronlar Dünyası
