The central bank announces a rise in house prices
The Central Bank of Turkey has announced a sharp rise in house prices in the Republic of Turkey ,
of 153.1% year on year in the month of January ( December ) 2023.
With an average price of 1.8 million Turkish lira for a 100 square metre home ,
this points to the mounting pressure facing the property market in Turkey.
Rising house prices in Turkey are a hugely important issue, as housing is one of
the most basic needs of the country's citizens. Steep house prices are
among the biggest challenges many Turkish citizens face in trying to secure
suitable housing.
Although many factors affect house prices in Turkey ,
the central bank pointed out that the current rise in prices is mainly down
to greater demand for property , a shortage of supply , and higher production costs for raw
materials and labour , as well as bank interest.
This increase in house prices reflects the mounting pressure on families and investors
trying to secure suitable housing in Turkey. These economic pressures can affect
social and economic stability in the country , and widen social inequality.
To meet this challenge , the property market in Turkey needs more regulation and coordination.
A legal framework can help