Turkey leads the OECD rankings for house price and rent growth, showing the largest jump in both categories. According to the OECD, house prices in Turkey have risen dramatically: from 100 in 2015, the price index reached 1740.7 by the third quarter of 2024, representing a nominal price increase of 1640.7% (16.4 times) in nine years. The rent index increased from 100 to 949.4 over the same period, representing an increase of 8.5 times.
To put this into perspective, an apartment that cost 500,000 Turkish liras in 2015 is now valued at 8.8 million in 2024, while the cost of a home worth 1 million liras has risen to 17.4 million. A similar situation is observed with rent: an apartment that was rented for 2,500 liras per month in 2015 now costs 23,700 liras; and rent for an apartment costing 5,000 liras per month has risen to 47,500 liras.
The highest prices per square meter of rental housing in Turkey are recorded in the province of Mugla. In Istanbul, due to the sharp rise in rental prices, the option of renting not only rooms but also beds is becoming increasingly popular.
To put this into perspective, an apartment that cost 500,000 Turkish liras in 2015 is now valued at 8.8 million in 2024, while the cost of a home worth 1 million liras has risen to 17.4 million. A similar situation is observed with rent: an apartment that was rented for 2,500 liras per month in 2015 now costs 23,700 liras; and rent for an apartment costing 5,000 liras per month has risen to 47,500 liras.
The highest prices per square meter of rental housing in Turkey are recorded in the province of Mugla. In Istanbul, due to the sharp rise in rental prices, the option of renting not only rooms but also beds is becoming increasingly popular.
