May demonstrated record rise in Turkish property prices

Compared to last May, housing prices in Turkey rose by 145.5%. Since April, they have increased by 12.5%. According to the country's Central Bank, this growth rate after inflation is 41.1%. In May, the average cost per square meter of housing reached $670. Istanbul has the highest price increase. Here, real estate has risen in price by 186% year-on-year. The price growth is the same both for housing in new buildings and in the secondary market. However, primary properties grew slightly more (151% vs. 141% for secondary housing). The rent increase has been frozen by the authorities until July 1, 2023, and when the lease agreement is extended, it cannot exceed 25%.