Istanbul loses the top spot: Turkey's most expensive province for housing prices has changed

With the update of the Residential Property Price Index (RPPI) data, which tracks the course of housing prices in Turkey, the sector has witnessed a significant change. Istanbul, which has held the top spot in terms of high prices for years, has had to yield its place to the coastal province of Muğla. Muğla, which hosts important holiday and tourism centers in Turkey, has set a new record in average price per square meter.

Muğla draws attention in the real estate market with world-famous destinations such as Bodrum, Göcek, Marmaris, and Datça. Following the increase in demand for summer and vacation homes in the region, prices per square meter have also risen rapidly. According to calculations, the average value of one square meter in Muğla has reached up to 61 thousand TL. This means that the price of a 100-square-meter residence reaches approximately 6 million TL.

Istanbul, meanwhile, has lost the leadership it held for a long time and has settled into second place. The average housing price per square meter in the megacity was measured at 40 thousand 741 TL. It has been observed that the momentum of price increases in Istanbul has been slower recently compared to the rise in Muğla. Changes in the supply and demand balance in Istanbul have also influenced this process.

Across Turkey, other cities located in coastal areas have also experienced price increases. It was announced that housing prices in Aydın, Antalya, and İzmir, in particular, are above the national average. Market activity continues at a high level in these cities, which stand out with their tourism potential.

The rapid increase in housing prices in Aydın and Antalya has positioned these cities as some of the most expensive regions after Muğla and Istanbul. İzmir, with its stable but high prices, has maintained its place among the top five provinces.

The Residential Property Price Index results reveal that developments in the housing market have now shifted in favor of coastal cities, while also showing that the new interest of investors is in Muğla and its surroundings. Thus, Muğla and neighboring coastal provinces are expected to remain on the agenda in the real estate market in the coming period.

News Source: 12punto