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Turkey is the European leader: Housing prices have increased 16-fold in 9 years

Rising inflation and the economic crisis in Turkey have caused housing prices to soar. In a video shared on his X account, economist İnan Mutlu highlighted that the price of an average home, which was 94 thousand liras in 2015, rose to 1 million 524 thousand liras in 2024. Turkey ranks at the top of the global housing price index by a wide margin.

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Rising inflation and the economic crisis have hit housing prices the hardest. Becoming a homeowner has become impossible in many cities, especially in metropolitan areas such as Istanbul, Ankara, and Izmir. The increases in housing prices have also brought along rising rental costs.

When compared with the global housing price index, Turkey is at the top of the list by a wide margin.

Economist İnan Mutlu revealed the situation by sharing a video on his X account. In his post, using a video graphic, Mutlu stated the following:

"It is impossible to buy a home even in your dreams. The price of an average home, which was 94 thousand liras in 2015, was 205 thousand liras in 2021. By 2024, the price of the same home rose to 1 million 524 thousand liras. Between 2015 and 2024, the price of an average home increased exactly 16-fold. We are, of course, the leader in Europe."