Turkey: house prices could double in 2021

The growth in construction costs is breaking records. The dynamics of the price index for materials, which was over 30 % in January and over 40 % in April, reached 53.70 % in June. Developers fear that in 2021, due to the rise in the cost of concrete and other materials, prices for residential real estate may double. Therefore, in their opinion, the government should urgently take measures to regulate tariffs for materials used in the construction of buildings.

Prices for some types of housing have increased by 50 % or more; if prices rise by another 40 % by the end of the year – which is quite likely – the total increase in value will be 100 %. For many, buying a home may not be affordable. Those who do have an opportunity to acquire apartments and houses, are trying to do so as quickly as possible before prices skyrocket. As a result, by the end of this year, Turkey is expected to have record numbers for home sales.