Official indicators · July 2026 reference point
Türkiye Property Market Now: Prices, Sales, Supply and Demand
Türkiye’s market remains active in transaction terms, but lira price growth is not the same as real appreciation. The current evidence shows weaker first-half sales, stronger mortgage activity and annual residential-price growth below consumer inflation.
Data as of 25 August 2026
Latest observation dates differ by series
Home sales cover January–June 2026; the Residential Property Price Index and New Tenant Rent Index refer to July 2026; CPI also refers to July 2026. Values are not blended into a single synthetic month.
Executive summary
Official data describe a high-volume but inflation-distorted housing market. TURKSTAT reported 699,516 home sales in the first half of 2026, 3.1% fewer than a year earlier. New-home transactions edged higher, existing-home sales declined, and mortgaged purchases increased sharply from the comparison period.
CBRT’s July Residential Property Price Index reached 234.8 on the 2023=100 base. It was 25.0% higher in nominal lira terms than a year earlier, yet 5.1% lower in real terms. July CPI was 31.75% year on year. The difference is central: rising lira values did not amount to nationwide inflation-adjusted annual appreciation.
Sales mix in the first half of 2026
| Measure | Transactions | Annual change |
|---|---|---|
| Total home sales | 699,516 | −3.1% |
| New-home sales | 221,487 | +0.8% |
| Existing-home sales | 478,029 | −4.8% |
| Mortgaged sales | 142,794 | +32.2% |
| Sales to foreign buyers | 9,083 | −9.2% |
The table is based on the TURKSTAT June 2026 house and commercial-property sales release, checked 25 August 2026. New homes accounted for less than one third of the first-half total, while the resale market remained the larger segment. The 32.2% annual increase in mortgaged transactions signals improved mortgage activity relative to the prior period, not automatically easy or cheap credit.
Residential prices: nominal growth, real decline
| Geography | Index | Nominal annual change | Real annual change |
|---|---|---|---|
| Türkiye | 234.8 | +25.0% | −5.1% |
| İzmir | 224.0 | +23.1% | Not reproduced in source brief |
The CBRT July 2026 release provides a national appraised-value index, not an asking-price feed or a record of every completed transaction. National averages can mask property-type, building-age and neighbourhood variation. Comparable figures for İstanbul, Antalya and Mersin should be inserted only after a production editor retrieves the same official observation and confirms the geography definition; none is invented here.
New-tenant rents and inflation
CBRT reported that the New Tenant Rent Index was 28.4% higher in nominal terms than a year earlier in July 2026 but 2.6% lower in real terms. The measure tracks appraised rents for new tenants; it is not a promised asking rent, contracted rent or yield for a particular property.
TURKSTAT’s July 2026 CPI release put annual consumer inflation at 31.75%. This provides essential context for price and rent changes expressed in lira, but it does not replace property-specific costs, exchange-rate analysis or a seller’s actual cash flow.
Financing and demand
Mortgaged transactions grew faster than the total market in the first half, but non-mortgaged purchases still represented most sales. Financing conditions should be read alongside current CBRT policy decisions and bank-level offers at the moment of a transaction. This page does not reproduce a policy-rate value because no dated value was included in the approved editorial anchor set for this draft.
Sales to foreign buyers fell to 9,083, down 9.2% year on year. The segment therefore weakened even as overall volumes remained substantial, and it sits well below the 2022 peak described in the ten-year review. A foreign-sales total is not a measure of future international demand for a particular city or listing.
New build, resale and supply
New-home sales rose 0.8%, while existing-home sales fell 4.8%. That divergence may matter to developers and agencies, but it should not be read as a universal premium for new construction. Price, completion stage, permits, occupancy status, financing and structural condition remain property-specific.
Construction costs affect project viability and future supply, yet this draft does not reproduce an unverified current construction-cost figure. Production updates should add a TURKSTAT construction-cost series only with its exact observation period, unit, publication date and revision status. No current commercial-property statistic is shown because a sufficiently documented, comparable observation was not part of the approved source set.
2016–2026 comparison
The current market in its ten-year context
The 2026 snapshot is not simply a continuation of the decade's highest-volume years. Total sales softened in the first half, mortgage activity improved from the previous year's comparison period, new and existing homes moved in different directions, and nominal price growth remained below inflation. Reading those signals against each earlier phase shows both what has changed and what has not.
| Earlier phase | What defined it | What is different in 2026 | Practical reading |
|---|---|---|---|
| 2016–2017 | Pre-currency-shock conditions with 1,341,453 and 1,409,314 completed annual sales. | The current picture is shaped by the inflation and currency adjustments that followed. July RPPI growth of 25.0% nominal coincides with a 5.1% real decline. | Do not use a lira comparison with the pre-shock period as evidence of preserved purchasing power or a foreign-currency return. |
| 2018–2019 | Currency, financing and transaction adjustment; annual sales eased to 1,375,398 and 1,348,729. | First-half 2026 totals are also softer year on year, but the internal mix is unusual: mortgaged sales rose 32.2% while all sales fell 3.1%. | Credit participation can improve before the whole market expands. Check current loan offers and affordability rather than inferring them from transaction growth. |
| 2020 | Pandemic disruption accompanied a credit-sensitive surge to 1,499,316 annual transactions. | 2026 has not produced the same broad volume signal: mortgage purchases increased, yet new-home sales rose only 0.8% and existing-home sales fell 4.8% in the first half. | A mortgage rebound is one component of demand, not proof of a repeat of 2020's market-wide surge. |
| 2021–2022 | Sales stayed near 1.5 million, nominal price growth accelerated with inflation, and foreign-buyer volume peaked in 2022. | Foreign-buyer sales are now 9,083 for January–June, down 9.2% year on year, while current national price growth remains positive only in nominal terms. | International exposure may help a listing, but foreign demand and real appreciation cannot be promised from the earlier peak. |
| 2023 | Transactions corrected to 1,225,926 amid tighter conditions and earthquake context. | The market has recovered from that full-year low, but 2026's six-month count cannot be compared directly with a calendar-year total. Structural, soil and damage-history checks remain property-specific. | Greater aggregate liquidity never replaces technical and legal due diligence, especially for older or insufficiently documented buildings. |
| 2024–2025 | Domestic volume recovered to 1,478,025 and then a record 1,688,910; in 2025 foreign sales were only 1.3% of the total. | January–June 2026 sales fell 3.1% year on year and foreign sales fell 9.2%, even as mortgaged sales rose 32.2%. | Plan for a selective market: finance-sensitive demand is improving, but broad and foreign demand are not moving in the same direction. |
Source basis: TURKSTAT annual home-sales figures through 2025 and January–June 2026 sales, together with CBRT July 2026 RPPI data and TURKSTAT July 2026 CPI; checked 25 August 2026. Full-year observations and year-to-date counts are deliberately kept separate.
What the context changes in practice
- Developers: treat the 0.8% rise in new-home sales as a modest segment signal, not a blanket endorsement of every project. Publish exact completion, permit, occupancy, availability and financing information.
- Agencies: segment buyer conversations by new build, resale, mortgage dependence and foreign demand. One national growth percentage cannot describe all four.
- Owners: benchmark against current, property-specific completed evidence where available. The national RPPI is an appraisal index and does not set an achievable listing price.
- Buyers: test affordability under current financing terms and compare nominal, real and foreign-currency outcomes separately. Add legal, structural, insurance and total-cost review before committing.
Practical implications
Developers
Separate current unit availability from pipeline, identify completion and permit status, and avoid presenting nominal national growth as a project-level return.
Agencies
Keep resale status, price and financing language current. Explain whether a figure is a completed-sale statistic or an appraisal-based index.
Owners
Use current comparables and property-specific advice; national annual percentages do not establish an achievable asking or sale price.
Buyers
Compare affordability, title, permits, structural condition, insurance and total costs. Marketplace review is not a substitute for due diligence.
Turn dated context into accurate listing facts
Review the seller checklist before publishing, and keep claims tied to the correct observation period.
Methodology and limitations
Sales are completed transactions reported by TURKSTAT. The RPPI and New Tenant Rent Index are CBRT series with their own methods and base periods. Nominal changes are not adjusted for inflation; real changes are. Values with different reference dates are reported separately, and no foreign-currency conversion is made on this page. Official series can be revised.
For dataset definitions and update policy, see Sources and Methodology. For legal, financial, seismic and transaction checks, see Risks and Due Diligence.