According to Open4business.com, property prices in Turkey in July 2026 rose by an average of 23.3 per cent in local currency terms compared with the previous year; however, high inflation completely offset this increase: in real terms, property prices fell by 6.6 per cent, according to the July market review by the platforms Emlakjet and Endeksa. The data was published on 14 August.
The average price per square metre of housing nationwide reached 41,700 Turkish lira, or approximately 871 US dollars, whilst the average value of a property sold stood at 5.21 million lira, equivalent to roughly 109,000 US dollars.
At the same time, July saw the first small positive sign in short-term trends: over the month, prices rose by 1.9 per cent in nominal terms and by approximately 0.5 per cent when adjusted for inflation. However, one month is not yet enough to speak of a sustained recovery in the real value of Turkish housing.
Ankara is becoming more expensive faster than Istanbul and Antalya
Among the 30 provinces with the highest number of transactions, significant growth was recorded in Ordu – 32.4% over the year. This is the only province among those considered where growth was positive; taking inflation into account, it stood at around 0.4%.
Ankara came second, with a nominal increase of 28.7 per cent, whilst in real terms, property prices in the capital fell by approximately 2.5 per cent. Next came Kocaeli – up 28.5 per cent, Denizli – 27.1 per cent and Elazığ – 26.9 per cent.
In Istanbul, a square metre of property cost an average of 65,100 lira in July, whilst the average price of a property was around 7.16 million lira, or $149,500.
In Antalya, one of the main markets for foreign buyers, the average price per square metre reached 55,500 lira, whilst the average price per property was around 6.1 million lira, or $127,500. In Izmir, the average price was around 54,000 lira per square metre and 6.48 million lira per property.
Muğla remains Turkey’s most expensive province, home to resort centres such as Bodrum and Marmaris. Here, the average price per square metre reached 87,2 thousand lira, whilst the average price per property stood at 11.34 million lira, or nearly $237 thousand. This is more than double the national average.
Property sales have fallen sharply
The rise in prices is taking place against a backdrop of a significant reduction in the number of transactions. According to the Turkish Statistical Institute (TÜIK), statistics on residential and commercial property sales for July were published on 13 August 2026. A total of 123,603 residential properties were sold across the country during the month, which is approximately 17 per cent less than a year earlier.
Istanbul remained the largest market with 22,600 transactions, followed by Ankara with 9,640, Izmir with 6,550 and Antalya with 6,300.
However, the sales breakdown sends mixed signals. The number of mortgage transactions rose by 23.7 per cent, whilst sales of new-build homes fell by 8.6 per cent and those of second-hand homes by as much as 20.8 per cent. This may indicate a gradual return to the market of some buyers who are able to access bank financing.
Thus, the rise in the value of Turkish property in lira remains, to a large extent, a consequence of inflation. For investors, it is more important to focus not only on the nominal 20–30% growth, but also on real price trends, the exchange rate and rental yields. As of the end of July, the average property in Turkey is formally significantly more expensive than a year ago, yet its real value continues to fall.
Open4Business recently carried out a separate analysis of the profile of foreign buyers of Turkish property. As of the end of June 2026, Russian citizens took first place with 381 purchases, whilst Ukrainians acquired 170 properties and shared second place with Iranian citizens. In total, foreign buyers purchased 2,015 residential properties in June. Between January and June, foreign demand totalled 9,083 properties, down 9.2 per cent on the previous year.
Ukrainians remain one of the largest groups of property buyers in Turkey, even over the longer term. In 2025, Ukrainian citizens purchased 1,541 properties and ranked third among foreign buyers, behind only Russians and Iranians. Consequently, the fall in real prices for Turkish property is of direct interest to Ukrainian private investors, who continue to maintain an active presence in this market.