EUR
enReality 2024: construction costs will double in Turkey
September 18, 2023
The normative construction prices per square meter of buildings to be applied by the Ministry of Finance in 2024 have been officially announced. The Ministry of Finance and the Ministry of Environment and Urbanization have determined the normative construction prices per square meter of buildings to be applied in 2024 as the basis for property tax. The 2024 construction prices are published in Official Gazette No. 31934.
For example, now the construction cost of a 100 m2 frame building is 357.3 thousand liras, and in 2024 this cost will be already 637.8 thousand liras. Taking into account the fact that finishing materials and workers' wages also tend to increase, there is no doubt about the growth of real estate prices.
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