The cost of building real estate in Turkey continues to grow

The Statistical Institute of Turkey (TURKSTAT) has released data on the construction cost index for November 2023. According to the latest data, the index rose by 1.52% in November compared to October and by 66.49% compared to November 2022. Experts agree that due to the constantly rising construction prices and labor costs, one should not expect a significant decrease in real estate prices in a particular region of the country. It is more likely that developers will go to reduce the number of planned projects than to reduce prices for already implemented facilities. Representatives of construction companies, conducting a dialogue with the authorities, propose to reduce the cost of land to reduce the final price of real estate, but so far no specific decisions have been made.

The number of sales of real estate by year:

2014 - 1,030,715 objects
2015 - 1,146,721 objects
2016 - 1,198,740 objects
2017 - 1,276,342 objects
2018 - 1,238,553 objects
2019 - 1,146,655 objects
2020 - 1,393,335 objects
2021 - 1,265,353 objects
2022 - 1,277,659 objects
2023 - 1,087,349 (for 11 months of 2023) objects