GLOPRAGlobal Property Radar

Turkey house prices rise 22.3% in September 2026 but fall in real terms

Turkish house prices rose 22.3% in the year to September 2026 but fell 5.7% after inflation, while new-tenant rents climbed 26.6% in nominal terms.

The facts

  • The house price index published by the Central Bank of the Republic of Turkiye reached 239.4 in September 2026 on a 2023=100 base, 1.2% above August.
  • Over the year to September the index rose +22.3% in nominal terms but fell -5.7% once consumer inflation is removed.
  • Istanbul recorded the steepest annual rise at 26.8%, ahead of Ankara at 22.0% and Izmir at 21.0%.
  • The bank's new-tenant rent index reached 342.9, up 26.6% over the year in nominal terms and down 2.4% in real terms.
  • Istanbul new-tenant rents rose 35.5%, the highest of any Turkish region, while the smallest regional rise was 18.8%.

What it means for your money

  • Entering costs 22.3% more in lira than a year ago. But prices fell 5.7% against consumer inflation, so housing lost ground to other prices.
  • Rents are outrunning prices, which favours income over capital gain. Glopra records an average Turkish residential price of 928 dollars per square metre on a 7.83% gross rental yield.
  • An owner already holding Turkish property keeps the nominal gain but not the purchasing power, and for a foreign holder the lira conversion decides the result.

What to watch

  • Whether the real decline narrows, which requires consumer inflation to slow faster than the index rises.
  • The regional spread in house prices, now running from 26.8% in Istanbul down to 15.3% at the other end.

Sources: Central Bank of the Republic of Turkiye, Konut Fiyat Endeksi ve Yeni Kiraci Kira Endeksi, September 2026 https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Reel+Sektor+Istatistikleri/Konut+Fiyat+Endeksi; Central Bank of the Republic of Turkiye, Konut Fiyat Endeksi monthly bulletin PDF, September 2026 https://www.tcmb.gov.tr/wps/wcm/connect/8bbac42a-c854-4c58-8b0c-e7e55c35ec2d/KFE.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-8bbac42a-c854-4c58-8b0c-e7e55c35ec2d-q53wHZc

Market data: Istanbul · Antalya (province) · Turkey · Fethiye