As of late October 2026, Turkey’s housing market cannot be described simply as rising or falling. Lira prices continue to increase, while consumer inflation is running faster than housing appreciation. Sellers therefore see larger nominal numbers, but investors looking at purchasing power see a real correction.
Prices: nominally higher, lower in real terms
The CBRT Residential Property Price Index reached 239.38 in September 2026, up 22.34% year on year and 1.22% month on month. TurkStat reported annual CPI inflation of 29.73% for the same month. Deflating housing growth by CPI implies an approximate real annual decline of 5.7%.
| Indicator | Period | Value |
| Residential Property Price Index | September 2026 | 239.38 |
| Nominal change | year on year | +22.34% |
| CPI | year on year | +29.73% |
| Approximate real change | year on year | −5.7% |
Demand and transactions: buyers are more selective
Turkey recorded 123,603 home sales in July 2026, down 17.0% from a year earlier. January–July transactions totalled 823,119, down 5.5%. Mortgage-backed sales nevertheless rose 30.9% over the seven-month period, albeit from a constrained base in a high-rate environment.
- Existing homes represented 65.6% of July transactions.
- New homes represented 34.4%.
- Foreign buyers purchased 11,203 homes in January–July, down 7.3% year on year.
- Foreign sales were 1.7% of all July transactions.
The 2026 market rewards due diligence rather than speed: documents, location, building condition and entry price matter more than a glossy sales deck.
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What may happen next
The base case is continued nominal growth with weak or negative inflation-adjusted performance. Lower financing costs could release deferred demand, but supply quality remains uneven. Liquid homes with clear title, sensible running costs and resilient buildings should behave differently from projects sold primarily through marketing.
Are Turkish home prices falling?
The national index is still rising in lira, but it is falling in real terms after adjusting for consumer inflation.
Is this automatically a good time to buy?
No. The answer depends on time horizon, income currency, purpose and the quality of the specific property.
Which segment is stronger?
Existing homes dominate transaction volumes, but the quality gap within both new and existing stock is substantial.
CBRT: Residential Property Price Index, September 2026
TurkStat: Consumer Price Index, September 2026
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