The average price of a 100-square-meter apartment in Istanbul has reached 8.73 million Turkish lira, equivalent to about $185,000 at mid-July exchange rates.
The figure highlights the growing cost of home ownership in Turkey’s largest city, where property values remain significantly higher than the national average.
Data from the Central Bank of the Republic of Turkey showed that residential property prices increased by 2 percent in June 2026 compared with the previous month. Prices were 24.5 percent higher than a year earlier.
After adjusting for inflation, however, housing prices declined by 5.8 percent annually. Homes therefore continued to become more expensive in Turkish lira terms, but the increase remained below Turkey’s broader inflation rate.
Istanbul homes cost 68 percent more than the national average
The average price of a 100-square-meter home across Turkey reached approximately 5.19 million lira, or about $110,000, during the second quarter of 2026.
In Istanbul, the average price climbed to 8.73 million lira, placing the city around 68 percent above the national level. The average price per square meter stood at roughly 87,300 lira.
İzmir followed with an average price of 5.65 million lira, approximately $120,000, for a 100-square-meter property.
In Ankara, Turkey’s capital, a home of the same size cost an average of 4.73 million lira, or around $100,000.
These figures represent citywide averages. Prices can differ sharply depending on the district, the age and condition of the building, earthquake resistance, transport links and proximity to business centers.
Prices increased across Turkey’s three largest cities
Housing prices rose in Istanbul, Ankara and İzmir during June.
Istanbul recorded a monthly increase of 2.1 percent, while prices rose by 3.1 percent in İzmir and 1 percent in Ankara.
On an annual basis, Ankara registered the highest increase among the three cities, at 25.5 percent. Istanbul followed closely with a rise of 25.3 percent, while property prices in İzmir increased by 22.6 percent.
The strongest regional increase was recorded in Hatay, Kahramanmaraş and Osmaniye, three provinces heavily affected by the February 2023 earthquakes. Housing prices in the region rose by 33.1 percent over the year.
The lowest annual increase, at 16.5 percent, was recorded in the northwestern provinces of Edirne, Kırklareli and Tekirdağ.
Average Istanbul rent approaches $935 a month
The affordability problem is not limited to homebuyers. Rents have also risen, particularly for tenants signing new contracts.
The average monthly rent for a 100-square-meter home across Turkey reached 25,863 lira, equivalent to approximately $550.
In Istanbul, the average rent climbed to 44,033 lira, or about $935 a month.
The same-sized property cost an average of 28,540 lira, approximately $605, per month in İzmir. In Ankara, the average stood at 23,921 lira, or about $510.
The Central Bank’s New Tenant Rent Index increased by 2.3 percent in June and by 29.2 percent compared with the same month a year earlier.
Annual rent increases for new tenants reached 33.4 percent in Istanbul, 30.7 percent in Ankara and 28.4 percent in İzmir.
After adjusting for inflation, the nationwide index declined by 2.2 percent. As with property prices, rents continued to rise in lira terms but failed to keep pace with overall inflation.
Home ownership moves further out of reach
High mortgage rates, persistent inflation and rising property values have made buying a home increasingly difficult for middle-income households in Istanbul.
Although inflation-adjusted property prices have declined, buyers still need to finance or provide nearly 9 million lira for an average 100-square-meter home. At the same time, rising rents make it harder for households to save enough for a down payment.
With an average apartment now costing about $185,000, home ownership in Istanbul is increasingly concentrated among higher-income households, existing property owners and buyers with substantial savings.