Turkey · Middle East · Population: 15,500,000
Istanbul is moderately affordable compared to major global cities, with rapidly rising prices driven by strong demand. The city has affordable rents compared to global standards. At $150,000 average home price in Turkey, buyers should consider the 8.5x price-to-income ratio when planning a purchase.
| Average Home Price | $150,000 |
| Price per sqm | $2,200 |
| Price-to-Income Ratio | 8.5x |
| Mortgage Rate | 42.0% |
| 1-Year Price Change | +35.0% |
| 1-Bedroom Apartment | $500/mo |
| 3-Bedroom Apartment | $900/mo |
| Rent-to-Income Ratio | 28% |
| Median Household Income | $18,000/year |
| Years to Buy (at median income) | 8.5 years |
| Local Currency | TRY |
With a price-to-income ratio of 8.5x, Istanbul requires significant savings to purchase property. At a mortgage rate of 42.0%, monthly payments could consume a large share of income. Home prices have increased 35.0% in the past year.
Cities worldwide with home prices closest to Istanbul
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