Turkish Property Prices Soar 12-Fold Since 2015, Outpacing Hungary's 166% Increase Despite High Mortgages and Slowing Growth

• Hungarian house prices have climbed by over 166% since 2015, but Turkey has seen an even bigger increase of 12 times since 2015.

• Turkish property prices skyrocketed in 2021-2022, with a 168% year-over-year increase in 2022. High inflation and currency devaluation are key reasons.

• Mortgage rates in Turkey are now around 40% annually due to tight monetary policy to curb high inflation.

• Russians were big buyers of Turkish property in 2022 after migrating during the Ukraine conflict, pushing prices up in cities like Antalya.

• Property price growth has slowed recently in real terms, but high rents still make investment attractive for cash buyers.