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RESIDENTIAL REAL ESTATE PRICES INCREASED BY 191.4% OVER THE YEAR

When compared to October of 2021, selling prices for residential real estate jumped right away by 191.4%. Real house price growth in Turkey emerged in contrast to a drop in global housing prices. Here are the specifics:
The Center for Economic and Social Research of the University of Bahcesehir (BETAM), which released a report on the current prospects of the housing sales market, provided this information.

In October, the yearly price increase dropped from 196.8% in September to 191.4%.
The average price per square meter of home for sale in Turkey was 4,940 Turkish lira (TL) in the same month last year, but it has since increased to 14,395 TL, which is a significant increase.
In the same time frame, the price of residential real estate per square meter climbed in Istanbul by 218.1%, Ankara by 197.7%, and Izmir by 181%, reaching 21,429 TL, 9615 TL, and 16,250 TL, respectively.
In October, Mersin (+231.2%), Antalya (+223.5%), and Istanbul (+218.1%) had the fastest-growing prices per square meter.
Recently, we informed you that flats for rent are now more frequently sought after than homes for sale because of the residential real estate market’s sharp price rise. Well, the increase in house costs has reoriented foreign buyers to purchase “secondary.”
Russians now have new options for making regular payments.

RESIDENTIAL REAL ESTATE PRICES

A new method of payment has recently been available to Russians living in Turkey.

Recall that Turkish businesses recently stopped servicing and accepting Russian MIR cards for payment. Despite the fact that for several months, Russian immigrants and visitors relied on the MIR maps, they were nevertheless a lifesaver.
The MIR label is even being removed from ATMs, thus it appears that the issue of Turkey’s rejection of the Russian payment system will take some time to resolve.
Turkey won’t suffer a financial loss as a result of the influx of Russian citizens, though, since urgent measures to remedy the problem are already being debated at the “top.”
What is already in place: the ability to get and use Turkish TROY cards for payment. Let’s be clear that TROY is a Turkish form of payment; bank cards function normally.
Tourists shouldn’t celebrate just yet, though, as TROY cards are currently only given to those who have been in Turkey for an extended period of time. This is true even if obtaining a card is not difficult and simply requires a few documents and a free tax number on Turkish land. Those who have a visa to live in Russia.
The Federal Tourism Agency’s director attested to the accuracy of this material. Therefore, even though it is now simpler for “locals” to pay for goods, services, and withdraw money from ATMs, tourists will still need to travel with cash for a while. Come prepared instead with rubles; although not at the best rate, they can be exchanged at nearly any exchanger.

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