Some districts have even witnessed a 20-fold increase in prices. A research titled “Turkey Doubles its Value,” conducted by the Chamber of Istanbul Public Accountants and Financial Advisors (İSMMMO), suggests that land in Istanbul has become more valuable than gold. Gold prices have increased by more than three-and-a-half times, and inflation three-fold. Meanwhile, the price of residential spaces in Istanbul has increased seven to 20-fold since the 2001 economic crisis. The rental costs of office spaces have also experienced an upward surge and have risen by 120 percent in the past three years, the research showed.
Cheapest housing YTL 1,000 per square meter In some areas like Istanbul's Pendik Velibaba, Bağcılar and Başakşehir districts, one can buy a home today for between YTL 80,000 and YTL 90,000 ($68,400-77,000). This is a steep increase from the prices of seven years ago, when the same homes were being sold for between YTL 7,000 and YTL 10,000 ($6,000-8,500). In 2001-2002 it was possible to buy homes in many Istanbul districts where prices were below YTL 100 ($86) per square meter. Yet today, it is almost impossible to find a home that will cost less than YTL 1,000 ($856) per square meter. Luxurious construction projects, which have become quite popular in the last few years, have also gained in value. The residences, which were sold at YTL 100,000 ($86,000) three years ago, now cost more than YTL 300,000 ($257,000). One square meter of the luxurious houses that are called “lofts” can go for $10,000 today.
Office spaces multiply in value
Office premises have multiplied in value in Turkey. At the beginning of 2000, offices that were previously rented for large amount of money witnessed a sharp decrease in price due to the economic crisis. However, office spaces have regained their value with privatization, mergers and acquisitions in the private sector from 2003-2004 onward.