Istanbul, Muğla or Mersin? What CBRT Price Data Says About Türkiye's CitiesIstanbul, Muğla or Mersin? What CBRT Price Data Says About Türkiye's Cities

National house price figures are useful for judging the direction of the Turkish market, but they say little about where to buy. Central Bank of the Republic of Türkiye (CBRT) data compiled by Global Property Guide shows that the price of a square metre varies by more than a factor of two between the country's major markets, and that the pace of growth differs just as much. For an international buyer, the city is the first decision, and the national index is a poor guide to it.

The national picture: nominal growth, real decline

According to Global Property Guide's analysis of CBRT data, the Residential Property Price Index rose 26.36% year-on-year in February 2026, which was a 3.93% decline once inflation is taken into account. The same page shows a June 2026 reading of +24.40% year-on-year, or -5.82% in real terms. Prices are rising in lira terms, but more slowly than consumer prices.

We have covered that real-terms gap in recent weeks, including why house prices have lagged inflation for nine months. This piece looks at a different question: how the picture differs from one city to the next.

Price per square metre by city

The table below uses CBRT average housing unit prices for the fourth quarter of 2025, as reproduced by Global Property Guide. Dollar figures are converted at USD 1 = TRY 42.2256, the rate the source applies for that quarter, so they will not match today's exchange rate.

Three points stand out. First, Muğla, the province that includes Bodrum, Marmaris and Fethiye, edges ahead of Istanbul on average price per square metre. Global Property Guide describes it as a high-value coastal market that commands a premium over the national average. Second, Muğla also recorded the slowest annual growth in the table, at 17.01%. Third, Ankara, the cheapest of the three largest cities per square metre, rose fastest at 38.69%.

What the averages hide

Averages by province blend very different stock. An Istanbul figure covers central Bosphorus-side apartments and outer-district new-build estates alike. A Muğla figure mixes resort villas with town-centre flats. Treat these numbers as a way to compare markets in broad terms, not as a price for any particular property. A gap in price per square metre also says nothing about build quality, plot size or title status.

The inflation-adjusted picture is also city-specific. In the CBRT's February 2026 index, as reported by Global Property Guide, Istanbul rose 27.99%, a real decline of 2.69%. Ankara rose 29.69%, a real decline of 1.40%. İzmir rose 25.82%, a real decline of 4.34%. The three largest cities were all below inflation, but not equally so.

Rents are a separate question. A press release from Passportivity, published via the National Law Review, puts gross rental yields in Istanbul and Ankara at about 8% a year, the highest among major cities. That is a promotional study rather than official data, so treat it as an indication, not a forecast.

Coastal and Aegean markets

Antalya sits between the two premium markets and the cheaper inland and southern cities, at TRY 50,363 per square metre, with 26.20% annual growth, close to the national rate. Our earlier guide to Bodrum, Marmaris, Fethiye and Antalya covers the character of these resort markets. Coastal demand tends to depend on tourism, second-home buyers and seasonal rental patterns, so liquidity can differ from a big-city market. We recently reported on what tourism arrivals mean for buyers.

Lower-priced cities

Bursa and Mersin were the least expensive markets in the table, at TRY 36,404 and TRY 35,476 per square metre. Mersin's USD 840 average is less than half of Istanbul's. A lower entry price can mean a different buyer profile and different resale depth, and it should be weighed against local demand and the specific neighbourhood rather than assumed to be a bargain.

How foreign buyers might use this

• Compare like with like. Price per square metre only works across properties of similar age, size and location within a city.
• Look at currency. Prices are quoted in lira. A dollar figure depends on the exchange rate on the day, so check the rate used in any comparison.
• Think about purpose. A buyer seeking rental income, a holiday home or a route to citizenship will weigh the same city data differently. Eligibility for the citizenship programme depends on the rules in force and on the individual's file.
• Verify the property, not just the city. Title deed status, valuation and permits matter more to the outcome than the district average. Our due-diligence checklist and budgeting guide set out what to confirm.

Limits of this data

The city-level figures are for the fourth quarter of 2025, and the CBRT updates its indices regularly, so newer quarterly numbers will supersede them. The national figures cited run to June 2026. Global Property Guide is a secondary compiler, so readers who need exact figures should check the CBRT's own housing price publications.

Multi Mulk advises on property in Türkiye, and you can browse current options by location through property search. Where a purchase is intended to support an application, Multi Mulk also advises on Turkish citizenship by investment and offers a free written eligibility review. Rules, thresholds and valuations change, and no market data guarantees an outcome, so speak to an adviser through contact us before committing to a purchase.

Sources

• Global Property Guide — Turkey Residential Real Estate Market Analysis 2026 (CBRT data)
• National Law Review — Turkey real estate market 2026—2030: prices, rent and citizenship (Passportivity press release, 25 Aug 2026)

Cover photo: mostafa_meraji on Pixabay.