The price per square metre for an apartment in central Istanbul has grown a staggering 1,794% since 2015, making it a clear outlier among global cities.

Türkiye's infamously high rates of inflation are a major factor behind the breathtaking rise, but prices have shot up in real terms too. Factors like higher construction costs, heightened pandemic demand, and an increase in Russian buyers have put upward pressure on prices. Meanwhile, a series of earthquakes across the country prompted many buyers in Istanbul to seek out newer, more seismically resilient homes, further contributing to the demand.

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How have home prices changed in major global cities over the past decade?