Study reveals sharp rises in global apartment prices, with Turkey leading

A recent study by Deluxe Holiday Homes has identified the countries with the highest increases in apartment prices per square meter from 2023 to 2024, using data from Numbeo and the Bank for International Settlements (BIS).

Key findings:

1. Turkey tops the list with a staggering 124.63% increase in apartment prices per square meter, despite having the lowest average income ($832.29) and second-lowest cost of living ($697.61) among the countries studied.
2. Serbia follows with an 82.66% price rise, reaching $4,052 per square meter.
3. Lithuania ranks third with a 75.78% increase, against an average income of $1,624 and living expenses of $828.
4. Romania and Bulgaria complete the top five with increases of 74.50% and 73.46% respectively.
5. The United Arab Emirates, while ninth in terms of price growth (34.52%), shows the highest price per square meter at $5,084.87, reflecting its high average income ($3,925) and cost of living ($1,116).

Other notable entries include:

• Malta (6th) with a 47.54% increase
• Spain (7th) with a 44.34% rise
• Greece (8th) with a 38.47% increase
• Estonia (10th) with a 31.76% rise

The study highlights significant disparities between property price increases and average incomes, particularly in countries like Turkey and Serbia. This trend suggests potential affordability challenges for local residents in these rapidly appreciating markets.

The data also indicates varying levels of market maturity and economic factors influencing property prices across different countries, with the UAE standing out as having both high prices and high incomes.

These findings provide valuable insights into global real estate trends and may have implications for investors, policymakers, and potential homebuyers in these markets.