Commercial property in Türkiye became more expensive in lira terms during the second quarter of 2026, but the headline increase did not beat inflation. The Central Bank's index rose 5.5% from the previous quarter and 29.4% from a year earlier; in real terms it was 2.2% lower. For an international investor, this distinction matters more than the nominal headline alone.
Retail and offices moved at different speeds
Retail property prices increased 5.4% quarter on quarter and 29.2% year on year, but fell 2.4% in real terms. Office prices rose 6.0% quarterly and 30.6% annually, while their real annual change was minus 1.3%. The figures describe market-wide price movements, not the return of a particular shop or office.
Ankara led the three largest cities
Annual commercial property price growth was 32.5% in Ankara, 27.8% in Istanbul and 25.7% in Izmir. Quarterly changes were 6.4%, 5.3% and 5.0% respectively. City averages can still hide large differences between districts, building quality, tenancy and access.
What an investor should calculate
A purchase decision should combine the acquisition price with net rent, vacancy, fit-out costs, maintenance, tax, financing and exit liquidity. Foreign-currency investors should also model the lira exchange rate. A high nominal price increase is not automatically a positive real or foreign-currency return.
How to use the index
Use the CBRT index as a market benchmark, then compare the specific property's verified rent roll and recent comparable transactions. It does not replace a valuation, title-deed check, zoning review or legal and tax advice for an individual transaction.