According to data from the Knight Frank Global Residential City Index, property prices in Ankara surged by an astonishing 102.7%, while Istanbul saw an increase of 77.6%.

This phenomenon is not accidental. Turkey is currently grappling with rapid inflation, reaching 61.98% as of November. In this economic environment, many Turks are opting to purchase real estate as a hedge against the risk of currency devaluation.

Furthermore, the Turkish government has implemented a series of encouraging measures, including lowering interest rates and providing home-buying subsidies, further stimulating the growth of the real estate market.

Istanbul, as Turkey's largest city and an international tourist destination, has also attracted significant foreign investment. Particularly, Russians are drawn to Turkey's high returns and stable real estate market.

Due to Turkey's high interest rates, reaching 42.5%, many buyers are compelled to pay for properties in cash, leading to an influx of more investors into the market.

However, despite the impressive performance of Turkey's real estate market, there are still some potential risks and challenges. Firstly, high property prices make it unaffordable for many Turks to buy homes.

Secondly, the high cost of mortgage loans makes it difficult for buyers to obtain loan support. Additionally, the political and economic uncertainty in Turkey may also impact the real estate market.

Meanwhile, real estate markets in other parts of Europe are facing different situations. Cities such as Stockholm in Sweden, Bratislava in Slovakia, and Frankfurt in Germany have experienced significant declines in property prices over the past year, with decreases of 12%, 10.3%, and 10.1%, respectively. These declines are mainly attributed to macroeconomic factors, supply-demand imbalances, and policy changes.