EXECUTIVE SUMMARY
Türkiye’s commercial real estate market is not moving in one direction; it is separating around asset quality and cash flow.
The Central Bank of the Republic of Türkiye Commercial Property Price Index rose 5.5% quarter-on-quarter in the second quarter of 2026. For investors, however, that figure is not enough. Nominal price movement must be assessed alongside inflation, financing costs, rental growth, vacancy and operating expenses.
The central question is no longer “Are prices rising?” It is “Which asset preserves value, with what quality of income and at what risk premium?”
01 · Nominal growth is not real performance
In a high-inflation environment, price growth can look strong while the purchasing-power outcome differs. Decisions should therefore be based on total return, not the sale price alone.
02 · Income quality matters as much as location
Tenant strength, lease structure, collection history and reletting risk can create a material value gap between two assets in the same district.
03 · Liquidity is the hidden layer of valuation
When access to finance is selective, exit time and buyer depth become decisive. The gap between theoretical value and achievable sale value can widen.
Source and note: Central Bank of the Republic of Türkiye, Commercial Property Price Index, Q2 2026. Commentary is NEXUS analysis. This publication is for general information and does not constitute investment advice.