The price of an average 100-square-meter (about 1,076-square-foot) home in Istanbul approached a record high in dollar terms in the third quarter, while its value measured in grams of gold fell significantly from its 2023 peak.

That's according to data released Tuesday by the Central Bank of the Republic of Türkiye (CBRT), which highlighted a widening gap between the two benchmarks.

The preliminary third-quarter data showed a 100-square-meter home in Istanbul was worth around $189,800, close to its historical peak.

The same property, however, was equivalent to 2,034 grams of gold, down substantially from 2,911 grams in 2023.

The average price of a 100-square-meter home in Istanbul stood at around $100,000 in 2010, before falling to $88,900 by the end of 2021.

Prices subsequently climbed rapidly, reaching $188,200 in 2023.

The figures show that Istanbul housing has regained and slightly surpassed its previous dollar-denominated peak.

The picture is markedly different when housing prices are measured against gold.

A 100-square-meter Istanbul home was equivalent to 2,911 grams of gold in 2023.

Compared to this year's third quarter, it represents a decline of roughly 30% in the property's gold-denominated value.

That suggests that while Istanbul housing has become more expensive in dollar terms since 2022, it has failed to keep pace with gold.

For investors holding gold, this means residential property in Istanbul has become relatively more affordable, despite the rise in its dollar price.