Turkey ranked first among the 41 economies surveyed in terms of the price of Apple’s new smartphone, according to a report by the Deutsche Bank Research Institute.
The 256 GB iPhone 17 Pro sells for approximately USD2,592 in the country—2.2 times more expensive than in the U.S. Japan and South Korea were the only markets where the device was cheaper than in the U.S.
The study’s authors attribute the smartphone’s high price in Turkey to taxes, import costs, and the long-term weakening of the Turkish lira.
Istanbul also ranked fourth among 69 cities in terms of the cost of a Volkswagen Golf 1.5. The car’s price is estimated at USD49,121, which is approximately 39% higher than in New York. The car is more expensive only in Singapore, Tel Aviv, and Copenhagen.
The average net monthly salary in Istanbul is about USD1,173. Rent for a three-bedroom apartment is estimated at USD1,943, for a one-bedroom apartment at USD968, and the cost of purchasing a home in the city center is approximately USD3,087 per square meter.
Thus, certain imported consumer goods in Turkey may cost more than in countries with significantly higher per capita incomes.
In January–June of this year, Ukraine reduced its imports of aluminum ores and concentrates (bauxite) by 47.1% in volume terms compared to the same period last year—down to 7,198 thousand metric tons from 13,606 thousand metric tons.
According to statistics released by the State Customs Service (SCS), bauxite imports in monetary terms decreased to $1.402 million from $1.569 million in January–June 2026.
Imports came from China (65.62% of shipments in monetary terms) and Turkey (34.38%).
In addition, Ukraine shipped 45 metric tons of bauxite worth $10,000 to Poland in May, while Ukraine did not re-export any bauxite in 2025.
As previously reported, in 2025, Ukraine increased its imports of aluminum ores and concentrates by 23.7% in volume compared to the previous year—to 43.5 thousand metric tons—and by 15.8% in value, to $4.754 million. These imports came primarily from Turkey (81.84% of shipments in monetary terms), China (15.97%), and Guyana (2.19%).
Ukraine did not re-export bauxite in 2025, just as it did not in 2024 and 2023.
In 2024, Ukraine increased its imports of bauxite by 77.4% in volume terms compared to 2023—to 35,173 thousand metric tons—and by 74% in value terms—to $4.107 million. Imports came primarily from Turkey (78.48% of shipments in monetary terms), China (19.48%), and Spain (1.9%).
Bauxite is an aluminum ore used as a raw material for producing alumina, which is then used to produce aluminum. They are also used as fluxes in ferrous metallurgy.
Bauxite is imported into Ukraine, in particular, by the Mykolaiv Alumina Plant (MGP), which is currently idle.
Romania, Bulgaria, and Turkey have agreed to expand the mission of the joint Black Sea Mine Countermeasures Task Group by adding the protection of critical infrastructure to its mandate.
The agreement was reached during the NATO summit in Ankara. This involves expanding the authority of the Mine Countermeasures Black Sea Task Group, which had previously focused primarily on locating and neutralizing mines in the Black Sea.
According to Reuters, the new mandate calls for the protection of energy and telecommunications facilities and undersea pipelines owned or operated by the three countries.
The Romanian Ministry of Defense stated that protecting critical infrastructure in the Black Sea requires a comprehensive, integrated, and long-term approach. The ministry also noted that a memorandum establishing the mine countermeasures security group was signed on January 11, 2024, by the defense ministers of Romania, Bulgaria, and Turkey.
The joint group became the first trilateral initiative of its kind among the three NATO countries with access to the Black Sea. Its initial task was to improve the safety of navigation following the appearance of drifting mines in the sea as a result of Russia’s war against Ukraine.
According to Reuters, the group has already neutralized more than 150 mines since its creation. The expansion of its mandate reflects growing concerns among countries in the region regarding the security of maritime infrastructure, particularly against the backdrop of developing gas projects in the Black Sea.
For Ukraine, this decision is of direct importance, as Black Sea security affects shipping, export routes, energy infrastructure, and the overall naval situation in the region. Stronger coordination between Romania, Bulgaria, and Turkey also signals greater NATO focus on the Black Sea region.
BLACK SEA, BULGARIA, DEFENSE, INFRASTRUCTURE, ROMANIA, TURKEY
U.S. President Donald Trump said Washington will lift sanctions against Turkey that were imposed because Ankara purchased Russian S-400 air defense missile systems.
“We will lift the sanctions,” Trump told reporters on Tuesday in Ankara, responding to a question about the measures imposed against Turkey under the CAATSA law.
The statement came at the start of Trump’s meeting with Turkish President Recep Tayyip Erdogan on the sidelines of the NATO summit in Ankara.
The U.S. imposed sanctions on Turkey in 2020 after Ankara purchased Russian S-400 air defense systems. Washington also excluded Turkey from the F-35 fighter jet program, stating that the use of Russian systems poses risks to American aircraft.
Trump also said that the U.S. would make a decision regarding the possible sale of F-35s to Turkey. According to Reuters, the U.S. administration is ready to support such a deal, but legal and congressional obstacles have not yet been fully resolved.
For Turkey, the lifting of sanctions and a possible return to the F-35 issue would represent a significant breakthrough in relations with the U.S. This is also a sensitive issue for NATO, as Ankara remains one of the alliance’s key members, but its purchase of Russian S-400 systems in recent years has been one of the main sources of friction in its relations with Washington.
The NATO summit in Ankara is taking place against the backdrop of the alliance’s efforts to demonstrate increased defense spending and strengthened military-industrial cooperation. The meeting between Trump and Erdogan has become one of the summit’s central bilateral meetings, as it concerns not only sanctions but also future deliveries of U.S. weapons to Turkey.
Turkish President Recep Tayyip Erdogan stated that Turkey is working to bring the war between Russia and Ukraine to an end with a lasting peace, and is also working to resume negotiations and revitalize the diplomatic process.
According to a post by the Turkish president’s public relations office on social media platform X on Monday, Erdogan made these remarks during a phone call with German Federal Chancellor Friedrich Merz.
Erdogan also expressed hope during the conversation that the NATO leaders’ summit, to be held in Ankara, would demonstrate a firm commitment to strengthening Europe’s own defense within the framework of NATO and preserving transatlantic ties, the statement said.
Turkey’s residential real estate market continues to show nominal price growth, but taking inflation into account, housing is in fact continuing to become cheaper, according to market data.
According to analysts, the average price per square meter of housing across the country has reached 40.486 thousand Turkish lira, or about $872. The average cost of a residential real estate property is estimated at approximately 5.02 million lira, or about $108.1 thousand.
In nominal terms, housing prices increased by 23.8% year-on-year. However, after adjustment for inflation, the real dynamics moved into negative territory and amounted to about 6.5%.
Official statistics from the Central Bank of Turkey confirm this trend. In May 2026, the residential real estate price index increased by 1.7% month-on-month and by 24.5% year-on-year in nominal terms, but declined by 6.1% in real terms.
This means that, for buyers and investors, price growth in lira is not the same as growth in the value of the asset. Against the background of high inflation, real estate may look more expensive in the national currency, but lose purchasing value in real terms.
The average payback period for housing through rental income in Turkey is currently estimated at approximately 13 years. However, the situation differs significantly by region. In large cities and resort locations, housing prices have often grown faster than rental rates, so the yield of such properties is becoming lower.
This gap is especially noticeable in popular tourist regions, including Muğla and parts of the coast, where the cost of land and housing remains high, while rent does not always keep pace with sale prices. In such locations, buying real estate increasingly requires not only calculating potential income, but also assessing the liquidity of the property, maintenance costs and currency risks.
For foreign buyers, the situation has become less clear-cut. After the boom of 2021-2023, the Turkish market no longer looks like a market of guaranteed rapid growth. High interest rates, inflation, the weakening of the lira, changes in residence permit rules and cooling demand from foreigners are making investment decisions more complex.
At the same time, Turkey remains one of the largest real estate markets in the region. Demand is supported by domestic buyers, tenants in large cities, tourist regions, as well as interest in housing as a way to protect savings from inflation. However, the market is becoming more selective: liquidity is being maintained primarily by quality properties in strong locations.
For investors, the main conclusion is that Turkish real estate can no longer be assessed only by nominal growth in lira. It is more important to look at dynamics in foreign currency, real yield adjusted for inflation, maintenance costs, rental demand and resale prospects.
