Announcement from Turkey’s Central Bank: “Housing Price Increases Lagged Behind Inflation” 

The Housing Price Index (HPI) announced by the Central Bank of the Republic of Turkey (CBRT) showed a 26.8% annual increase in October, while decreasing by 14.7% in real terms. 

The CBRT released its October 2024 Housing Price Index (HPI) data. In October 2024, the HPI rose by 2.1% compared to the previous month and by 26.8% nominally compared to the same month of the previous year, but it declined by 14.7% in real terms. 

According to the CBRT, the Housing Price Index (HPI), calculated to monitor price changes in housing in Turkey adjusted for quality effects, stood at 151.1 in October 2024, reflecting a 2.1% increase from the previous month. 

The statement included the following: 

“The HPI, which rose by 26.8% compared to the same month of the previous year, showed a real decrease of 14.7% during the same period. 

When developments in the housing price indices of Istanbul, Ankara, and Izmir are examined, increases of 1.1%, 2.8%, and 4.5%, respectively, were observed in October 2024 compared to the previous month. Index values showed annual increases of 21.2% in Istanbul, 32.5% in Ankara, and 28.7% in Izmir compared to the same month of the previous year.”