Economy in Turkey: Housing Prices Continue to Decline in Real Terms

While the Housing Price Index (HPI) increased nominally by 27.4% annually, it saw a real decrease of 14.7%.

In September, the HPI rose by 1% compared to the previous month. However, despite this nominal increase of 27.4% from the same month last year, the index dropped by 14.7% in real terms.

According to a statement from the Central Bank of Turkey (CBRT), the HPI, which tracks the quality-adjusted price changes of houses in Turkey, reached 148.0 in September 2024, reflecting a 1% monthly increase.

The statement added: 

“Compared to the same month last year, the HPI increased by 27.4%, but in real terms, it showed a 14.7% decrease.”

When looking at the housing price indices for Istanbul, Ankara, and Izmir, there was a monthly increase of 1.2%, 2.2%, and 0.8%, respectively, in September 2024. Annually, the index values for these cities showed increases of 23.4%, 30.4%, and 23.1%, respectively.