Housing Prices Return to Real Growth
Housing prices in Turkey have recorded a real increase for the first time in 22 months. According to the Housing Price Index (HPI), real prices rose by 0.3 percent in November, signaling a notable turning point after a prolonged period of inflation-adjusted declines.
The Central Bank of the Republic of Turkey (CBRT) announced the Housing Price Index data for November. The index, which tracks price changes in housing after adjusting for quality differences, increased by 2.7 percent compared to the previous month, reaching a level of 204.2.
Annual Trends and Real Price Performance
On an annual basis, the Housing Price Index rose by 31.4 percent in November. Despite this strong nominal increase, real growth stood at 0.3 percent, indicating that housing prices have finally outpaced inflation on a real terms basis.
When looking at the three largest cities, monthly price increases were observed across the board. In November, housing prices rose by 2.5 percent in Istanbul, 3 percent in Ankara, and 2.4 percent in Izmir compared to the previous month.
Year-on-year data also showed robust growth in major cities. Housing prices increased by 31.7 percent in Istanbul, 37.9 percent in Ankara, and 31.6 percent in Izmir compared to the same month last year.
Regional Price Developments
An analysis based on the Statistical Regional Units Classification shows notable regional differences. The highest annual increase in housing prices, at 40.1 percent, was recorded in the region covering Bingol, Elazig, Malatya, Tunceli, Van, Bitlis, Hakkari, and Mus. The lowest annual increase, at 21.9 percent, was observed in the Hatay, Kahramanmaras, and Osmaniye region.
Keywords: #TurkeyHousingMarket #HousingPrices #HousingPriceIndex #CBRT #RealEstateTurkey #InflationAdjustedPrices #PropertyMarket
