Fastest Rise in Housing Prices in 7 Months: Data for March 2025 released by Central Bank of Turkey

Based on data released by Central Bank of Turkey The Housing Price Index (HPI) rose by 2.03% monthly and 32.34% annually (nominal) for March 2025. This marks the highest annual increase in home prices since August 2024.

However, in real terms (adjusted for inflation), prices actually declined by 4.2% over the past year.

CBRT’s March 2025 Housing Price Index Data

According to the Central Bank:

• In March 2025, the HPI increased by 2.0% compared to February, reaching a level of 174.0 (base year 2023 = 100).
• Compared to March 2024:
  • Nominal increase: +32.3%
  • Real (inflation-adjusted) change: −4.2%

Price Trends in Major Cities

• Monthly increases (March 2025 vs February 2025):
  • Istanbul: +2.5%
  • Ankara: +1.9%
  • Izmir: +3.8%
• Annual increases (March 2025 vs March 2024):
  • Istanbul: +30.7%
  • Ankara: +38.6%
  • Izmir: +32.5%

Key Takeaways:

• Despite strong nominal price growth, inflation has eroded real gains.
• The housing market remains active, especially in Ankara and Izmir, which showed stronger annual growth than Istanbul.
• The monthly rise in March was the sharpest in seven months, signaling renewed momentum in property prices.