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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.
