Nominal Increases, Real Declines
Turkey’s Central Bank (TCMB) has released the Housing Price Index (HPI) data for October 2025, revealing an ongoing trend: housing prices continue to lose ground against inflation. The index rose by 1.6% compared to the previous month and by 31.6% year-on-year in nominal terms. However, once adjusted for inflation, prices actually fell by 1% in real terms. This marks the 21st month in a row that housing has depreciated against inflation.
Index Level and What It Shows
Calculated to reflect the quality-adjusted price movements of homes across the country, the Housing Price Index (2023 = 100) reached 198.8 in October 2025. Despite nominal price growth over the past year, the real decline highlights the pressure high inflation continues to place on the housing market.
Major Cities See Slower Momentum
In the three largest cities, price growth continued at a measured pace in October. Istanbul recorded the strongest monthly movement, followed by more moderate increases in Ankara and Izmir. On an annual basis, each city showed double-digit growth, but again, these increases were not enough to keep pace with inflation.
Regional Differences Stand Out
When looking at regional data, Ankara posted the highest annual increase in October 2025, while the Aydın–Denizli–Muğla region saw the weakest price growth. These variations underline how differently local markets are responding to economic conditions.
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