House price index maintains decline in real terms for Türkiye

The Central Bank of the Republic of Türkiye (CBRT) reports that house prices showed an annual rise of 29.4% in nominal terms but an annual decline of 12% in real terms.

According to a public release by the CBRT on Tuesday, the Residential Property Index (RPPI) reached 155.4 (2023=100) in November 2024, reflecting a monthly increase of 2.8%.

Ankara leads house price growth

In November 2024, the housing price index rose monthly by 3.4% in Ankara, 2.9% in Istanbul, and 1.9% in Izmir. Ankara ranked first with an annual rise of 34.8%, followed by Izmir at 26.7% and Istanbul at 26.2%.

The highest annual increases were recorded as follows:

• 37.9% in Balikesir and Canakkale,
• 40.1% in Bingol, Elazig, Malatya, Tunceli, Van, Bitlis, Hakkari, and Mus,
• 40.7% in Erzurum, Erzincan, Bayburt, Agri, Ardahan, Kars, and Igdir.

The lowest price increases were reported in:

• Antalya, Burdur, and Isparta at 14.9%,
• Adana and Mersin at 24.5%,
• Edirne, Kirklareli, and Tekirdag at 26%.

‘Istanbul responds more quickly to economic shifts’

Former CBRT Chief Economist and Economics Professor Hakan Kara analyzed the statistics in an X post. He highlighted that housing prices in Istanbul respond more quickly to periods of economic heating and cooling. Kara also noted that Ankara experienced significant migration following the February 6, 2023 earthquakes.

In southern cities like Antalya and Mersin, the slowdown in price increases was attributed to the “end of the Russian property-buying frenzy,” according to Kara.

The Residential Property Price Index, released monthly by the CBRT, provides key indicators tracking price trends in Turkiye’s housing market.