Türkiye’s residential property price index (RPPI) measuring the quality-adjusted price changes of homes increased by 90.3% on an annual basis in August, and 5.5% month-over-month, official data shared Tuesday revealed.
According to data from the Central Bank of the Republic of Türkiye (CBRT), although the monthly increase in housing prices gained momentum in August compared to the month earlier, the prices saw the slowest increase on an annual basis since January last year.
While the RPPI surged by 5.5% month-over-month, the real increase in this period was 21.9%, the data showed.
Looking at the change in index value in the three largest provinces, an increase of 5.4%, 5.2% and 5.5% was observed in Istanbul, Ankara and Izmir during August, respectively.
In August, housing prices in Istanbul, the country’s largest city and home to around 16 million, increased by 78.4% compared to the previous year. Meanwhile, an increase of 100.4% was observed in the capital, Ankara, while the rise in Izmir, the third largest city, was recorded at 90.3% compared to last year.
Although remaining at high levels, the increase in house prices has been easing over recent months, according to official data. According to the central bank, the RPPI surged an annual 121.25% in May before easing to 95.9% measured in June.
The latest data comes a day after official data shared by the Turkish Statistical Institute (TurkStat) indicated that house sales in Türkiye lost pace as they fell to the lowest level in the past three months in September.
Some 102,656 residential properties were sold last month, TurkStat said, decreasing some 9.5% year-over-year. Month-over-month, sales declined 16.4%, the data said.
