House prices in Türkiye continued to lose value in real terms in August, extending a decline that has persisted for nine months, data showed Wednesday.
The residential property price index rose 0.9% month-over-month and increased 23% from a year earlier in nominal terms, the Central Bank of the Republic of Türkiye (CBRT) said.
Adjusted for inflation, however, it fell 6.5%.
Annual inflation stood at 31.51% in August, meaning house prices continued to rise more slowly than consumer prices.
The index had increased 1.5% and 25% on a monthly and annual basis, respectively. Adjusted for inflation, home prices fell 5.1% year-over-year.
In the three biggest cities, Istanbul, Ankara and Izmir, house prices increased 1.9%, 1.5% and 2.7% month-over-month, respectively, the data showed.
On an annual basis, the index rose 6.3% in Istanbul, 24.8% in Ankara and 23.3% in Izmir.
CBRT's data showed the new tenant rent index, which tracks newly signed lease contracts, also continued to decline in real terms.
The index rose 2.3% month-over-month in July and 26.4% year-over-year in nominal terms. In real terms, the index declined 3.9% from a year ago.
Monthly increases in the index reached 4.9% in Istanbul, 2.6% in Ankara and 5.4% in Izmir.
In Istanbul, annual rent growth stood at 34.5%, exceeding the inflation rate. Annual rent increases were 28.3% in Ankara and 25.5% in Izmir.
