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.

Rents also drop in real terms

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.