House prices increase 29 pct in Istanbul

With an increase of 1,79 percent in house price index, reaching 185,05 in May, house prices have increased by 29 percent in Istanbul and 12 percent in Ankara since 2014, says Turkish Central Bank.

The Turkish Central Bank made public the house price index data pertaining to the month of May. Compared with the same month of last year, the nominal index increased by 19,08 and the real index increased by 10,17.

The unit prices calculated as the property value per meter square, were 1.382,02 liras per meter square in May 2014 while it increased to 1,624,65 liras per meter square in May 2015.

The new housing price index increased in May 2015 by 1,69 percent, rising to 180,73 compared with the previous month. The new nominal housing price index increased by 17,56 percent and the new real housing price index increased by 8,76 percent.

The house price index in May 2015 in Istanbul increased by 2,15 whereas in Ankara it increased by 1,42 and by 1,46 in Izmir compared with the previous month. The index values increased by 29,08 in Istanbul, 12,09 in Ankara and 15,55 in Izmir.

According to these stats, it is clear that real estate prices are on a rising trend in Turkey's three biggest cities.

The new housing price index in May 2015 rose by 2,07 percent in Istanbul, by 1,40 percent in Ankara and by 2,07 percent in Izmir. The index values increased by 26,74 percent in Istanbul, 14,20 percent in Ankara and 19,12 percent in Izmir.

The highest yearly change in the house price index was 28,61 percent in TR10 (Istanbul), 24,15 percent in TR32 (Aydın, Denizli and Muğla) and the lowest yearly change was 2,39 in TRA1 (Erzurum, Erzincan and Bayburt) and 4,09 in TRB1 (Bingöl, Elazığ, Malatya and Tunceli).