Real EstateTurkiye

Turkish Housing Price Index Rises by 2.2% in April 2024

Annual Increase Reaches 48.4% Despite Real-Term Decline

The Housing Price Index (HPI) for April 2024 saw a monthly increase of 2.2% and an annual rise of 48.4%, according to data released by the Central Bank of the Republic of Turkiye. The index, which tracks quality-adjusted price changes for residential properties, rose to 1257.7, based on the 2017=100 reference.

Significant Annual Increase but Real-Term Decline

Although the HPI showed substantial annual growth, the real-term decline stood at 13.3% during this period. The index is designed to monitor price changes in housing while excluding quality effects.

Regional Insights: Istanbul, Ankara, and Izmir

In April, the HPI for Istanbul increased by 2.1%, Ankara by 3%, and Izmir by 1.9% compared to the previous month. On an annual basis, the index values for these major cities saw significant growth: 37.6% in Istanbul, 58.9% in Ankara, and 45.1% in Izmir.

The Central Bank’s data highlights the ongoing trend of rising housing prices across Turkiye, reflecting both the dynamic nature of the real estate market and underlying economic conditions.

Source: AA / Prepared by Irem Yildiz

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