Central Bank Reports Monthly Increase of 1.3% in Housing Prices Amid Annual Surge
In May 2024, Turkiye’s Housing Price Index (HPI) experienced a significant increase, rising by 1.3% compared to the previous month and by 45% on a yearly basis, as reported by the Central Bank of Turkiye.
The HPI, designed to track quality-adjusted price changes of residential properties in Turkiye, reached 1273.5 in May, reflecting the monthly growth. Despite the annual increase, the real price adjustment indicates a decrease of 14.9% when inflation is considered.
Looking at the changes in the three major cities, Istanbul’s HPI rose by 1.1%, Ankara saw a 2.4% increase, and Izmir experienced a 2.6% rise from the previous month. On an annual basis, Istanbul’s HPI jumped by 35.3%, Ankara by 53.9%, and Izmir by 44.2% compared to the same month last year.
These figures highlight the dynamic nature of Turkiye’s housing market, with significant annual growth driven by various regional trends.
Source: Trthaber / Prepared by Irem Yildiz