Turkey’s housing prices increase by 90.3 pct in a year

House prices in August increased by an average of 90.3 percent across Turkey year-on-year, according to data released by the Central Bank.

Tuesday October 17 2023 10:40 pm

Duvar English

The Central Bank of Turkey announced the Housing Price Index (HPI) data for the Aug. 2023 period, which showed a 90.3 percent increase from a year earlier.

Residential Property Price Index - August 2023: https://t.co/g8lXg7PLeA pic.twitter.com/4ZaR6FWrKO
— CentralBankofTürkiye (@CentralBank_TR) October 17, 2023

The HPI (100 in 2017) reached 1,043 in August 2023, with a 5.5 percent increase month-on-month. While housing prices increased by 90.3 percent on an annual basis in August, the real increase in this period was 21.9 percent due to adjustments in minimum wages.

The three major provinces’ HPI values increased by 100.4 percent in Ankara, 90.3 in İzmir, and 78.4 percent in Istanbul from a year earlier. According to the Global Housing Price Index chart, housing prices increased the most in these three Turkish provinces out of the 150 provinces in the first quarter of 2023 compared to the same period of 2022.

The government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 58.94 percent in August, whereas the independent inflation group ENAG put the figure at 128.05 percent.