Turkish house prices increased by 174 percent in one year

House prices in July increased by an average of 173.8 percent across Turkey year-on-year, while in Istanbul it was 200.1 percent, according to data released by the Central Bank.

Duvar English

The residential property price index (RPPI) rose by 173.8 percent in July from a year earlier, Turkey’s Central Bank said on Sept. 16.

The RPPI saw an increase of 8.0 percent on a monthly basis, according to the data.

The unit price of a dwelling on average was 13,936.2 Turkish Liras/square meters in July.

In Istanbul, the country’s most populous city, house prices increased by 200.1 percent from a year earlier.

The rise in residential property prices in the capital Ankara was 181 percent, while in İzmir, Turkey’s third largest city, prices were up 162.2 year-on-year.

In August, the government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 80.21 percent, the highest since 1998, whereas the independent inflation group ENAG put the figure at 181.37 percent.