Turkish house prices increased by 189 percent in one year

House prices in September increased by an average of 189.2 percent across Turkey year-on-year, while in Istanbul it was 212.1 percent, according to data released by the Central Bank.

Duvar English

The residential property price index (RPPI) rose by 189.2 percent in September from a year earlier, Turkey’s Central Bank said on Nov. 16.

The RPPI saw an increase of 4.9 percent on a monthly basis, according to the data.

The unit price of a dwelling on average was 15,863.3 Turkish Liras/square meters in September.

In Istanbul, the country’s most populous city, house prices increased by 212.1 percent from a year earlier.

The rise in residential property prices in the capital Ankara was 196 percent, while in İzmir, Turkey’s third largest city, prices were up 185.8 percent year-on-year.

In October, the government-run Turkish Statistical Institute (TÜİK) reported an annual inflation rate of 85.51 percent, the highest since 1998, whereas the independent inflation group ENAG put the figure at 185.34 percent.