Turkish house prices increased by 96 percent in one year

House prices in June increased by an average of 95.9 percent across Turkey year-on-year, while in Istanbul it was 85.1 percent, according to data released by the Central Bank.

Duvar English

The residential property price index (RPPI) rose by 95.9 percent in June from a year earlier, Turkey’s Central Bank said in a report on Aug. 16.

The RPPI saw an increase of 4.8 percent on a monthly basis, according to the data.

The unit price of a dwelling on average was 24,598.6 Turkish Liras/square meters in June.

In Istanbul, the country’s most populous city, house prices increased by 85.1 percent from a year earlier.

The rise in residential property prices in the capital Ankara was 106.0 percent, while in İzmir, Turkey’s third largest city, prices were up 100.0 year-on-year.

The government-run Turkish Statistical Institute (TÜİK) on Aug. 3 reported an annual inflation rate of 47.83 percent in July, whereas the independent inflation group ENAG put the figure at 122 percent.