Turkish house price index rises 11.3 pct in October
According to data, house prices increased by 6.14 percent on an annual basis in Istanbul, the country’s largest city while prices rose by 9.81 percent year-on-year the capital Ankara.
In October, the Hedonic House Price Index (HHPI) increased monthly by 0.63 percent, recorded an annual increase of 6.79 percent in nominal terms and decreased by 14.73 percent in real terms, the Central Bank also said.
In October, the HHPI decreased monthly by 0.39 percent in Istanbul and increased monthly by 0.15 and 1.82 percent in Ankara and İzmir respectively. Istanbul, Ankara and İzmir recorded an annual increase of 1.80, 3.26 and 10.30 percent respectively.
The latest GDP data showed that the country’s construction sector, which had long served as the engine of economic growth, contracted by 5.3 percent on an annual basis in the third quarter after expanding 6.7 percent and 1 percent in the first and second quarter of this year.