Home prices continue to decline in real terms

ANKARA

House prices across Türkiye continued to record a year-on-year decline in real terms in March, according to data released by the Central Bank on April 16, even as nominal prices maintained their upward trend over the same period.

The Residential Property Price Index (RPPI) registered a monthly increase of 2 percent in March, while posting an annual rise of 26.4 percent in nominal terms during the same timeframe. However, the index recorded an annual decrease of 3.4 percent in real terms last month.

In March, the RPPI increased on a monthly basis by 2.2 percent in Istanbul, 2.5 percent in Ankara and 2.8 percent in Izmir, the Central Bank said in its statement. On an annual basis, house prices in the three largest cities recorded increases of 27.8 percent in Istanbul, 30.4 percent in Ankara and 24.3 percent in Izmir in nominal terms over the same period.

The New Tenant Rent Index (NTRI) increased by 2 percent on a monthly basis in March, while recording an annual increase of 34.4 percent in nominal terms and 2.7 percent in real terms.

In March, the NTRI registered monthly increases of 2.2 percent in Istanbul, 2.4 percent in Ankara and 3.6 percent in Izmir. On an annual basis, Istanbul, Ankara and Izmir recorded increases of 39.4 percent, 37.7 percent and 35 percent, respectively, in the index.