Decline in home prices in real terms continues but at slower pace

ANKARA

The residential property price index (RPPI) fell by 4.4 percent in real terms in March compared to the same month of 2024, slowing from the 5.6 percent decline recorded in the previous month, data from the Central Bank showed on April 17.

Home prices rose by 32.3 percent in nominal terms last month annually, after increasing 31.3 percent year-on-year in February.

The RPPI advanced 2.03 percent month-on-month in March, easing from the 2.8 percent rise in February.

Home prices increased 30.7 percent annually in nominal terms in Istanbul, while the year-on-year increases in Ankara and İzmir were 38.6 percent and 32.5 percent, respectively.

The price index for new dwellings was up 33.7 percent last month from a year ago, after rising 33.5 percent in February, while the index for existing dwellings rose by 31.97 percent, accelerating from the 31.3 percent increase in February.

The Turkish Statistical Institute (TÜİK) reported earlier this week that house sales surged 5.1 percent year-on-year in March but were down from the previous month's figure.

Some 111,000 homes changed hands last month in Türkiye.

During the January-March period, house sales totaled 335,786 units, increasing 20.1 percent compared to the same period in 2024.