Home prices rise 2.7 pct in June

Home prices rise 2.7 pct in June

Home prices rise 2.7 pct in June

The residential price index increased by 2.7 percent in July from the previous month, data from the Central Bank have shown.

On an annual basis, house prices across Turkey rose by 29.2 percent in the month in nominal terms, while in real terms, the increase was 9.9 percent, the bank said yesterday.

The price index for new dwellings exhibited a 33 percent increase on an annual basis in the month and the index for existing units rose by 28 percent from a year earlier.

In Istanbul, the country’s most populous city, house prices increased more than 26 percent in June from a year earlier while the rise in residential property prices in Ankara was close to 26 percent in house prices. In İzmir, Turkey’s third largest city, prices were up nearly 30 year on year.

Turkey recorded 660,595 house sales in January-July, down 22.7 percent year-on-year, the country’s statistical authority (TÜİK) reported last week.

A total of 200,550 houses were sold for the first time, while second-hand house sales totaled 460,045 units.

Mortgage-financed home sales declined nearly 67 percent to some 125,000 units.

In July alone, 107,785 houses were sold in the country, down 53 percent compared to the same month 2020.

In the summer period last year, the government’s housing loan campaign with low interest rates increased the house sales in July 2020.