Housing prices increased by 41.4 percent annually
The Residential Property Price Index (RPPI) rose by 3.4 percent on a monthly basis and 32.3 percent on an annual basis in May. The largest increase was recorded in Ankara at 41.4 percent, while prices also rose in Istanbul and Izmir.
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Housing prices showed an increase on both a monthly and annual basis.
LARGEST INCREASE IN ANKARA
The Central Bank of the Republic of Turkey (CBRT) has announced the RPPI data for May.
Accordingly, the RPPI (2023=100), calculated to monitor price changes in housing in Turkey adjusted for quality effects, increased by 3.4 percent in May compared to the previous month, reaching 182.4. While the RPPI showed an annual increase of 32.3 percent in May, the real decrease in this period was 2.3 percent.
When looking at the RPPI changes for the three major cities, an increase of 2.7 percent in Istanbul, 3.8 percent in Ankara, and 3 percent in Izmir was observed in May compared to the previous month.
HOW MUCH DID HOUSING PRICES INCREASE COMPARED TO LAST YEAR?
Index values rose by 32.6 percent in Istanbul, 41.4 percent in Ankara, and 31.1 percent in Izmir compared to the same month last year.