Real decline in housing and rental prices continues in April
The housing price index and rent increases remained below inflation in April 2026, continuing the series of real losses in the market.
12punto
Price volatility in the housing market across Turkey continued to track below inflation as of April 2026. While housing prices rose in nominal terms, the decline in real terms persisted.
The Housing Price Index (HPI), which tracks price changes in housing adjusted for quality effects in Turkey, increased by 1.8 percent in April compared to the previous month, reaching an index value of 223.4. However, on an annual basis, while the index rose by 26.6 percent, it declined by 4.3 percent in real terms. In the previous month of March, the annual real decline was recorded at 3.4 percent.
Looking at price increases in major cities, Istanbul saw a 1.6 percent rise in one month. The increase rate reached 2.6 percent in Ankara, while it was measured at 2.1 percent in Izmir.
A similar trend was observed in the rental market. The New Tenant Rental Index (NTRI) showed a 1.7 percent increase in April compared to the previous month. In annual comparisons, although the rental index rose by 31.7 percent, it experienced a real decline of 0.5 percent when adjusted for inflation.
When examined by regional changes, the new tenant rental index in Ankara experienced the highest annual increase at 36.7 percent. In contrast, this rate remained at its lowest level in Hatay, Kahramanmaraş, and Osmaniye at 21.5 percent.
Experts emphasize that the real loss in housing and rental prices indicates that price increases are insufficient to keep pace with purchasing power in a high-inflation environment.