Have housing prices increased? The Central Bank has announced!

The Central Bank of the Republic of Türkiye (TCMB) has published its Residential Property Price Index report.

In February 2024, the RPPI increased by 2.2 percent compared to the previous month; it rose by 58.3 percent in nominal terms compared to the same month of the previous year, while it decreased by 5.1 percent in real terms.

DECREASED IN REAL TERMS

The Residential Property Price Index (RPPI) (2017=100), calculated to monitor the quality-adjusted price changes of houses in Türkiye, increased by 2.2 percent in February 2024 compared to the previous month, reaching a level of 1216.0.

The RPPI, which increased by 58.3 percent compared to the same month of the previous year, showed a decrease of 5.1 percent in real terms during the same period.

When evaluating the developments in the housing price indices of Istanbul, Ankara, and Izmir, an increase of 1.5, 2.0, and 1.6 percent, respectively, was observed in February 2024 compared to the previous month. Compared to the same month of the previous year, the index values showed an increase of 45.6, 72.9, and 57.4 percent in Istanbul, Ankara, and Izmir, respectively.

News Source: 12punto