Housing Price Index Sees Yearly Nominal Increase of 26.8% in October, While Real Values Decline by 14.7%

In October 2024, the Housing Price Index (HPI), which increased by 2.1% compared to the previous month, rose nominally by 26.8% compared to the same month of the previous year, while it decreased in real terms by 14.7%. According to a statement made by the Central Bank of the Republic of Turkey (CBRT), the HPI, calculated to monitor price changes in housing in Turkey while eliminating quality effects (2023=100), reached a level of 151.1 in October 2024, with a month-on-month increase of 2.1%.

The statement noted: "The HPI, which increased by 26.8% compared to the same month of the previous year, showed a real decrease of 14.7% during the same period. When evaluating the developments in the housing price indices of Istanbul, Ankara, and Izmir, increases of 1.1%, 2.8%, and 4.5% were observed in October 2024 compared to the previous month, respectively. The index values showed increases of 21.2%, 32.5%, and 28.7% compared to the same month of the previous year in Istanbul, Ankara, and Izmir, respectively."