Real Decline in Housing Prices

In Turkey, housing prices increased by 2% in March on a monthly basis. However, prices decreased by 4.2% in real terms. The Central Bank of the Republic of Turkey (CBRT) released housing price statistics. The Housing Price Index (HPI) rose by 2% in March compared to the previous month, reaching 174 levels. The HPI, which increased by 32.3% compared to the same month of the previous year, decreased by 4.2% in real terms during the same period. When the developments in the housing price indexes of Istanbul, Ankara, and Izmir are evaluated, increases of 2.5%, 1.9%, and 3.8% were observed in March compared to the previous month. The index values in Istanbul, Ankara, and Izmir increased by 30.7%, 38.6%, and 32.5% respectively compared to the same month of the previous year.