Real Decline in House Prices Continues Unabated
The Central Bank published the August indices. While the real decrease in house prices entered its ninth month, a decline was also recorded in the new tenant rent index.
According to the August data announced by the Central Bank of the Republic of Turkey, house prices decreased by a real rate of 6.5 percent. This real decline process in prices has been carried into its ninth month.
August Price Developments
The Central Bank of the Republic of Turkey shared the Residential Property Price Index and New Tenant Rent Index data for August with the public. According to the announced data, the residential property price index increased by 0.9 percent compared to the previous month.
While a 23 percent increase was observed on a nominal basis compared to the same month of the previous year, the inflation-adjusted real decline stood at 6.5 percent.
New Record in Real Decline
The annual real decline process experienced in house prices reached its ninth month. The 6.5 percent real decrease recorded in August was registered as the highest decline since January 2025.
Lowest Monthly and Annual Rates
With the data in August, the lowest level of the last 8 months was seen in the monthly increase, while the lowest levels of the last 75 months were recorded in the annual increase rate.
Situation in Three Major Provinces
When examining the annual price increase among the three major provinces, Istanbul ranked first with a rate of 26.3 percent. Istanbul was followed by Ankara and Izmir provinces, respectively.
New Tenant Rent Index Data
The New Tenant Rent Index increased by 2.3 percent on a monthly basis and 26.4 percent on an annual nominal basis in August. The rent index declined by a real rate of 3.9 percent.
Istanbul at the Top in Rent Increases
When rent increases nationwide were examined geographically, Istanbul became the province at the top of rent increases with an increase rate of 34.5 percent.