Commercial Real Estate Prices Decline 6.5% in Real Terms in Q3

In the third quarter, commercial real estate prices recorded a nominal increase while showing a real decrease. According to the statement made by the Central Bank of the Republic of Turkey (CBRT), commercial real estate prices decreased by 6.5% in real terms during the third quarter.

The CBRT stated: "The Shop Price Index, which increased by 6.5% in the third quarter of 2024 compared to the previous quarter, has nominally increased by 45.2% compared to the same quarter of the previous year, while it has decreased by 5.8% in real terms. In the same quarter, the Office Price Index, which increased by 8.5% compared to the previous quarter, has nominally increased by 38.4% compared to the same quarter of the previous year, while it has decreased by 10.2% in real terms.

When evaluating developments in the three major cities, the commercial real estate price indexes in Istanbul, Ankara, and Izmir increased by 5.5%, 8.1%, and 8.2%, respectively, in the third quarter of 2024 compared to the previous quarter. The index values have increased by 32.0%, 55.6%, and 44.8% in Istanbul, Ankara, and Izmir, respectively, compared to the same quarter of the previous year."