Housing Price Index Rises 2.8% Monthly and 29.4% Annually, Yet Declines 12% in Real Terms

In November 2024, the Housing Price Index (HPI) increased by 2.8% compared to the previous month. According to the statement made by the Central Bank of the Republic of Turkey, the HPI rose nominally by 29.4% compared to the same month of the previous year, while it decreased in real terms by 12.0%.

Calculated to track price changes of houses in Turkey adjusted for quality effects, the Housing Price Index (HPI) (2023=100) reached a level of 155.4 in November 2024, reflecting a 2.8% increase from the previous month. While the HPI increased by 29.4% compared to the same month last year, it showed a real decline of 12.0% during the same period.

Considering the developments in the housing price indices of Istanbul, Ankara, and Izmir, increases of 2.9%, 3.4%, and 1.9% were observed respectively in November 2024 compared to the previous month. Compared to the same month of the previous year, the index values increased by 26.2%, 34.8%, and 26.7% in Istanbul, Ankara, and Izmir, respectively.