Homes prices down 5.6 percent in real terms in February

ANKARA

The residential property price index (RPPI) rose by 31.3 percent in February from a year ago but declined by 5.6 percent in real terms, the Central Bank has said.

In nominal terms, the annual increase in the index slowed from 31.95 percent in January, data from the bank showed on March 18.

The index advanced 2.8 percent month-on-month, easing from the 4.68 percent monthly increase recorded in January.

The RPPI for the new dwellings rose by 33.55 percent year-on-year in February, against the 33.57 percent increase in the previous month.

The index for the new dwellings was up 1.94 percent monthly, down from 4.93 percent in January.

The annual increase in the RPPI for existing homes slowed from 31.66 percent in January to 31.17 percent last month, while the monthly increase in the gauge of home prices eased from 4.8 percent to 2.7 percent.

In Istanbul, the country’s financial and commercial capital, property prices rose by 28.4 percent from February 2024, with prices up 2.6 percent monthly.

In the capital Ankara, the annual and monthly increases were 37.2 percent and 3.3 percent, respectively.

In İzmir, Türkiye’s third largest city by population, home prices, in nominal terms, were up 32.7 percent year-on-year and 3.8 percent month-on-month, the bank said.