House prices across Turkey rose 10.5 percent in November

ANKARA

The house price index increased by 10.5 percent in November 2018 from the same month of the previous year, data from the Central Bank showed on Jan. 17.

On a monthly basis house prices across Turkey rose by 0.37 percent in the month versus the 1.35 percent increase recorded in October 2018.

In Istanbul, the country’s most populous city, house prices exhibited a 6.25 percent rise in November last year from a year earlier while the property market in the capital Ankara saw an annual increase of 8.9 percent in house prices.

The data also showed that house prices in İzmir, Turkey’s third largest city, were up 12.34 percent on an annual basis.

The new housing price index for Turkey increased by 8.66 percent in the month from November 2017 while the annual increase in the existing housing index was 11.69 percent.

New house prices rose by 2.24 percent year-on-year in Istanbul and increased by 11.3 percent on an annual basis in Ankara.

The Central Bank also said that the hedonic house price index increased monthly by 0.34 percent, recorded an annual increase of 6.60 percent in nominal terms and decreased by 12.35 percent in real terms in November 2018.

The hedonic house price index measures quality adjusted price changes by controlling the observable characteristics of the houses.