Commercial property prices rise 65 pct in second quarter

ANKARA

The commercial property price index increased by 64.7 percent year-on-year in nominal terms in the second quarter of 2024, slowing from the annual rise of 81.3 percent in the January-March period.

On a quarterly basis, the index advanced 7.3 percent, the number of the Central Bank showed.

In real terms, however, the index declined by 4.4 percent in the second quarter from the same period of 2023.

In Istanbul, commercial property prices were up 51.5 percent year-on-year, whereas the annual increase in Ankara and İzmir, the country’s third largest city were 72.1 percent and 62 percent, respectively.

The year-on-year increase in the index of retail property prices eased from 81.3 percent in the first quarter to 64.7 percent in the second quarter of 2024.

According to the Central Bank, office prices across Türkiye rose 54.2 percent in the second quarter compared with the same period of 2023. That compares with the 73.8 percent rise in the first quarter.

In Istanbul, the country’s financial and commercial capital, the annual increase in office slowed from 61.4 percent to 42.1 percent.

Offices prices rose by 62 percent in the nation’s capital and increased by 57.7 percent in İzmir.