Property prices in Turkey fell by 12% in real terms over the year

Turkish house prices fell 12% in real terms in November 2024 compared to the same period last year, according to statistics released by the Central Bank of Turkey in December. The nominal Real Property Price Index (RPPI), which excludes current inflation, rose 2.8% in November and 29.4% year-on-year, according to the report.

Construction sector officials note that despite the downturn in recent years, the sector showed signs of recovery in the third quarter of 2024 and is expected to start growing again in 2025. Analysts attribute the revival in property market activity to rising demand and changing buyer preferences.