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According to the Central Bank of Turkey's (CBRT) residential property price index (RPPI), prices rose by 2.0% last month and 29.4% year-on-year. However, when inflation is taken into account, the real index fell by 10.4% year-on-year in December. This index, which includes qualitative changes in property values, provides a holistic understanding of the state of the country's property market.
In December, there were significant differences in the performance of the RPPI by region. For example, monthly growth was 2.1% in Istanbul, 2.0% in Ankara and only 0.4% in Izmir. Annual nominal price growth also varied, reaching 26.3% in Istanbul, 34.4%t in Ankara and 25.2% in Izmir. These radical trends between nominal and real house prices not only capture the inflationary impact on the property market, but also indicate a high demand for apartments and houses.
