20.01.2026 00:28
According to the Housing Price Index prepared by the Central Bank, the increase in housing prices in November exceeded inflation for the first time in 21 months, while in December it again experienced a real decline. Evaluating the data, TÜGEM President Hakan Akdoğan stated, "In the upcoming period, even if the increase exceeds inflation, we will not see high real increases as in previous years. From this perspective, we can still say that purchasing a home is attractive for those with a budget and savings."
According to the Housing Price Index (HPI) of the Central Bank of the Republic of Turkey (CBRT), housing prices, which showed a real increase of 1.4% year-on-year in January 2024, began to decline with February and decreased by 5.1% in real terms.
During the intervening period, the highest real decrease rate was observed in May 2024 at 14.9%, while the downward momentum continued until October of the previous year, with a partial increase of 0.3% in November, moving back into positive territory.
PRICES RESUMED REAL DECLINE IN DECEMBER
The real change in housing prices turned negative again as of December of the previous year. The HPI, calculated to track price changes of housing in Turkey adjusted for quality effects, increased by 0.2% in December compared to the previous month, reaching 204.5.
While the HPI increased by 29% year-on-year in December, it decreased by 1.4% in real terms during this period. Thus, there was a real decrease in housing prices in 22 of the last 23 months. According to TÜİK data, housing sales in Turkey increased by 13.3% year-on-year in the January-November period, rising to 1,434,133.
"WHEN VIEWED FROM THE PERSPECTIVE OF PURCHASING POWER, HOUSING IS STILL LOSING VALUE"
Prof. Dr. Ali Hepşen, a faculty member at Istanbul University’s Faculty of Business, stated in an evaluation to AA correspondent that the figures are not very surprising, noting, "There is a nominal increase of 29% year-on-year. When we put it alongside inflation, the picture changes a bit. In other words, we are back in negative territory in real terms. So, while the labels seem to be going up, when viewed from the perspective of purchasing power, housing is still losing value."
Hepşen mentioned that with the expected gradual easing in interest rates in the new year, an upward expectation has formed in housing prices, stating, "This does not create a sudden sharp price jump, but it could create a ground where the real decline has stopped, and even some areas can talk about recovery."
"WE WILL NOT SEE HIGH REAL INCREASES"
Hakan Akdoğan, the President of the All Entrepreneurial Real Estate Consultants Association (TÜGEM), also stated that the real decline began about 2 years ago, recalling that during that time, the increase rate remained very low against high inflation.
Akdoğan noted that with inflation coming down and increases remaining stable, the gap has narrowed, stating, "Although housing prices continue in nominal terms, they have remained below inflation as of December. In the upcoming period, even if the increase exceeds inflation, we will not see high real increases as in previous years. From this perspective, we can say that purchasing a house is still attractive for those with a budget and savings."