House prices down 0.5 percent in real terms in July

ANKARA

The Residential Property Price Index (RPPI) surged by 32.8 percent year-on-year in nominal terms in July, but fell by 0.5 percent in real terms, according to the Central Bank’s statement on Aug. 18.

The index advanced 0.9 percent month-on-month.

In June, the index rose 2 percent monthly, while the annual decline in real terms was 1.7 percent.

The RPPI for new dwellings increased by 1.12 percent month-on-month and 34.5 percent year-on-year in nominal terms, according to data from the bank. For existing dwellings, the corresponding rates were 1.02 percent monthly and 32.57 percent annually.

In Istanbul, residential property prices rose 33.5 percent year-on-year in nominal terms, while in Ankara and İzmir they were 42.9 percent and 31 percent, respectively.

In July, house sales in Türkiye increased 12.4 percent year-on-year, reflecting strong demand across the country. A total of 142,858 homes changed hands during the month, with Istanbul leading the market, having sold 23,152 units, TÜİK data showed on Aug. 13.

Mortgage-financed sales surged 60.3 percent in July compared to a year earlier, totaling 18,425 homes and representing 12.9 percent of all transactions.

For the first seven months of 2025, total house sales reached 834,751 units, marking a 24.2 percent increase over the same period in 2024.