House prices increased by 94.7 percent annually in July

The Central Bank (CBRT) announced the House Price Index (IPV) for July 2023.

The KPI, which increased by 7.3 percent in July 2023 compared to the previous month, increased by 94.7 percent in nominal terms and 31.2 percent in real terms compared to the same month of the year former.

House prices rose 95.9 percent year-on-year in June. In June, house prices increased by 4.8 percent compared to the previous month. Thus, while the rate of house price growth slowed annually, it increased monthly.

When evaluating the evolution of housing price indices in Istanbul, Ankara and Izmir, an increase of 6.8, 8.1 and 5.5 percent, respectively, was observed in July 2023 compared to the month former.

The index values ​​increased by 82.7, 105.2 and 97.1 percent in Istanbul, Ankara and Izmir, respectively, compared to the same month of the previous year.

AVERAGE HOUSE PRICE 2.65 MILLION TL

The price per square meter of an average house in Turkey was determined at 26,537 TL. Thus, the price of a 100 square meter house throughout the country amounted to 2 million 653 thousand TL.

The average price of a 100 square meter house was 1 million 980 thousand TL in Ankara, 3 million 958 thousand TL in Istanbul and 3 million 67 thousand TL in Izmir.

CITIES WHERE HOUSING PRICES RISE THE MOST

The region where housing prices increased the most in July was the region covering the provinces of Zonguldak, Karabük and Bartın. House prices in this region increased by 130.1 percent annually.

While prices in Çankırı, Kastamonu and Sinop regions increased by 120 percent, prices in Ağrı, Iğdır, Kars and Ardahan regions increased by 125.1 percent.