House prices rose 90.3 percent annually in August

The Central Bank (CBRT) announced the House Price Index (HPI) for August 2023.

Consequently, house prices increased by 90.3 percent annually in August 2023.

According to CBRT data, house prices increased by 94.7 percent annually in July 2023; Thus, the decline in the annual rate of increase continued in July.

The highest annual variation in August occurred in Çankırı, Kastamonu and Sinop with 125.8 percent. They are followed by Ağrı, Iğdır, Kars and Ardahan with 122.2 percent; Zonguldak, Karabük and Bartın followed with 118.5 percent.

THE AVERAGE PRICE ACROSS THE COUNTRY IS 2.7 MILLION TL

Prices per square meter throughout the country increased to 27 thousand 840 TL in August. Thus, the price of a medium-sized apartment throughout the country increased to 2 million 784 thousand TL.

Prices per square meter in Istanbul increased to 41,766 TL in August. Thus, the average price of an apartment in Istanbul jumped to 4.1 million Turkish liras in August.

When we look at the price increases of new houses in the Center’s data, it is seen that the price index of new houses increased by 88.5 percent year-on-year in August in Istanbul. While this rate was 95.3 percent in Ankara, it was 103.5 percent in Izmir.