The downward trend in the rate of increase in housing prices continued in May as well. According to the data of the Central Bank of the Republic of Turkey (CBRT), housing prices increased by 103.64 percent in May compared to the same period of the previous year. On a monthly basis, prices rose by 3.60 percent.
In this way, the lowest increase in housing prices in the last two years was realized. Adjusted for inflation, the price increase was calculated as 45 percent in the same period.
Among the three big cities, Ankara was the city with the fastest increase on an annual basis. Housing prices in Ankara increased by 113.2 percent compared to the same period of the previous year. While this increase was 106.2 percent in İzmir, a 95.2 percent increase in double-digit levels was observed in Istanbul.
In May, the average square meter price in Istanbul exceeded 36 thousand TL and became 23 thousand 573 TL. While this figure was 17 thousand 647 TL in Ankara, it was recorded as 27 thousand 89 TL in İzmir.
With these data, it is striking that while a slowdown trend is observed in housing prices, prices in big cities are still at quite high levels. The fact that the average square meter price exceeds 36 thousand TL, especially in Istanbul, is an important agenda item in the housing market.
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