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According to the Central Bank of the Republic of Turkey (CBRT), Turkey's Residential Property Price Index (RPPI) rose by 2.1% in October compared to September, reaching a level of 151.1 on a basic scale. The index recorded an annual nominal increase of 26.8%, but a real decrease of 14.7% after taking inflation into account. This index tracks changes in house prices, taking into account the quality of the houses, and provides a picture of the state of the property market in Turkey.
The sharp rise in home sales was fuelled by a fall in real prices, as confirmed by CBRT data. According to the Turkish Statistical Institute (TurkStat), total housing sales in Turkey increased by 2.8% in October compared to the previous month. From the beginning of the year to October, new home sales rose 20.4% to 358,558 units.
