Housing Prices Increased Sharply in the Last 10 Years

Housing prices have increased sharply in the last 10 years. Housing prices increased by 30.3 percent in December 2020 compared to the same period last year.

The Central Bank of the Republic of Turkey (CBRT) announced the housing price index data for December 2020. Housing sales decreased with the effect of rising interest rates, while housing prices also increased. According to the data announced by the CBRT, house prices increased by 30.3 percent on an annual basis in December 2020. Accordingly, the highest level in the history of the index announced since the beginning of 2010 has been recorded. While the real increase in housing prices was 13.7 percent, the new housing price index rose 31.6 percent annually in December. When the statistics of the three major cities are examined, housing prices in Istanbul increased by 27.9 percent in December compared to the same period of the previous year. While this increase was 29.4 percent in İzmir, it was 30.2 percent in Ankara.   Housing Sales Decline Sharply The Turkish Statistical Institute (TUIK) has published housing sales data for the month of January. According to the announced data, house sales decreased by 37.9 percent in January compared to the same period of the previous year. The rise in interest rates led to a decline in mortgage housing sales. Mortgaged house sales declined by 74.6 percent on an annual basis in January.