Turkey’s Housing Prices Show Real Growth in 2025, HOUSING PRICES RISING ABOVE INFLATION PROVIDED REAL RETURNS IN 2025. The Central Bank of the Republic of Turkey (CBRT) has published the February 2025 Housing Price Index, revealing that housing prices increased by 2.8% on a monthly basis and by 31.3% compared to the same month of the previous year. Denge Değerleme Deputy General Manager Latif Aksoy stated that despite this increase, the annual change in housing prices remained below inflation, resulting in a real depreciation of 5.6%. He added, “The recovery in housing prices continues. There is little time left before we start seeing real returns on an annual basis as well.”
According to the CBRT’s February Housing Price Index, despite a 31.3% annual increase, housing prices continued to lag behind inflation for the thirteenth consecutive month. Commenting on this trend, Latif Aksoy said, “When the index is evaluated independently of the annual base effect, the monthly price increases have been exceeding inflation for the past two months.
Data from the first two months of 2025 indicate that real returns, albeit modest, have begun in the housing market. The recovery from the bottom is ongoing, and we are close to seeing real returns on an annual basis. Supporting this, the Turkish Statistical Institute’s (TÜİK) Housing Sales Statistics showed that 112,818 properties changed hands in February. The only February in the last five years with higher sales was in 2020 when housing campaigns were launched and mortgage loans were offered at an interest rate of 0.79%.”
High Demand for Housing in Ankara Continues
According to the index, the annual increase in Ankara was 37.2%, indicating that demand for housing remains strong in the city. Aksoy continued:
“Ankara is followed by İzmir, with an annual increase of 32.7%, and Istanbul, with 28.4%. Throughout 2024, Ankara maintained high index values, widening the gap with these two cities. In Istanbul, however, housing prices suffered a real loss of approximately 3% compared to the same month of the previous year. When examining monthly changes, İzmir has experienced a significant surge in the past two months, with housing investments maintaining their value against inflation. In February, the housing price index recorded changes of 2.6% in Istanbul, 3.3% in Ankara, and 3.8% in İzmir.”
The Highest Price Changes in Eastern Anatolia
“In terms of provinces showing the highest changes nationwide, Eastern Anatolian cities continue to top the list. This can be attributed to limited price increases in the region when other provinces experienced high growth, as well as increased demand following the earthquake disaster. Additionally, in the past three months, the Aegean provinces of Afyonkarahisar, Kütahya, Manisa, and Uşak have recorded an annual price change of 39.1% compared to the same month of the previous year. Housing prices in this region remain relatively more affordable than in Western Aegean and neighboring provinces, attracting investment buyers from outside the region.”
Housing Price Changes in Marmara Below Average
Commenting on the ongoing real decline in housing prices around Antalya, Aksoy stated, “In the Mediterranean Region, the housing price index increased by 18.3% annually, falling below the national average. In Antalya, after experiencing abnormal price surges over the past two years (partly due to high demand from foreign buyers ) the market is now stabilizing. On the other hand, when examining this month’s index data, annual price changes in Bursa and Edirne stand at approximately 27%, remaining below the national average. When analyzed alongside Istanbul’s data, it is evident that the Marmara Region has seen below-average price increases, resulting in higher real depreciation.”
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