Turkey’s central bank published the House Price Index for Turkey (THPI) report. According to the report, house prices in Istanbul increased by 20 percent compared to the last year.
Data shows that THPI increased by 1.62 percent on a monthly basis and reached to 157.92 in June. Compared to the same month of the last year, in June 2014, THPI increased by 13.99 percent and by 4.42 percent in real terms. While house prices per square meter was 1,239.07 TL in 2013 June, and it reached to 1,405.43 TL in May of this year.
New Housing Price Index (NHPI), which is calculated by analyzing valuation reports of newly built houses in last two years in 37 provinces of Turkey, rose by 1.54 percent in 2014 June compared to the previous month. Compared to the same month of the last year, in June 2014, index increased by 13.59 percent and by 4.06 percent in real terms.
For Turkey's three large cities, house price indices increased by 2.35 percent, 0.76 percent and 1.69 percent in Istanbul, Ankara and Izmir, respectively, in 2014 June compared to the previous month. Compared to same month of the last year, index values rose by 21.38 percent, 10.27 percent and 12.95 percent in Istanbul, Ankara and Izmir, respectively.
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