Turkish Property Price Index Risen by 18,41 Percent

The Turkish Property Price Index (TPPI) rose to 201,28 in December last year.

The Property Price Index data for the period December 2015 has been announced by the Central Bank of the Republic of Turkey (TCMB). According to this, the TPPI rose by 0,85 percent in December last year, when compared with the previous month, to reach 201,28.

The TPPI, which rose by 18,41 percent when compared to the same period of the previous year, increased by 8,82 percent in real terms.

Unit prices, which are calculated as property values per square meter, rose from one thousand 512,90 Liras in December 2014, to one thousand 767,15 Liras in December, last year.

price index

The Turkish New Properties Price Index (TNPPI), calculated by analyzing the valuation reports of the residential properties which have been built in 45 cities throughout Turkey in the last two years, rose by 0,96 percent in December 2015, compared with the previous month, reaching 194,49. The index rose by 15,58 percent in nominal and 6,22 percent in real terms when compared to the same month of the previous year.

When the developments in the property prices of the three biggest cities is evaluated, the increases seen in Istanbul, Ankara and Izmir in December 2015, compared to the previous month, were 0,71 percent, 0,65 percent and 1,09 percent respectively. The index values rose by 24,96 percent in Istanbul, 12,36 percent in Ankara and 16,52 percent in Izmir, compared to the same month of the previous year.

In the new property price index of the three biggest cities, Istanbul rose by 0,54 percent, Ankara by 1,34 percent and Izmir by 1,99 percent in December last year, when compared with the previous month, while the yearly increases in Istanbul, Ankara and Izmir were 22,04 percent, 14,36 percent and 17,30 percent respectively.

The biggest annual change in the TPPI was recorded in Aydın, Denizli and Muğla with 28,85 percent, and this was followed by Istanbul with 24,96 percent. The smallest annual change was 4,16 percent – in Batman, Mardin, Siirt and Şırnak.

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