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Inflation-adjusted house price growth turned positive in Türkiye in November for the first time after a 21-month decline, the Central Bank of the Republic of Türkiye (CBRT) reported on Tuesday, as the annual increase in the Residential Property Price Index (RPPI) outpaced the country’s inflation rate.
According to the figures, house prices rose 2.7% on a monthly basis and 31.4% year-over-year, implying a 0.3 percentage point gap above November’s headline inflation rate of 31.1%.
Among Türkiye’s three largest cities, Ankara saw the highest monthly house price increase in November at 3%, ahead of Istanbul at 2.5% and Izmir at 2.4%, while annual gains reached 37.9% in Ankara, 31.7% in Istanbul and 31.6% in Izmir.
On the sales side, the housing market saw a 7.8% year-on-year decline in November, with total transactions falling to 141,100 units.
However, sales remained strong on a cumulative basis, as transactions between January and November rose 15.4% to 1.43 million units. Growth was primarily driven by second-hand transactions, which increased 15.4% to 990,037 units, while new home sales rose 8.9% to 444,096 units.
Istanbul remained the largest housing market, recording 24,234 sales during the month. Ankara followed with 12,706 transactions, while Izmir posted 8,540 sales.
Mortgage-financed purchases showed continued upward momentum, with 207,519 homes sold through mortgage loans in the first eleven months of the year, up 53.5% from the same period last year, as lower borrowing costs following the Turkish central bank’s recent policy rate cuts revived loan demand.
Sales to foreign buyers also declined in November, with 1,943 homes sold to non-Turkish citizens, down 9.7% from the same month in 2024.
Russian nationals accounted for the largest share of foreign purchases, followed by buyers from Ukraine and Germany.
Foreign demand for housing in Türkiye has fluctuated in recent years, influenced by global financial conditions, exchange rate movements, and domestic regulations governing residency and citizenship-linked property purchases.
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