Housing market in Türkiye soars as inflation bites

The RPPI, which measures the price changes of dwellings in Türkiye, reached a value of 877.9 in May 2023. This represents a significant annual increase of 103.6 percent.

When analyzing specific cities, it was found that in May 2023, the RPPI experienced monthly increases of 2.8 percent in İstanbul, 5.6 percent in Ankara, and 3.2 percent in İzmir. On an annual basis, İstanbul, Ankara, and İzmir recorded substantial increases of 95.2 percent, 113.2 percent, and 106.2 percent, respectively.

The Turkish Central Bank attributed the increase in the RPPI to a number of factors, including rising demand for housing, limited supply, and high inflation.

The bank said that it will continue to monitor the RPPI closely and take appropriate measures to ensure that price stability is maintained. (ILKHA)