​​​​​​​Türkiye’s housing market continued its rapid climb in July, with the Residential Property Price Index (RPPI) soaring 32.8 percent year-on-year in nominal terms, the Central Bank announced Monday.

However, in real terms, the index saw a slight decline of 0.5 percent compared to the previous year. On a monthly basis, the RPPI rose by 0.9 percent, a slowdown from June’s 2 percent month-on-month increase, when the annual real-term decline was 1.7 percent.

The Central Bank’s data revealed robust growth in property prices for both new and existing dwellings. Prices for new dwellings climbed 1.12 percent month-on-month and 34.5 percent year-on-year in nominal terms. For existing dwellings, the increases were 1.02 percent monthly and 32.57 percent annually.

Regionally, Istanbul recorded a 33.5 percent year-on-year nominal increase in residential property prices, while Ankara and İzmir saw even stronger gains at 42.9 percent and 31 percent, respectively.

The Turkish Statistical Institute (TÜİK) reported on Aug. 13 that house sales across Turkey jumped 12.4 percent year-on-year in July, with a total of 142,858 homes sold. Istanbul led the market with 23,152 units sold. Mortgage-financed sales saw a remarkable 60.3 percent annual increase, totaling 18,425 homes, which accounted for 12.9 percent of all transactions.

For the first seven months of 2025, total house sales reached 834,751 units, reflecting a 24.2 percent rise compared to the same period in 2024. The data underscores sustained demand in Turkey’s housing market despite the slight real-term price decline. (ILKHA)