The rate of increase in housing prices is decreasing

The Central Bank of the Republic of Turkey (CBRT) announced the housing price index for October. Housing prices increased by 86.46 percent annually in October. The annual increase in September was recorded as 89.2 percent. When the annual increase in October is adjusted for inflation, the increase was 15.4 percent. The monthly increase was 3.83 percent in October. Thus, the lowest increase in 5 months was seen on a monthly basis. Ankara was the hottest city in the housing market among the three major cities. Housing prices in Ankara increased by 101.5 percent annually in October. The average square meter price in Ankara was recorded as 23,303 TL. Izmir followed Ankara with an 80 percent increase. The average square meter price in Izmir was 34,774 TL. The cooling down in the housing market in Istanbul continued. The annual increase in Istanbul in October was 74.4 percent. In terms of square meter prices, Istanbul maintained its first place with 44,386 TL.