The annual increase in real estate prices was 142 percent

The housing price index (KPI) data for February was released by the Central Bank of the Republic of Turkey (CBRT). The housing price index reached 767.9 in February, up 8.4 percent month-on-month and 141.5 percent year-on-year. The average price per square meter in Istanbul was 31 thousand 802 Turkish liras. Thus, the average price of a 100-square-meter house in Istanbul exceeded 3.1 million liras.

The annual increase is 141.5 percent.

The KPI (2017=100), calculated to monitor quality-adjusted price changes for housing in Turkey, increased by 8.4% in February compared to the previous month, and amounted to 767.9. While the KFE index rose by 141.5 percent on an annual basis in February, the real increase in this period was 56.3 percent.

Looking at the change in the key performance index of the three major cities, an increase of 7.6 percent, 9.5 and 9.6 percent was observed in Istanbul, Ankara, and Izmir, respectively, in February compared to the previous month. The index value increased by 138.3 percent in Istanbul, 142.1 percent in Ankara and 142.6 percent in Izmir compared to the same month of the previous year.

The price per square meter in Istanbul is 31 thousand 802 Turkish liras.

In February, the price per square meter was 20,493 Turkish liras throughout Turkey. The average price per square meter in Istanbul was 31 thousand 802.2 Turkish liras, in Ankara 14 thousand and 986 Turkish liras and in Izmir 24 thousand 75 Turkish liras. Thus, the price of a 100-square-meter house in Istanbul exceeded 3,138,000.