Turkey Housing Monitor

Housing macro in one glance: prices, sales, inflation, rates, rent, city prices, USD and gold, construction costs.

Time range

Housing prices

Prices are rising but the pace of gains is weakening.

The three lines are TCMB housing price indices (general, new homes, resale) in nominal levels — not CPI-adjusted. When curves diverge, market segments are moving at different speeds.

Use the time-range buttons above to zoom; values are monthly from the underlying dataset.

Housing sales

Demand is there; buying on credit remains limited.

Stacked bars split total volume into first-sale and resale counts (same month, official sales statistics). The blue line is not a standalone EVDS series: it is mortgage-backed sales divided by total sales × 100.

A rising share means credit is financing a larger slice of turnover; high volume with a flat share can still mean healthy activity without rising leverage in the mix.

Housing vs inflation

Home prices trail inflation in most months.

Each bar is the housing price index month-on-month % change minus headline CPI month-on-month % change for the same month (percentage points). Green: housing outpaced broad inflation that month; red: it lagged.

This is a simple read on whether nominal home prices are keeping up with the consumer basket, month by month — not a valuation model.

Interest rates

Deposit yields look more attractive than housing finance.

Lines show policy rate (one-week repo), average quoted mortgage rate, and average one-month TRY deposit rate. Weekly EVDS series are averaged to calendar months in the data pipeline so they align with the chart.

The gap between mortgage and deposit is a rough cue for how expensive borrowing is versus parking cash in short-term deposits.

Rent and housing price index

Rent vs home prices on one chart.

New-tenant rent index and general housing price index as levels on one axis — both official nominal indices, not real (inflation-adjusted).

When the rent line steepens relative to home prices, more nominal growth is showing up in rents in this framing.

Latest rent index is not available in this window.

City-level unit prices (TL/m²)

Three cities, TL per m².

Official quarterly TL/m² unit prices for Istanbul, Izmir, and Ankara. Each quarter is plotted at the last month of the quarter (Mar, Jun, Sep, Dec) as stored in the series.

Spreads between cities reflect demand and stock differences, not quality-adjusted like-for-like comparisons.

City unit-price series are not available in this window.

Dollar and gold

Gold has been stronger than the dollar.

USD/TRY (left axis) and domestic gold in TRY per gram (right axis). Each series uses its own scale — read each line against its side.

Together they frame housing wealth against two common TRY benchmarks; they do not imply a mechanical link to home prices.

Cost vs price

Rising costs sometimes squeeze home prices.

Two month-on-month % series: a construction-related input-cost proxy (Yİ-ÜFE construction component) and the general housing price index, aligned by calendar month.

When the construction series runs above housing, input costs are accelerating faster than home prices that month — a pressure indicator, not a measure of developer margins or a forecast.