RESIDENTIAL PROPERTY PRICE INDEX ON THE RISE

The Residential Property Price Index (RPPI) increased by 96.4% in February, compared to the same month last year, according to the Central Bank. The RPPI surged 13.5% to 317.6 points month-ove-rmonth in February. The Residential Property Price Index climbed by 14.9% in Istanbul, 16.0% in Ankara, and 12.7% in Izmir month-over-month in February. The RPPI surged by 26.9% in real terms in February, compared to the same month last year. Further, the index jumped 106.3% in Istanbul, 97.1% in Ankara, and 90.1% in Izmir in February on an annual basis. The RPPI soared 102.2% for new dwellings and 95.3% for existing dwellings in the same period across the country. The average unit price in Turkey, meanwhile, has reached TRY 8,640 per square meter as of February.