Türkiye's quality-adjusted residential property price index increased 0.9% in August and 23% from a year earlier, the Central Bank reported on 16 September. After consumer inflation, the annual change was a 6.5% decline. The accompanying new-tenant rent index rose 2.3% monthly and 26.4% annually, but was 3.9% lower in real terms. These indices describe price change, not the lira price of a particular home, an asking-rent level or an investor's return.
Nominal gains did not beat inflation
The national home-price index reached 236.8. Its 23% annual nominal rise means the measured price level was higher in lira, while the 6.5% real decline means it did not keep pace with consumer inflation. Buyers should keep nominal and inflation-adjusted performance separate, especially when comparing the market with deposits, foreign currency or other assets.
Istanbul, Ankara and Izmir
Home prices rose 1.9% in Istanbul, 1.5% in Ankara and 2.7% in Izmir during August. Annual increases were 26.3%, 24.8% and 23.3% respectively. These metropolitan figures are averages; they do not substitute for completed-sale evidence in the same district, building age and property type.
New rents moved faster in Istanbul
The national new-tenant rent index increased 26.4% annually. Istanbul recorded 34.5%, Ankara 28.3% and Izmir 25.5%; monthly increases were 4.9%, 2.6% and 5.4%. The series concerns newly agreed leases, so it should not be applied to every existing tenancy or treated as the legal rent increase ceiling.
What an overseas buyer or landlord should verify
Use the release as a market-temperature check, then test the specific property with comparable completed transactions and realistic new-lease evidence. Verify title, zoning and occupancy status, building condition, earthquake resilience, dues, tax, vacancy and management costs. Gross rent divided by asking price is not a net yield, and neither index guarantees future appreciation.
What the index does not say
The figures do not isolate foreign buyers, measure listing prices, publish average rents in lira or rank investment returns. The indices are quality-adjusted and built from valuation and lease data using TCMB methodology. A neighbourhood can therefore move differently from the national or metropolitan average.