Real EstateLocal Turkiye

Turkiye: Commercial Real Estate Price Index increased by 12.5% in the 4th quarter

Commercial Real Estate Price Index (TGFE) increased by 12.5% in the last quarter of 2023 compared to the previous quarter, 98.2% in nominal terms and 21.8% in real terms on an annual basis.

TGFE data for the 4th quarter of last year was announced for the first time by the Central Bank of the Republic of Turkiye (CBRT).

TGFE increased by 12.5% in the last quarter of 2023 compared to the previous quarter, 98.2% in nominal terms and 21.8% in real terms on an annual basis.

The Market Price Index, which increased by 13.1% in the last quarter of 2023 across Turkiye compared to the previous quarter, increased by 98.9% in nominal terms and 22.2% in real terms compared to the same period of the previous year.

The Office Price Index, which increased by 9% in the 4th quarter compared to the previous quarter, increased by 94.2% in nominal terms and 19.3% in real terms compared to the same period of the previous year.

Looking at the TGFE change for 3 major cities, the index increased by 9.4%, 14.5% and 13.6%, respectively, in Istanbul, Ankara and Izmir in the 4th quarter of last year compared to the previous quarter.

Index values increased by 80.9%, 110.2% and 110.1% in Istanbul, Ankara and Izmir, respectively, compared to the same quarter of the previous year.

Source: AA / Prepared by Irem Yildiz

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