House prices in Turkey dropped an annual 13.3 percent in February when subtracting the erosive effects of inflation, the central bank said on Tuesday.
Prices rose an annual 3.8 percent when excluding inflation, which stood at 19.7 percent last month, the central bank saidon its website on Tuesday. The biggest increases, excluding inflation, were in the north and east of the country. Prices in Istanbul, Turkey’s biggest city, dropped 1.7 percent on that basis.
The bank said the data for February was calculated using a new method, which took the base year as 2017. It didn’t say how the change affected the survey’s results.
Turkey’s housing market has entered a slump after a currency crisis last year, sparked by concerns about economic overheating and a political crisis with the United States over the detention of a U.S. pastor. Last week, Treasury and Finance Minister Berat Albayrak said the government planned to take the problem loans of real estate companies off banks’ balance sheets to help rejuvenate the sector.
On a monthly basis, prices increased 0.96 percent, the bank said in the monthly survey.