Turkish Commercial Real Estate Price Index (TCREPI)

In the first quarter of 2024, the TGFE in Turkey increased by 12.0% compared to the previous quarter. Compared to the same quarter of the previous year, it increased nominally by 81.7% and in real terms by 8.9%.

Table 1: Commercial Real Estate Price Indices (2017=100)

	Commercial Real Estate Price Index (TGFE)	Shop Price Index (DFE)	Office Price Index (OFE)
	1141,9 (%81,7)	1127,2 (%82,8)	1217,9 (%75,1)
	1000,2 (%69,1)	1009,2 (%71,6)	974,0 (%61,4)
	1247,1 (%92,6)	1144,9 (%94,4)	1536,3 (%87,8)
	1284,9 (%81,3)	1216,6 (%75,0)	1684,6 (%113,1)

Grafik 1 : TGFE (Level, 2017 = 100)

Grafik 2 : TGFE (Changes, %)

Graph 3: Turkey Shop and Office Price Indices (Quarterly % Change)

Graph 4: Turkey Shop and Office Price Indices (Annual % Change)

Across Turkey, the Shop Price Index increased by 11.7% in the first quarter of 2024 compared to the previous quarter. Compared to the same quarter of the previous year, it rose nominally by 82.8% and in real terms by 9.6%. In the same quarter, the Office Price Index increased by 13.0% compared to the previous quarter, and compared to the same quarter of the previous year, it rose nominally by 75.1% and in real terms by 5.0%.

When evaluating developments in the three major cities, the commercial real estate price indices for Istanbul, Ankara, and Izmir increased by 11.2%, 13.1%, and 11.4%, respectively, in the first quarter of 2024 compared to the previous quarter. Compared to the same quarter of the previous year, the index values rose by 69.1% in Istanbul, 92.6% in Ankara, and 81.3% in Izmir.