Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
Dwelling values indicated in valuation reports prepared at the time of approval of individual housing loans are used as a proxy for price. Valuation reports which form a basis for housing loans are prepared by real estate appraisal companies. The actual sale of the property and utilization of the loan is not required and all dwellings appraised are included in the scope.
Following indicators are produced:
Residential Property Price Index (RPPI);
Residential Property Price Index for New Dwellings (NRPPI);
Residential Property Price Index for Existing Dwellings (ERPPI);
Unit Price.
3.2. Classification system
Nomenclature of Territorial Units for Statistics (NUTS): Regional unit classification designed for the whole country in compliance with the European Union Regional Statistics System to develop a comparable statistical database.
Level: Regional units formed according to NUTS.
NUTS Level 3: 81 regional levels corresponding to cities.
NUTS-Level 2: 26 regional levels formed by combining NUTS-Level 3 units.
NUTS-Level 1: 12 regional levels formed by combining NUTS-Level 2 units.
Nomenclature of Territorial Units for Statistics (NUTS) is used for aggregating the data. For RPPI and ERPPI, the data are aggregated for TR1, TR2, TR3, TR4, TR5 and TR6 at the 2nd level, for other regions at the 1st level of NUTS and overall Türkiye index is constructed. For NRPPI, the index for Türkiye is constructed using 1st level of NUTS.
3.3. Coverage - sector
Household sector.
3.4. Statistical concepts and definitions
Residential Property Price Index (RPPI): Residential property price index constructed using hedonic regression method in which prices are adjusted for quality changes related to observed housing characteristics. Residential Property Price Index for New Dwellings (NRPPI): Price index constructed using hedonic regression method for dwellings built in the current and the previous years covering the whole country. Residential Property Price Index for Existing Dwellings (ERPPI): Price index constructed using hedonic regression method for the dwellings built before the current and the previous years covering the whole country.
Unit Price: Price calculated by dividing the value of a property by its gross area of use.
3.5. Statistical unit
Appraisal values of dwellings.
3.6. Statistical population
The target population is the set of valuations of all types of dwellings prepared by real estate companies.
3.7. Reference area
The RPPI, NRPPI and ERPPI which are constructed to represent the whole country, cover all provinces.
The national RPPI, ERPPI and NRPPI are weighted averages of the regional indices. RPPI is published for the whole country and TR10, TR21, TR22, TR31, TR32, TR33, TR41, TR42, TR51, TR52, TR61, TR62 and TR63 regions at the 2nd level of NUTS, TR7, TR8, TR9, TRA, TRB and TRC regions at the 1st level of NUTS, whereas NRPPI and ERPPI are published for the whole country.
3.8. Coverage - Time
Data are available from January 2010.
3.9. Base period
The indices are referenced to 2015=100 for delivery to Eurostat (The base period used for national publication is 2023=100.).
Following units are used:
Index figures;
Annual and quarterly percentage changes;
Unit prices in national currency (TRY/sq m).
Calendar quarter.
6.1. Institutional Mandate - legal acts and other agreements
Article 43, CBRT Law No. 1211, as amended on April 25, 2001 by the Law No. 4651 Turkish Statistics Law No. 5429 - Official Statistics Program
6.2. Institutional Mandate - data sharing
Not applicable.
7.1. Confidentiality - policy
Article 43, CBRT Law No. 1211, as amended on April 25, 2001 by the Law No. 4651 Turkish Statistics Law No. 5429 - Official Statistics Program
7.2. Confidentiality - data treatment
Not applicable.
8.1. Release calendar
The release calendar is announced to the public in advance and published on the first business day of each year on the website of the CBRT.
The institutions and organizations which are the subscribers of the data delivery system are informed about the publication of the results just after they are made available on the website of the CBRT.
Methodological paper can be found at CBRT webpage. (A Hedonic House Price Index for Turkey, Timur Hülagü, Erdi Kızılkaya, Ali Gencay Özbekler, Pınar Tunar, 2016)
10.7. Quality management - documentation
Not applicable.
11.1. Quality assurance
All data are checked for completeness and consistency with statistical concepts and definitions. Automatic quality controls have been implemented within the RPPI production process in order to detect and correct errors in the data files that are received. Outliers, such as dwellings with very high or low unit prices and mass valuations are excluded from the index.
11.2. Quality management - assessment
Not applicable.
12.1. Relevance - User Needs
Policy makers; Commercial banks; Real estate appraisal companies; Economic analysts.
12.2. Relevance - User Satisfaction
The “Statistics Users Survey” is conducted in order to monitor users' needs.
12.3. Completeness
The RPPI covers both newly built and existing dwellings. However, since transaction data have quality issues, indices are produced based on appraisal data.
13.1. Accuracy - overall
The RPPI is considered to be accurate and to reflect the dynamics of the housing market.
13.2. Sampling error
Not available.
13.3. Non-sampling error
Not available.
14.1. Timeliness
Indices are published nationally approximately 15 days after the end of the reference quarter. Then indices are sent to Eurostat within 45 days after the end of the reference quarter following the routine revision process.
14.2. Punctuality
Data files are sent in line with the transmission calendar agreed with Eurostat.
15.1. Comparability - geographical
RPPI and ERPPI data are comparable across NUTS 2 regions for TR1, TR2, TR3, TR4, TR5 and TR6 and NUTS 1 for remaining regions while NRPPI data are comparable across NUTS 1 regions.
15.2. Comparability - over time
Data are comparable over time.
15.3. Coherence - cross domain
Other data relating to the housing market are obtained from internet advertisements. Index derived from this data set is used for internal reports and shows the same trend as the RPPI.
15.4. Coherence - internal
RPPI is not calculated by taking weighted average of NRPPI and ERPPI. The valuation reports do not include information on whether the dwelling was sold for the first time or not. Therefore, dwellings are classified as new if they were constructed within the last two years and existing if they were constructed before the current and previous years. Since the definitions of new and existing dwellings are different from the EU and since, due to the scarcity of data on new dwellings, the scope for two indices is different, the index is calculated for all (total) houses separately, not by weighting these two indices (new and existing). RPPI has an independent calculation process, thus RPPI does not always move between NRPPI and ERPPI.
OOHPI for Türkiye is not available.
A total of 6 people of whom 3 graduated in statistics work in the process of collecting, processing, controlling, analyzing and publishing the statistics. There are no associated burden as data is gathered from commercial banks based on the CBRT Law No. 1211.
17.1. Data revision - policy
Due to late and/or revised submission of valuation reports, indices may be subject to revision up to one year.
17.2. Data revision - practice
RPPI data are revisable. Unperiodic revisions which stem from methodological changes are announced in advance.
18.1. Source data
See below.
18.1.1. Prices
Administrative data is used to compile the RPPI.
18.1.2. Weights
Data on number of households published by the Turkish Statistical Institute (TURKSTAT) and average value of dwellings in the CBRT dataset are used as weights. The weights are used to aggregate regional strata in order to produce the national RPPI, ERPPI and NRPPI. RPPI is not calculated by taking weighted average of NRPPI and ERPPI. The index is calculated for all (total) houses separately, not by weighting these two indices (new and existing).
18.1.3. Source data - House Sales indicators
Not available.
18.2. Frequency of data collection
Data are collected monthly.
18.3. Data collection
Data are obtained by electronic databases.
18.4. Data validation
Various procedures ensure that errors are minimised in the data. The following validation checks are made on each record in the source data:
• Extreme values are identified and eliminated, • Data cleaning is done to remove cases of obviously erroneous data, • Minimum and maximum values are investigated, • Mass valuations are identified and eliminated.
18.5. Data compilation
See below.
18.5.1. Calculation and Aggregation
See below.
18.5.1.1. Index formulae
RPPI, ERPPI and NRPPI, which measure quality adjusted price changes are computed by estimating the regression coefficients for each period and each stratum. RPPI is not calculated by taking weighted average of indices for new and existing dwellings. Each of them has an independent calculation process. Indices are produced by dividing the data set into four-year periods starting from 2010, by taking the starting year of the relevant period as the base period. The whole series are computed with the base year 2023.
18.5.1.2. Aggregation method
Nomenclature of Territorial Units for Statistics (NUTS) is used for aggregating the data. The data are aggregated for TR1, TR2, TR3, TR4, TR5 and TR6 at the 2nd level, for other regions at the 1st level of NUTS and overall Türkiye index is constructed. For NRPPI, the index for Türkiye is constructed using 1st level of NUTS.
18.5.1.3. Derivation of sub-index and elementary aggregate weights
Data on household numbers published by the TURKSTAT and average value of dwellings in the CBRT dataset are used as weights. Weights used to produce indices are calculated using the average value of dwellings and number of households in the related stratum in the previous year. As an exception, since household numbers are available from 2012, for the years 2010, 2011 and 2012, 2012 household data are used. Additionally, since there is no RPPI data for 2009, the average house values of 2010 are used for 2010.
RPPI is not calculated by taking weighted average of NRPPI and ERPPI. The valuation reports do not include information on whether the dwelling was sold for the first time or not. Therefore, dwellings are classified as new if they were constructed within the last two years and existing if they were constructed before the current and previous years. Since the definitions of new and existing dwellings are different from the EU and since, due to the scarcity of data on new dwellings, the scope for two indices is different, the index is calculated for all (total) houses separately, not by weighting these two indices (new and existing). Since RPPI has an independent calculation process, RPPI does not always move between NRPPI and ERPPI.
18.5.1.4. Price updating
Weight reference period is t-1. Thus, there is no need to update the weights.
18.5.1.5. Chaining and linking method
No chaining is applied
18.5.1.6. Compilation of sub-indices
Hedonic method combined with geographical stratification approach is applied to produce RPPI, NRPPI and ERPPI.
18.5.1.6.1. Hedonic method
RPPI, NRPPI, ERPPI which measure quality adjusted price changes related to the observed housing characteristics are constructed by using Laspeyres variant of the average characteristics hedonic method and log-linear regression model. The log-linear regression models are applied for each stratum and for each period which enables observing the price effects of quality component changes by stratum and in time. Dependent variable: Logarithm of appraisal value Independent variables: Gross area of use, quality of construction, year of construction, number of bedrooms, number of bathrooms, security service, elevator, parking lot
18.5.1.6.2. SPAR method
Not applicable.
18.5.1.6.3. Stratification
In the scope of the current RPPI, ERPPI and NRPPI implementation, in which the geographical stratification approach is applied, 19, 19 and 12 homogenous strata are used respectively.
18.5.2. Other processing issues
See below.
18.5.2.1. Timing for pricing
Dwelling values indicated in valuation reports prepared at the time of approval of individual housing loans are used as a proxy for price.
18.5.2.2. Treatment of VAT
VAT is included in the price of new dwellings.
18.5.2.3. Treatment of other taxes
Taxes other than VAT are not included in the price of dwellings.
18.5.2.4. Treatment of government subsidies
Not applicable.
18.5.2.5. Treatment of land
The price of land is neither included in prices nor in weights.
18.5.2.6. Housing cooperatives
Housing cooperatives are not covered in the RPPI.
18.5.2.7. Treatment of non-market transactions
"Non-market" transactions are not covered in the RPPI.
18.5.2.8. Treatment of multi-object transactions
Multi-object transactions are not covered in the RPPI.
18.5.2.9. Treatment of fractional transactions
Fractional transactions are not covered in the RPPI.
18.5.2.10. Outliers detection
The Tukey’s Hinges method has been implemented in the analysis of extreme values in order to construct the indices.
Unit prices that qualify the following equation:
m2 unit price < Q1-3*(Q3-Q1) or m2 unit price > Q3+3*(Q3-Q1)
where Q1: Lower Quartile and Q3: Upper Quartile are accepted as extreme values and excluded from the analysis.
18.5.2.11. Treatment of incomplete data source coverage
Not applicable.
18.6. Adjustment
No adjustments other than quality adjustment are applied to the RPPI data.
None.
Dwelling values indicated in valuation reports prepared at the time of approval of individual housing loans are used as a proxy for price. Valuation reports which form a basis for housing loans are prepared by real estate appraisal companies. The actual sale of the property and utilization of the loan is not required and all dwellings appraised are included in the scope.
Following indicators are produced:
Residential Property Price Index (RPPI);
Residential Property Price Index for New Dwellings (NRPPI);
Residential Property Price Index for Existing Dwellings (ERPPI);
Unit Price.
6 November 2025
Residential Property Price Index (RPPI): Residential property price index constructed using hedonic regression method in which prices are adjusted for quality changes related to observed housing characteristics. Residential Property Price Index for New Dwellings (NRPPI): Price index constructed using hedonic regression method for dwellings built in the current and the previous years covering the whole country. Residential Property Price Index for Existing Dwellings (ERPPI): Price index constructed using hedonic regression method for the dwellings built before the current and the previous years covering the whole country.
Unit Price: Price calculated by dividing the value of a property by its gross area of use.
Appraisal values of dwellings.
The target population is the set of valuations of all types of dwellings prepared by real estate companies.
The RPPI, NRPPI and ERPPI which are constructed to represent the whole country, cover all provinces.
The national RPPI, ERPPI and NRPPI are weighted averages of the regional indices. RPPI is published for the whole country and TR10, TR21, TR22, TR31, TR32, TR33, TR41, TR42, TR51, TR52, TR61, TR62 and TR63 regions at the 2nd level of NUTS, TR7, TR8, TR9, TRA, TRB and TRC regions at the 1st level of NUTS, whereas NRPPI and ERPPI are published for the whole country.
Calendar quarter.
The RPPI is considered to be accurate and to reflect the dynamics of the housing market.
Following units are used:
Index figures;
Annual and quarterly percentage changes;
Unit prices in national currency (TRY/sq m).
See below.
See below.
RPPI, NRPPI, ERPPI - Quarterly
Unit Price - Quarterly
Indices are published nationally approximately 15 days after the end of the reference quarter. Then indices are sent to Eurostat within 45 days after the end of the reference quarter following the routine revision process.
RPPI and ERPPI data are comparable across NUTS 2 regions for TR1, TR2, TR3, TR4, TR5 and TR6 and NUTS 1 for remaining regions while NRPPI data are comparable across NUTS 1 regions.
