Last month, Istanbul became a profitable investment zone in the residential sector, but prices there fell by 0.60 percent. According to the ICC, in Istanbul, the growth of retail prices was 9.07 percent, and wholesale prices – 13.48 percent compared to the same month of the previous year.
According to the Istanbul Chamber of Commerce (ICC), the salary in Istanbul was 1.14 percent in May this year, and the wholesale price index was 0.43 percent. The wage index rose 8.34 percent year-on-year, while the wholesale price index-by 8.26 percent year-on-year in May. Also, there was a rise in prices in the group of food expenditures, an increase in prices in the group for household items and housing costs, and drop-in prices in the education and entertainment spending group.
Despite a monthly decline of 0.60 in housing prices, the annual price increase was 7.28%. Thus, in Istanbul, the housing sector lagged behind the annual price increase, which led to the creation of a “profitable investment zone”. Retail prices in May 2017, compared to the previous month, increased by 14.04 percent in clothing costs, 1.13 percent in household spending, 0.99 percent in food expenditures, 0.44 in transportation costs and Communication, 0.28 per cent in health expenditures, decreased by 1.0 per cent in expenditures for culture, education, and recreation, and 0.60 per cent in housing expenditures.
In spending on clothing, while men’s clothing increased by 13.39 percent, prices for women’s clothing increased by 24.24 percent. In children’s clothes, prices rose by 6.52 percent. While the average price increase over the past year reached 9.07 percent, the highest price increase was 25.72 percent in alcoholic and non-alcoholic beverages.