Event date: 2026-08-17 — Independent JUANA commentary: historical data are not return promises.
Reported event, source and date
The Central Bank published the 2026 Q2 commercial property index on 17 August. It reported a 5.5% quarterly increase and a 29.4% nominal annual rise, while the annual inflation-adjusted change was a 2.2% decline. These are market price-index movements, not actual rents or guaranteed appreciation on any individual unit.
Investment implications
A commercial property model should separate nominal capital appreciation from inflation-adjusted performance and net operating income. Deduct vacancies, fit-out, management and maintenance from rents; include transaction and financing costs in the entry price. National index growth cannot validate the asking price of a single shop.
What to verify
Underwrite rental cash flow, local comparables and inflation; do not project the national index mechanically.
Official source
Central Bank of the Republic of Türkiye (TCMB)
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