Turkey’s house prices bull market momentum as a consequence of years of negative real interest rates policy, which is somehow called tight by Central Bank of Turkey, is rapidly translating into positive economic data as illustrated not by the unemployment rate surging to 9.9% in seasonally adjusted terms, or the GDP growth reported to be occurring at an annual rate of 2.1% substantially missing analysts’ expectations, but by the house prices rising, crazy-madly in some parts.

The...