| Date: | Thursday, January 12, 2023 |
The Turkish Statistical Institute announced the rate of increase in house rents during the month of May.
Are rental prices rising in Turkey?
The Turkish Statistical Institute announced the rate of increase in house rents during the month of May.
Where the institute revealed inflation rates for the month of March, which rose by 7.25 percent in March, while it rose by 69.97 percent on an annual basis, and 34.46 percent according to the twelve-month averages.
Accordingly, the rate of increase in rents for the month of May was 34.46%.
Example:
Current rental price: 2000 TL
Increase rate: 34.46%
New rental price: 2689 liras
Under the price increase decision, real estate owners have the right to raise the rent of the house at the mentioned rate for new renters or renewing their contracts during this month only.
The rent increase can be up to 60 percent
With the announcement of the amount of increase in house rents in Turkey, which depends on inflation figures, tenants are wondering about the rates of increase during the coming period.
The rate of rent increase for the month of May was determined after the inflation figures were announced and the increase amounted to 34.46 percent and with high inflation rates in the country, it can be said that the tenants are waiting for a difficult process in the coming months.
Speaking on this subject with a local newspaper, economist Hatice Kolcak said that the rate of increase in rents may rise to 60 percent.
"Inflation appears to be approaching a new peak. The rent increase is increasing every month. Previous tenants seem to be paying less. But now there will be a rent increase of 45-50 per cent and it could be as high as 60 per cent," Koljak added.
What are the reasons for the increase in apartment rents in Turkey?
-The rental rate of apartments in the Turkish real estate market has increased significantly, especially in major cities and cities that contain universities and educational institutions.
-Statistics show that rents in different regions of Turkey have increased by 40%,
-While in cities where there are a large number of students (Kogali, Eskisehir, Erzurum, Konya, Bursa, and others...)
The rent increase has reached 50%.
-Apartment rents in Turkey in the central areas of major megacities such as Ankara and Izmir have increased by nearly 100%,
-As for apartment rents in Istanbul, it has witnessed the largest increase in apartment rental prices, with the rate of increase reaching nearly 300% in some areas.
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