Recently, Turk Estate said that Alanya was the first city where the «rental bubble» of inflated prices burst. Housing rental rates began to decline in a number of provinces, gradually covering the entire country.
Recall that over the past year, only according to official data, rent on average in Turkey has risen by 153%, and in four years – by 250%; the actual figures in the popular provinces are much higher.
However, the tariffs were so inflated that sooner or later a «price collapse» had to happen. At the moment, there has been a decrease in rates in many cities, especially in Istanbul and Antalya.
The reduction in the cost of rent is observed in a number of significant developments, as we have already written about the other day. As for the largest Turkish metropolis, the amount of rent in Istanbul has already decreased by an average of 4-13%. For example, since July, the average rate in the sought-after Besiktas has decreased by 10% at once.
The price also fell in Bakhchelievler, Atashehir, Chekmekey and some other districts. Partly because of the migration of tenants from the center to the outskirts, but not only for this reason.
Eser Karaismailoglu, Sales Director Zingat.com based on the company's statistics, notes: «Since June, the dynamics began to follow the horizontal course. We can say that the growth has stopped and the downward movement has begun, especially in Antalya, where the tariff jumps have been particularly sharp lately.
Rental rates in Antalya decreased by 7%. The decrease in rental prices may continue in large cities at least until the beginning of September: since the beginning of August, we have seen a decrease of 10% in Istanbul's Kadikoy district, 5% in Izmir (Karshiyak district) and 6% in Ankara's Yenimahalle and Etymesgut districts».
Gerkem Ogyut, founding partner and CEO of Endeksa, recalled that in summer the average rent per square meter was 49.05 Turkish lira (TL) per square meter, and the average payment per unit of housing in Turkey was 5396 TL, said: «The peak in rental housing was observed in April, with an increase of 18.2% for a month. Since April, there has been a slight downward trend, and as of July, rent has fallen to 6%. (...) In the second half of this year, the rental market is expected to reach a state of "new equilibrium", as well as the market of real estate intended for sale».
However, in the field of rental housing for students, «autumn fever» has not been canceled. And new dormitories designed to solve this issue are not being built in every city where there are universities, although Alanya is lucky in this sense.