The annual growth rates of rental prices in Turkey have once again reached record levels, writes Emlakkulisi with reference to the latest data from the BETAM report. Thus, the annual increase in rent was 138.5% in Istanbul, 153% in Ankara and 182.1% in Izmir: and these are only "official" rates.
According to the Center for Economic and Social Research of Bahcesehir University (BETAM), the average price per square meter of rental housing in February across Turkey increased by 189.5% compared to the same period of the previous year and reached 86.9 Turkish lira (TL). This dynamic is due to the demand for rental housing across the country, coupled with a limited supply.
As for the key megacities, the average cost per square meter of rented housing is 116.9 TL in Istanbul, 60.7 TL in Ankara and 84.6 TL in Izmir.
The demand for rental housing increased by 34.9% compared to January and by 48.4% compared to February of the previous year.
As for the provinces affected by the earthquake, BETAM estimates that the number of apartments for rent in them has decreased by more than a third. In particular, 46.5% - in Adiyaman.
Recall that these figures relate to newly concluded contracts, since with the prolongation of long-term lease contracts, the maximum threshold for fee increases until the summer of 2023 is 25%. And the sanctions for violating this rule are serious: a sharp increase in rates is fraught for owners not only with fines.