A selection of the most relevant news of the real estate market of the Republic of Turkey is in our weekly digest.
The rental market continues to be in a fever: the annual increase in tariffs is 140-180%. This applies, we recall, to newly concluded contracts: for prolonged long-term contracts (1 yearlong), tenants are still protected - here the owner does not have the right to raise rates by more than 25%. However, this "moratorium" imposed by the authorities may cease to be in effect from July 1, 2023; whether it will cease is precisely this news that remains on the agenda.
For the same reason, tenants refuse to leave their "homes" and move to new ones, where the rent will obviously be much higher; therefore, in the segment of housing sales, buyers are increasingly reorienting to new buildings - so as not to risk getting involved in litigation if it suddenly turns out that someone is renting an apartment purchased in the "secondary" segment.
Homeowners are also waiting for news: aidat is steadily increasing. In the most prestigious complexes of sought-after areas, the monthly maintenance fee for the residential complex from each residence reaches the amount of rent in unpopular locations - tens of thousands of Turkish lira.
However, it is better to be a homeowner in any case than a tenant. Therefore, the authorities actively support those who are ready to acquire their own real estate, even if it is a simple factory-built house: manufacturers of such houses periodically announce sales, and often the state participates in them, subsidizing the purchase in a certain amount. A few days ago, the March prices for such factory houses were announced.
This is relevant, in particular, for those who lost their homes after the earthquake with the epicenter in Kahramanmarash. After this event, people began to pay much more attention to the safety of buildings: for example, the demand for an "earthquake app" in Istanbul increased significantly. Which, however, despite the increased seismic hazard, has by no means become less in demand in the sense of buying a home.