Gerkem Ogyut, CEO of the analytical portal for real estate valuation Endeksa, commenting on a recent study, said that as a result of exchange rate hikes and due to inflation after the pandemic, rental prices increased by 155% across the country over the past year and by 258% over two years. The average rent is now 6,520 Turkish lira (TL).
Well, in large cities, as we have already reported the other day, it has overcome the «threshold» of 10,000 TL.
The clear preference that landlords give to foreign tenants who willingly agree to higher rent payments puts indigenous residents in a difficult position. It is especially difficult for students, graduates of colleges and universities and young families. As well as civil servants who are forced to cover rent where they are periodically transferred from their small salary.
However, rent growth has slowed down recently, writes Emlakkulisi with reference to the words of the same expert: «Although in April and May we observed a monthly increase of 15-17%, by autumn the monthly increase in rental rates decreased to 4-5%». Gerkem Ogyut stressed that further reduction of interest rates is unlikely to continue, but it should not rise as quickly as before.
The owners of the same housing have recently been reminded once again that excessive overstatement of rent - more than 25% with the prolongation of annual contracts - is fraught with serious sanctions.