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Rent in Istanbul Has Jumped by 98%

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In January 2022, rental rates for housing in Turkey's largest city increased by 97,7% year on year.

What happened? In January 2022, rental rates in Istanbul increased by 13.1% monthly and 97.7% year-on-year. The average cost of renting housing in the city was 44 Turkish lira ($3.2) per square meter per month. These are the results of an analysis by the Center for Economic and Social Research (BETAM) of the University of Bahcesehir, which collected data from an online advertising platform Sahibinden.com.

Context. Rent increases were one of the most discussed issues last year, especially in Istanbul, where tens of thousands of students live. Local media published reports that landlords were asking astronomical prices for tiny studios in poor conditions in every district. Experts and real estate agents attribute the sharp rise in rates to a limited supply. By the way, the galloping increase in rental costs has already attracted the attention of lawyers.

Home sales. House purchase prices in Istanbul are also rising. They rose 63% year-on-year in December 2021. More than 39,000 houses and apartments were sold in the city, compared with 32,000 in the previous month despite the price increase. And in total, 276,000 residential properties were purchased in Turkey's largest city in 2021, compared to 265,000 in the previous year.

Rent in the regions. The BETA study also showed that rents in Turkey increased by an average of 77.8% year on year. The growth in Ankara was 82%, and in Izmir - 62%. The highest annual increase in rent was recorded in the southwestern province of Mugla (+108%), followed by Istanbul (98%) and Antalya (+92%).

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Source: Hurriyet Daily News

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