Average monthly rent prices surged 117 percent on annual basis in Turkey: Report
Average monthly rent prices have increased by 117 percent in one year in Turkey, according to a study by BETAM, an Istanbul-based think-tank. In some of the quake-hit provinces, rents have more than doubled compared to three months ago.
Rents have increased on average by 117 percent on an annual basis in April across Turkey, online news outlet T24 reported, citing a study by Bahçeşehir University Center for Economic and Social Research (BETAM).
The average rental cost per square meter became 105.2 Turkish liras per month in April, said BETAM, basing the analysis on data from the online platform sahibinden.com. This figure was recorded as 130.4 liras for Istanbul, 84.6 liras for Ankara and 100 liras for İzmir.
The province that saw the highest annual rent increase was Trabzon with 300 percent rise. Trabzon was followed by Malatya (258.8 percent), Ankara (192.2 percent) and Denizli (187.2 percent).
In the earthquake-zone, Adıyaman was the province that marked the highest annual rent increase with 111.2 percent. Rents have increased on average by 101.4 percent in Hatay whereas 85.1 percent in Malatya. According to these data, the rent prices in Hatay and Adıyaman have more than doubled compared to three months ago.
An exodus from quake-ravaged southeastern provinces has worsened Turkey’s housing crisis, causing a further increase in already soaring rent prices. Ankara is mulling a bill introducing jail terms for gouging landlords.