Rental prices in Turkey experienced a staggering 127.9% increase in October compared to the same period last year, according to real estate valuation firm Endeksa.
The rise was particularly pronounced in major cities. Istanbul saw a 91% surge in rental prices, while Aegean İzmir experienced a 131% increase, and the capital Ankara recorded a 178% hike.
The average rent for a 100 m2 house in Istanbul has reached 17,111 Turkish liras ($594). In other words, a minimum wage employee earning 11,402 liras can only cover 67 percent of the house rent with their salary. The same rate is 82 percent in Ankara and 75 percent in İzmir.
Housing sales fell by 8.7 percent in October compared to the same month of the previous year, according to reporting of Esra Toptaş from Habertürk. Despite this decrease, the average house prices in Turkey increased by 103 percent in one year.
Istanbul witnessed an 89.6 percent surge in house prices, while Ankara and İzmir experienced notable 121.1 and 98 percent increases respectively. Similarly, house prices in southern tourist destination Antalya rose by 91 percent, southeastern Adana by 74.7 percent, Aegean Muğla by 110 percent, and northern Trabzon by 99.3 percent.
The average price for houses with similar features in Istanbul stands at 4.2 million liras, with a square meter costing around 35,500 liras as of 2023.