Rental housing in Turkey continues to rise in price under the influence of overall growth the cost of living in the country and rapid inflation, writes Turkiye Today.
Rental rates rose by 25% at the beginning of this year, and may rise by another 50% in the first half of next year. "Judging by the statements of the Ministry of Finance and Treasury, rental prices may rise by at least 50% by next summer," said Ridvan Akgun, President of the Izmir Association of Real Estate Agents.
According to Akgun, the construction industry is facing significant difficulties. "There are contractors who can no longer build houses.Large construction companies are close to bankruptcy, and consortia are experiencing problems.High costs have reduced the available supply, which has led to an increase in house purchase prices.
It should be noted that the market situation differs in different regions. In resort regions, which largely depended on foreign demand, supply now, on the contrary, exceeds demand, and the price correction after the boom of 2021–2022 has already occurred.
Source: Turkiye Today
