Despite the decrease in the supply of rental housing across Turkey, the rate of increase in rental prices has been declining for 5 months due to the decline in demand for rental housing.
In the “sahibindex Rental Housing Market Outlook” report prepared by Bahçeşehir University Center for Economic and Social Research (BETAM) based on sahibinden.com’s advertisement data, the recent changes in the housing market were examined.
According to the report, the rate of increase in real rental prices decelerated from October to November both nationwide and in three major cities. The slowdown in the rate of increase in real rental prices has been continuing for the last 5 months in Istanbul and Izmir and for the last 4 months in Ankara.
The annual rate of increase in real rental prices slowed to 18.3 percent nationwide, 9.3 percent in Istanbul, 60.1 percent in Ankara and 34.1 percent in Izmir. The rate of increase in current rental prices also slowed down. The average price per m2 of rental housing advertisements across the country was TRY 128.4. Average rental advertisement m2 prices were TRY 166.7 in Istanbul, TRY 116.7 in Ankara and TRY 141.2 in Izmir.
The real rent index in Turkey continued to decline since July. From October to November, the average real rental price index decreased by 5.1 points to 174.3.
In November, compared to the previous month, the number of rental housing advertisements decreased by 4.1 percent nationwide, 2.7 percent in Istanbul, 3.2 percent in Ankara and 5.3 percent in Izmir. The decline in the demand for rental housing in November stands out. Compared to the same period last year, the demand for rental housing decreased by 5.4 percent.