According to a recent study conducted by BETAM, a prominent think-tank based in Istanbul, the average monthly rent prices in Turkey have witnessed a staggering increase of 117% over a year. Particularly in regions affected by earthquakes, rental costs have more than doubled in comparison to just three months ago. T24, an online news outlet, reported that rents across Turkey rose by an average of 117% on an annual basis in April, citing a study conducted by the Bahçeşehir University Center for Economic and Social Research (BETAM).
BETAM's analysis, which relied on data from the online platform sahibinden.com, revealed that the average rental cost per square meter in April stood at 105.2 Turkish liras. However, in major cities such as Istanbul, this figure reached 130.4 liras, while Ankara recorded 84.6 liras and İzmir registered 100 liras.
Among all provinces, Trabzon experienced the most substantial annual increase in rent prices, with a staggering surge of 300%. Trabzon was closely followed by Malatya (258.8%), Ankara (192.2%), and Denizli (187.2%).
In the earthquake-affected region, Adıyaman witnessed the highest annual rent increase, reaching 111.2%. Hatay experienced an average rise of 101.4%, while Malatya saw an increase of 85.1%. These figures indicate that both Hatay and Adıyaman have more than doubled their rent prices compared to three months ago.
The influx of people leaving the earthquake-devastated southeastern provinces has exacerbated Turkey's housing crisis, leading to a further escalation in already skyrocketing rent prices. To address this issue, Ankara is considering the implementation of legislation that would impose jail terms on landlords engaging in price gouging.
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