Home Recent News Rents in Turkey have Risen by 9 Percent

Rents in Turkey have Risen by 9 Percent

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Rental Prices Rising in Turkey
Nova Property

Rising Rents in TurkeyRental prices have risen by approximately 9 percent in Turkey, in the last one year. This increase has been reflected as 50 Liras on the budget of an average family.

On the other hand, the increase in rents has reached 70 Liras in metropolises, such as Istanbul. According to the data of the Turkish Statistics Authority (TÜİK), average home rental price in Turkey, in July, was 650 Liras.

According to the calculations of Garanti Mortgage and Reidin (Real Estate Market Information Service), this figure was around 600 Liras in the same period of last year. The amounts set aside by families for rent and housing has reached a quarter of their total income, as a result of this increase.

Experts have pointed out that the rise in rental prices in some regions has exceeded 100 Liras, together with the impact of the demand from Syrian refugees.

According to experts, the salary of an individual on minimum pay has risen by close to 100 Liras in the last one year. At least half of this has been spent on increased rents, while the remainder has been eliminated by food price inflation.

Together with this, the 27 percent increase in the value of the dollar has resulted in the minimum wage losing 135 Liras in value. Experts are saying that “All of these have combined to make the country poorer”, and are stating that this has also affected the self-employed. Indeed, the number of dishonored checks in the first 9 months of this year is close to 560 thousand, while the amount of these checks has increased by 41 percent when compared to the same period of last year, reaching almost 20 billion Liras.

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