ISTANBUL: RENT INCREASES IN TURKIYE
Turkiye has seen the highest annual increase in rent prices among European Union members and EU candidate countries, with a staggering 125.1 percent surge between May 2023 and May 2024. Despite the government’s previous cap on rent hikes, experts are now anticipating disputes between landlords and tenants as the cap expires on July 2.
Finance Minister Mehmet Şimşek has hinted that the rent hike cap will not be renewed beyond July, leading to uncertainty in the rental market. However, a recent report by the Bahçeşehir University’s BETAM revealed a decline in rental prices across Turkiye in May, adjusted for inflation.
While Istanbul saw a 13.3 percent decrease in rental prices compared to the previous year, Ankara and İzmir also experienced declines. The future of rent prices in Turkiye remains uncertain as landlords and tenants navigate the post-cap rental market.