Turkey's rental prices skyrocket by 583% in four years
Turkey is grappling with an unprecedented surge in rental prices, as announced by Bugra Gokce, a city planner of Istanbul Municipality. Gokce revealed that there has been an astonishing 583% increase in housing rents nationwide over the past four years, with major cities experiencing an even more staggering surge of 697%.
In a comprehensive study shared on his Twitter account, Gokçe shed light on the alarming depth of the housing crisis. A significant portion of the income of workers and employees in the 30 major cities, where 75% of Turkey's population resides, goes towards housing rent, Gokce said.
"Young professionals starting new jobs are left with virtually no chance of affording rental accommodations," according to Gokce.
Furthermore, Gokçe highlighted the harsh reality faced by public servants and government employees working in major urban centers, emphasizing that once rental expenses are deducted from their salaries, a meager sum remains for essential needs such as food, transportation, clothing, and other basic necessities.
Delving into the analysis, the research conducted between April 2019 and April 2023 revealed a staggering 583% surge in rental prices across Turkey. The average monthly rental cost skyrocketed from 728 Turkish liras to 5,058 liras within this four-year span, affecting all 81 provinces.
Cities such as Antalya witnessed an astronomical surge of 1,109%, while Mersin experienced a staggering 963% increase. Similarly, Mugla faced a surge of 935%, Ankara 833%, and Istanbul 713%.
The research further shed light on the alarming proportion of rental costs compared to average income. In April 2019, rental expenses accounted for a mere 27% of the average income in Turkey, whereas the figure has soared to a concerning 45% at present.
The analysis also revealed that in Muğla, rental prices amounted to an astounding 187% of the average income, while Antalya and Istanbul saw figures of 120% and 117% respectively.
In major cities, the average rental prices far exceeded 79% of the minimum wage, with Antalya and Istanbul reaching a daunting 1.5 times the minimum wage, and Muğla soaring to 2.5 times the minimum wage.
Moreover, in the top 10 cities heavily populated by refugees, rental prices surged by an astonishing 702%, surpassing the national average. In these areas, the proportion of rental costs compared to the minimum wage rose from 46% in 2019 to a staggering 86% at present.