Turkey leads Europe as the country where rental prices have risen the most in the last year, according to a recent study published by the Eurostat agency reflecting rental price rises among EU member states and candidate countries.
According to Turkish media, the Eurostat report shows that between May 2023 and May 2024, the cost of rents in Turkey rose by 125.1%: a figure far higher than that of its European neighbours, with Hungary being the country with the second highest rent increase, with prices rising by 12.8% in the last year.
It is important to note that this rise in Turkey occurred despite the measures introduced by the Turkish government to limit rent rises to 25%; this limit is due to expire on 2 July, and from then on, owners of rented apartments will be able to increase the price according to the average increase in the CPI recorded over the last 12 months.
Several experts have pointed out that the end of the cap on rent increases could unleash a wave of conflicts and disputes between landlords and tenants, but Turkish Finance Minister Mehmet Şimşek reiterated in his latest statements on the matter that he sees “no reason for it to continue, and I don’t think it should continue“.
Interestingly, his statements seem to be backed up by another study published by the Centre for Economic and Social Research of Bahçeşehir University (BETAM), according to which the average cost of rents in Turkey, taking into account the real inflation-adjusted price, actually fell by 14% compared to last year; the decline was of 13.3% in Istanbul, 4.1% in Izmir and 1.2% in Ankara.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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