Endeksa Announces: Rent Growth Slowed in December, Small Declines in Some Regions

The average rent in Istanbul is 17 thousand 594 TL

According to the evaluation by Endeksa.com for December 2023, Istanbul is the city with the highest rental unit value in Turkey. In the past month, the average residential rent in Istanbul was determined to be 17 thousand 594 TL, with a unit square meter rental price of 176 TL. Endeksa data indicates that the rental property value in the metropolis has increased by 78% in the last year.

On the other hand, the cosmopolitan structure of the Mega City is also evident in the rental market. In Istanbul, where sectoral fluctuations and increases in rental values are clearly felt in many regions, some districts experienced a decrease in value. For example, in December, square meter prices in Şile decreased by 3%, reaching 165 TL. Similarly, there was a 2% decline in Başakşehir and Küçükçekmece, with square meter rental prices recorded at 181 TL and 168 TL, respectively. In the more central districts of the city, the increase continues. In Beşiktaş, where the rental value per square meter is 331 TL, there is a 6% increase, while in Beyoğlu with 267 TL and Sarıyer with 382 TL, there is a 5% increase.

Value growth of more than 100 percent in many provinces in 2023

Average of Turkey's second most valuable city in terms of rental housing according to December figures 16 thousand 399 TL with Muğla. Continued since July and in total 13 percent Although experiencing a decrease of up to, the city retains its place at the top of the list. The value of the rent per unit square meter in the last six months from 186 TL to 164 TL One of the main reasons for the decline in Muğla, where it is declining, is shown as the end of the summer season. As the demand for tourism-related housing decreases, this trend is also reflected in rental values.

Another important city in the Aegean İzmir 2023 in terms of rental values 119 percent It closed with an increase of. The increase registered on the basis of December 4 percent happened. Current average housing rent in the city 15 thousand 926, if the rental value per square meter 145 TL. On the other hand, Bergama became the champion of rent increase in İzmir in December. 6 percent The value per square meter of rental housing in the district where a positive change in value of was recorded of 100, the average rental housing value is also 12 thousand 200 TL at the level.

One of the most vibrant cities in the Mediterranean Region in terms of real estate market Antalya In addition, the stagnation that came with the winter season also had its effect in the last month of 2023. The change in value in the city remained constant and the average value of rental housing per square meter 145 TL, the price of rental housing also 15 to 38 TL determined as. Antalya It is the only county to experience a significant decline in the last month of 2023 5 percent with negative change Gazipaşa It happened.

Ankara in the rent price per square meter for the month of December 118 TL, if at the average rental price 14 thousand 188 TL closed with the average. Assessments from an annual perspective show that the city draws a bumpy chart throughout 2023. For example, in Ankara in February 21 percent an increase in the value of a rental housing has been observed and the value per square meter from 52 TL to 63 TL was out. The capital is in November 2 percent experienced a decline in the rate and the rental housing market resumed in December 4 percent He has had a recovery.

The increase has slowed but continues

Analyses of Endeksa.com show that rental housing values continue to increase in many important cities in Turkey, but this increase is starting to slow down.

In this parallel Bursa in december 2 percent experienced a change in the value of housing and an increase in annual rental values in the city 125 percent was identified as. The value per square meter of housing in the city at the moment 111 TL, if the average rental value 13 thousand 309 TL. Student city Eskişehir It was also one of the provinces that closed the year 2023 with a high valuation. Rents in the city in 2023 152 percent increased. Change in value in December 3 percent It happened as. Average housing rental right now in Eskisehir 10 thousand 162, if the average rent per square meter 103 TL. This figure in September 107 TL It was on the level.

One of the largest cities in the Black Sea Region Trabzon Bursa and Eskisehir have also been one of the places where a significant increase in rental value has been recorded. In the last year in the city 146 percent increase is noted. Average housing rent in Trabzon as of December 2023 11 thousand 46 TL, if the value of the unit square meter of the rental housing 78 TL in the vicinity. Prices per square meter in Trabzon in September To 85 TL It was so far out.

“A more positive and stable period in rental housing is likely”

In his assessment of the current state of the rental housing market, Görkem Öğüt, Founder and General Manager of Endeksa.com, pointed out that the long-term high rate rise in rental prices has slowed down and even stopped in some regions. He continued his words of advice as follows:

“As of December, we are observing a calm in the increase in rental prices in many regions. In light of the data, it is possible to predict that this new trend will stabilize and that the market will evolve into a healthier process in terms of both supply and demand. Nevertheless, it will take time for this trend to be reflected more concretely in rental prices, and it should not be ruled out that the market is occurring as a cumulative result of many factors. However, we are seeing an update of the rental subsidies provided under the urban transformation. According to the renewed regulation, rent subsidies were increased to 5,500 in Istanbul, 4,500 in Ankara, Antalya, Bursa and Izmir, 3,750 in other major cities and 3,000 TL in other cities. This increase in support could also create a wave of new mobility and a relative increase in confidence in the rental housing market. It is not a move that could lead to a sharp change in prices, but it can be seen as a positive development for both tenants and landlords.”