The cost of renting housing in safe areas of Turkey increased by 60%

The cost of renting housing in safe areas of Turkey increased by 60 (1)
Posted by:Aleksandr Belov Posted on:Mar 22,2023

This price increase is attributed to the already deepening housing crisis in Turkey, where total rents rose nearly 173% last year.

What happened? An exodus from Turkey’s earthquake-hit southeastern provinces has sent rents soaring in areas where hundreds of thousands of victims are seeking new homes. In response, authorities have drafted a bill that would impose prison sentences for fraud.

According to a survey by Istanbul-based think tank BETAM, Turkey is already experiencing a severe housing crisis, with overall rents rising nearly 173% last year.

Since the Feb. 6 earthquake that killed more than 45,000 people and caused widespread destruction, some 2 million earthquake victims have moved to neighboring provinces and other states. Some have taken temporary shelter in hotels and public facilities, while others are looking for new homes to start a new life.

Ankara, the safest of Turkey’s major cities, has attracted at least 205,000 migrants from the affected areas, more than any other region in Turkey. According to Hakan Aksam, head of the Ankara Real Estate Chamber, overall rental prices in the city jumped 60% in a matter of weeks, with some landlords doubling their asking prices.

Before the earthquake, rents for cheap apartments in Ankara were 3,000-4,000 Turkish lira ($158-212). Today, it is extremely difficult to find an apartment cheaper than 6,000 liras ($318), even in nearby neighborhoods.

In a country where nearly half of the workforce earns a minimum monthly salary of 8,500 lire ($450), this amount is prohibitive for those who can afford it, not to mention earthquake victims who have yet to find work. In areas near the city center and in prime suburban areas, the rent for a two-bedroom apartment is about twice the minimum wage.

Aleksandr Belov

Author and editor of the blog

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