45% Increase in Rental Property Searches in Türkiye

According to analysts, the summer season and price stagnation have significantly boosted the rental housing market in Türkiye. The number of searches for rental properties has increased by 45%.

This growth is also due to the reduction in rental rates, which was first recorded in October 2023. This coincided with changes in the rules for purchasing property to obtain a residence permit (residency by property ownership). By April, rental rates in some areas had decreased by 25-30%, leading to a deflation of the rental price bubble and market stabilization.

According to a March 2024 report by the Turkish real estate platform Emlakjet, the website received 15 million visits, with 60 million page views. Of these, 45% were interested in rentals, and 55% were looking to buy.

However, compared to February, rental prices have started to rise again: a 4% increase in one month, while sales prices have risen by 2% over the same period.

Current Rental and Purchase Market Situation

In Istanbul, where the highest number of renters in the country are concentrated, the demand for rental apartments is strongest in the Beykoz, Çekmeköy, Üsküdar, and Ümraniye districts. For example, good new apartments on popular streets such as Bağdat, Göztepe, and Kadıköy rent for 60-80 thousand Turkish lira (TL) per month, while simpler apartments or those in less prestigious locations rent for 30-50 thousand TL. In older residential areas, you can find options for 15-25 thousand TL per month.

Current Housing Purchase Market

In Istanbul, properties priced between 5 to 10 million TL and land plots are currently in high demand. The most sought-after areas are Beykoz, Çekmeköy, and Bağdat Street. This data highlights the significant interest in high-quality housing and attractive investment opportunities in these areas.

At BARNES Türkiye, we closely monitor the latest trends and changes in the real estate market. The current rise in rental searches and prices reflects a dynamic market with evolving demands. If you are considering renting or buying property in Türkiye, we are here to provide expert advice and assistance to help you navigate these trends and make the best decisions for your needs.

Contact us today to learn more about the opportunities in the Turkish real estate market and how BARNES Türkiye can support you in finding the perfect property.