Istanbul and Ankara - The Fastest Growing Rental Markets in the World

A recent study by Mercer Human Resource Consulting has spotlighted Istanbul and Ankara as the fastest growing rental markets globally for the period of 2023-2024. The data reveals staggering increases, with Istanbul experiencing a 301% rise in rental prices, and Ankara following with a 141% hike.

These figures, measured in Turkish lira, underscore the significant impact of high inflation in Türkiye, which has considerably influenced these sharp increases. Despite this, the growth in rental prices is remarkable and speaks to broader economic and demographic trends within the country.

Interestingly, while Türkiye’s major cities are witnessing these unprecedented rental price hikes, other global cities are experiencing the opposite trend. Tel Aviv, for instance, saw a 22% decrease in rental prices, and Minsk witnessed a 10% drop. Conversely, cities like Dubai, New Delhi, and Miami have also seen increases, but none as dramatic as those in Istanbul and Ankara.

The surge in rental prices in Istanbul and Ankara is not just a reflection of economic pressures but also indicates a growing demand for rental properties. In May 2024, 51% of individuals searching for housing online were looking for rentals rather than purchases. This shift suggests that more people are opting for the flexibility and feasibility of renting, possibly due to the challenges of buying property in such a volatile market.

As Istanbul and Ankara continue to lead the world in rental market growth, it’s essential for potential renters and investors to stay informed and strategic. Understanding these market dynamics can help in making more informed decisions.

At BARNES Türkiye, we offer a wide range of properties and are dedicated to helping you navigate this dynamic market. Whether you are looking to rent or buy, our team is here to provide expert guidance and support every step of the way.