Turkey has recorded the highest annual increase in rent among European Union members and EU candidate countries, according to Eurostat data. From May 2023 to May 2024, rents in Turkey soared by 125.1 %, significantly outpacing Hungary, which saw a 12.8 % increase.
This sharp rise in Turkish rents occurred despite a government-imposed cap introduced in June 2022, limiting rent hikes to 25 %. However, this cap is set to expire on July 2. After this date, rent increases will be indexed to the 12-month average consumer price inflation, which experts predict will lead to more disputes between landlords and tenants.
Despite the overall increase in rents, a report from Bahçeşehir University’s Economic and Social Research Center (BETAM) revealed a decline in rental prices when adjusted for inflation. In May, average real rent prices across Turkey dropped by 14 % compared to May 2023. Specifically, Istanbul saw a 13.3 % decrease, while Ankara and the western province of İzmir experienced declines of 1.2 % and 4.1 %, respectively.
These trends highlight the complex dynamics of Turkey’s rental market, with substantial nominal increases juxtaposed against real-term declines in rental costs.
| GDP (nominal) | Capital | Head of State | Head of Government | GDP (nominal) per capita | GDP (PPP) | GDP (PPP) | GDP (PPP) per capita |
|---|---|---|---|---|---|---|---|
| Turkey | Ankara | Recep Tayyip Erdoğan | Recep Tayyip Erdoğan | 1.154.600 | 13.384 | 3.810.000 | 41.888 |
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