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Turkish service reported that in the first quarter of 2023, housing prices saw significant growth in three provinces among the 150 provinces globally. These provinces were Ankara, Izmir, and Istanbul in Turkey. According to the Global Housing Price Index from Knight Frank, housing prices in Turkey surged by 132.8 percent in Q1 2023 compared to the same period in 2022. The report analysed 56 countries and regions, highlighting Ankara, Izmir, and Istanbul as the top three provinces with the highest housing price increases at 135.3 percent, 133 percent, and 127.3 percent, respectively.
Following Turkey, North Macedonia saw an 18.8 percent increase in housing prices during the same period. Croatia secured the third spot with a 17.3 percent rise, trailed by Hungary at 16.6 percent and Lithuania at 15.3 percent.
In recent years, rent prices in Turkey have risen significantly, and the recent migration from the eastern region due to the major earthquakes on February 6th has further driven up already high rent prices . since June 2022, annual rent price increases have been officially capped at 25 percent.
Between April 2019 and April 2023, a study uncovered an astonishing 583% increase in rental rates throughout Turkey. During this four-year period, the average monthly rental expense soared from 728 Turkish liras to 5,058 liras, impacting every one of the 81 provinces in the country. The study additionally illuminated the worrisome ratio between rental expenses and average earnings.
In April 2019, rental costs constituted only 27% of the typical income in Turkey; however, this percentage has now surged to a concerning 45%. The Investigation also unveiled that in Mu?la, rental costs equated to an astonishing 187% of the average income, while Antalya and Istanbul recorded figures of 120% and 117% respectively. In major urban centres, the mean rental charges far surpassed 79% of the minimum wage, with Antalya and Istanbul reaching an alarming 1.5 times the minimum wage, and Mu?la skyrocketing to 2.5 times the minimum wage.
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