Rental Housing Market Awaits Salary Increases
The expectation of increases in the minimum wage, civil servant salaries, and pension payments across Turkey has created significant activity in the rental housing market. Real estate experts indicated that many homeowners have withdrawn their listings and plan to re-enter the market with higher prices after the increases. The Ministry of Commerce is continuing intense inspections against opportunism.
According to reports, a significant decline in rental property listings has been observed in recent weeks. Especially after the removal of the 25% rent increase limit, the number of listings has decreased from around 300,000 to approximately 200,000. Representatives of the real estate sector expressed that they expect a resurgence in listings after the announcement of salary increases. This attitude of homeowners is causing discomfort in the public and the future of the market is eagerly awaited.
Significant drop in rental listings In the past month, there has been a substantial decrease in the number of rental property listings. Normally numbering around 300,000, the current listings have dropped to about 200,000. Real estate agents predict that following the announcement of salary increases, there will be a renewed rise in listings across Turkey. Experts argue that with this change, the market will become more dynamic and that homeowners plan to make significant price increases.
Behind these developments lies the temporary lifting of regulations aimed at controlling rent increases in Turkey. However, this waiting period in the rental market is causing many people to experience serious difficulties in finding housing. It is expected that this stagnation in the market will end quickly with the announcement of salary increases, leading to upward price movements.
Discussions on opportunism continue Mehmet Ali Narin, a seasoned figure in the real estate sector, emphasized that rental and sales prices for properties tend to rise every year during periods of salary increases. Narin pointed out that the withdrawal of listings by homeowners to re-list them at higher prices when increases are announced undermines the effectiveness of inspections. "Price changes in listings are monitored, but when a listing is removed and then re-listed, this monitoring cannot be carried out," said Narin, stressing that this situation hinders the prevention of opportunism.
Significant increases in rental prices are particularly evident in large cities like Istanbul. This situation adversely affects tenants and segments of the population facing increasing economic sensitivity. Rent increases in major cities can deepen economic troubles and trigger social unrest. As representatives of the real estate sector and public institutions attempt to develop solutions to this issue, there is an emphasis on the need for increased inspections during this process.
Preparation for an 8,000 TL rent increase in Istanbul In districts like Beylikdüzü in Istanbul, serious preparations for rent increases are noteworthy. For example, the listing of an apartment in Beylikdüzü is set to be withdrawn from 17,000 TL and re-listed at 25,000-26,000 TL following the announcement of salary increases. This situation showcases the attempts of homeowners to increase prices for profit. The discomfort and uncertainty tenants feel about this situation are resonating widely in the public.
This rise in rental prices may signal even larger increases in property prices starting from the New Year. These changes in the real estate market could compel tenants and individuals planning to become homeowners to make significant financial decisions. The state of the market, especially when combined with expectations regarding salary increases, is heightening uncertainty in the housing market.
Ministry of Commerce has intensified inspections The Ministry of Commerce has ramped up inspections to combat opportunists attempting to take advantage of market conditions. Recently, a real estate firm that excessively raised listing prices, seizing the opportunity created by falling housing loan interest rates, was fined 100,000 TL. In September, the Ministry imposed a total of 11 million 700 thousand TL in fines on 117 real estate businesses, indicating that they will not tolerate opportunism.
These developments in the real estate market have led the Ministry of Commerce to closely monitor the situation. The Ministry is scrutinizing listing platforms, tracking price changes and steps aimed at obtaining unfair profits. Ministry officials announced that inspections will continue rigorously and that heavy penalties will be imposed for illegal practices. Steps taken to ensure order and regulation in Turkey's real estate market are of great importance for the future of the market.