147% growth in rents in Istanbul / New rent law is enacted

According to the International Economics Group of Fars News Agency, quoted by Bloomberg, the Sahibinden Institute, which operates in the field of renting houses in Istanbul, reported that the rental rates in this region in May increased by 147% compared to May last year and almost two and a half times. Has been. Homeowners in Istanbul tried to raise old tenants and move new tenants into higher rents.

The Suzko newspaper reports that the number of tenants complaining about homeowners has increased due to the doubling of rental rates.

Turkish Justice Minister Bekir Bozdak announced today that a new law may be enacted to set rents.

Under current law, last year tenants in Turkey who want to extend for the new year must raise rents based on the inflation rate of the past 12 months, which is 39.3% and is expected to increase.

Turkey’s inflation has reached 73.5 percent in the past month, and with President Recep Tayyip Erdogan speaking, it seems unlikely that we will see a change in the central bank’s interest rate reduction policy any time soon.

“We are no longer seeing a normal market,” said Nizamuddin Asa, secretary of the Istanbul Real Estate Advisors Association. Over the past three months, we have seen a significant increase in lawsuits, threats, insults, and even lawsuits between landlords and tenants; Both sides are right and they are trying to make money for their lives.

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