Experts propose a solution to rent prices: Let empty houses be included in the system!

They also state that if 600 thousand empty houses enter the system, a competitive market will emerge.

Newstimehub

Newstimehub

7 Jun, 2024

1 0t1h

Real estate experts predict that the exorbitant increase in rents in Istanbul has declined by about 25 percent in recent months, but this decline will not be permanent. They also state that if 600 thousand empty houses enter the system, a competitive market will emerge.

While the rapid rise in housing prices, which has been on the agenda frequently in recent years, has deepened the housing problem, both the measures taken by the Ministry of Commerce and the problem of not being able to access rentals in the face of exorbitant prices have started to prevent sharp increases in prices.

Real estate experts mentioned that approximately 25 percent foam was taken in rental prices in the mega city of Istanbul, but considering the shortage of supply and demand, it is not expected to go back from here, and it is not realistic to say that average rental prices in Istanbul have settled in the 30 thousand band.

THE MARKET WILL BE RELIEVED IF EMPTY HOUSES ENTER THE SYSTEM

Making important statements on the subject, experts said, “Rents vary according to the region, age of the building and social facilities in Istanbul. According to the news of Dünya Newspaper, real estate experts currently rent for 10 thousand Turkish Liras, 300 thousand Turkish Liras and 15 thousand dollars in luxury sites.” Stating that the entry of empty houses, which are estimated to be 400 thousand to 600 thousand with the lifting of the 25 percent increase ceiling on rent, will relieve the market, experts said, “Currently, both those who have 1 house and those who have 16 apartments are waiting for July 2, if empty houses enter the supply, there will be a competitive market.”

AFTER JULY 2, NEW APARTMENTS WILL ENTER THE MARKET

ISTOÇ Businessmen Association Board Member and Real Estate Consultant Şenay Araç stated that each region has a certain rent scale and that the region, the age of the building and the parking lot, swimming pool and landscape in social facilities affect the rental prices. Stating that it would not be correct to say a single average figure for the mega city of Istanbul, Şenay Araç said, “For example, if a two-plus-one apartment in Bağcılar is 15 thousand lira, it is 35 thousand lira in Halkalı, 50 thousand lira in Etiler. It is 70 thousand liras in Kanlıca, and an apartment with a view in Bebek is 180 thousand liras. Each region has a value,” he said.

Referring to the fact that property owners are currently waiting for the 25 percent rent limit to remain, Şenay Araç said, “Both those with one house and those with 16 houses are waiting for July 2 to rent out their houses. There are too many property owners who keep their houses empty and do not rent them out. After July 2, new apartments will definitely appear on the market. Prices in the market will be shaped according to the supply of new apartments and may go up in the direction of increase.” In his statement, Araç stated that the prices went back 10 percent last month, but now that it is the rental season, 10 percent has been taken back, “There is no rental right now. There are a lot of rental house seekers, but there are no houses to rent,” he said.

THE SALES SIDE IS GOING SLOWLY

Keller Williams Ekol Managing Partner Ahmet Kurşunlu made a statement on the subject, noting that rents vary according to the neighborhood, goodwill, apartment size and said the following: “1 room 1 living room for rent in Acarlar is 40-45 thousand TL, two plus one living room average 55 thousand TL, 15 thousand in Beykoz mansions, 12-15 thousand dollars in Acarkent. There are rentals for 55-70 thousand liras and duplexes for 90 thousand liras on Bağdat Street. In another site, the old tenant lives for 12-15 thousand TL, while the new tenant pays 35 thousand TL.”

Kurşunlu mentioned that there is no problem in rentals and that the apartments are rented immediately and said, “The sales side is going slowly. For this reason, a decline in prices has started, at 5-10 percent levels, the market has now settled at a more real point.” As of July 1, the removal of the 25 percent limit may change the market, Kurşunlu mentioned that property owners avoided renting, thinking that they did not earn, and said, “That situation may change a little. A little more rental housing may appear on the market. Property owners are currently waiting for July for the decision to come out.”

Hakan Akdoğan, Chairman of the Real Estate Committee of the Istanbul Chamber of Commerce, pointed out that rents in 2 plus 1 apartments in the peripheries of the city such as Bağcılar, Esenler, Sultanbeyli in the mega city of Istanbul start from 10-12 thousand TL and said, “When we come to the center a little more, for example Kartal, 20-25 thousand TL, in more central places such as Kadıköy, 40-45 thousand Turkish Liras. I am not talking about luxury places.”