Rental properties skyrocket in Istanbul in wake of devastating quake
ISTANBUL, Turkey - The price of rent in Istanbul has skyrocketed in the weeks following the devastating earthquakes which claimed the lives of tens of thousands and displaced millions more in parts of southern and eastern Turkey.
According to real estate agents, house rent currently ranges from 30,000 (around $1,500) to 40,000 Turkish lira as a large number of people affected by the quake have relocated to Istanbul and many residents of the metropolitan Turkish city moved to better quality estates fearing possible tremors.
"Since the earthquake happened, people who live in old buildings in Istanbul have been trying to move to new places," Seymus Aslan, a real estate agent in Istanbul told Rudaw on Monday. "But since there are not too many new buildings, people face difficulties finding new places."
The Turkish government in July 2022 decreed that rent prices do not have to exceed more than 25 percent. This decision was originally made to take effect until June 2023. Despite the decree, prices have gone up beyond the limit set by the government.
An estimated 16 million people registered with the government live in Istanbul, in addition to four more million unregistered people. Up to 70 percent of the buildings in Istanbul are reported to have been built before the year 2000.
A destructive 7.8-magnitude earthquake struck the Kurdish city of Kahramanmaras in Turkey on February 6, with its impact also ripping through neighboring Syria. Several other quakes and frequent aftershocks have continued to shake the region.
More than half a million people have been evacuated from quake-hit provinces, according to Turkey's Disaster and Emergency Management Presidency.
Adana, Adiyaman (Semsur), Diyarbakir (Amed), Gaziantep (Dilok), Hatay, Kahramanmaras, Kilis, Malatya, Osmaniye, Sanliurfa (Riha), and Elazig provinces in the southeast were affected by the tremors.
Turkish President Recep Tayyip Erdogan has promised to construct nearly 200,000 permanent houses in the 11 quake-stricken provinces within a year.
According to real estate agents, house rent currently ranges from 30,000 (around $1,500) to 40,000 Turkish lira as a large number of people affected by the quake have relocated to Istanbul and many residents of the metropolitan Turkish city moved to better quality estates fearing possible tremors.
"Since the earthquake happened, people who live in old buildings in Istanbul have been trying to move to new places," Seymus Aslan, a real estate agent in Istanbul told Rudaw on Monday. "But since there are not too many new buildings, people face difficulties finding new places."
The Turkish government in July 2022 decreed that rent prices do not have to exceed more than 25 percent. This decision was originally made to take effect until June 2023. Despite the decree, prices have gone up beyond the limit set by the government.
An estimated 16 million people registered with the government live in Istanbul, in addition to four more million unregistered people. Up to 70 percent of the buildings in Istanbul are reported to have been built before the year 2000.
A destructive 7.8-magnitude earthquake struck the Kurdish city of Kahramanmaras in Turkey on February 6, with its impact also ripping through neighboring Syria. Several other quakes and frequent aftershocks have continued to shake the region.
More than half a million people have been evacuated from quake-hit provinces, according to Turkey's Disaster and Emergency Management Presidency.
Adana, Adiyaman (Semsur), Diyarbakir (Amed), Gaziantep (Dilok), Hatay, Kahramanmaras, Kilis, Malatya, Osmaniye, Sanliurfa (Riha), and Elazig provinces in the southeast were affected by the tremors.
Turkish President Recep Tayyip Erdogan has promised to construct nearly 200,000 permanent houses in the 11 quake-stricken provinces within a year.