ANTALYA REPORTED THAT REAL ESTATE PRICES HAVE MORE THAN DOUBLED

Property prices in Antalya since the beginning of 2022 have more than doubled compared to a year earlier. The Turkish Mediterranean resort has almost no housing left for rent due to demand among foreigners.

“We have a real boom in prices in the real estate market, mainly because of the demand for it among foreigners. In terms of housing price growth, we have bypassed Istanbul, which is traditionally considered the most expensive city in Turkey. The growth in demand for primary and rental properties began during the pandemic, exceeding standard market prices by 210-220% in 2021. It is difficult to make a forecast for the end of this year if the situation develops as it is now,” said Davut Çetin, head of the Antalya Chamber of Commerce and Industry (CCIA).

According to the interlocutor of the agency, in 2022, the peak of rental prices in Antalya fell at the beginning of the Ukrainian crisis. For rent, foreigners pay $2,000 per month, in cash and for a year in advance. “The real estate market is undermined by stability. The problem is not with foreigners who come here with money but with local citizens. Rent of a thousand or more dollars for the residents of Antalya is very expensive, for many it is more than half of the salary,” said the head of the Chamber of Commerce and Industry.

Neshet Gunduz, head of the branch of the Turkish Consumers Union, said that since the beginning of the year, almost 1.8 thousand people have complained to the organization about the owners of houses in Antalya, who, taking advantage of the conjuncture, demanded an increase in the price of rent or termination of contracts. “It is necessary to stop selling real estate to foreign citizens. Now foreigners determine the cost of housing and rent. This issue should be under the control of the state,” the information portal T24 quoted Gunduz as saying.

Foreigners, including Russians, began to actively acquire property in Turkey, in particular in Antalya, in 2021. The share of foreigners in housing sales in Antalya in the first quarter of this year was about 25%, the head of the Chamber of Commerce and Industry reported earlier. In March, over a thousand apartments were purchased by foreign citizens in the Turkish resort.