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"Demand for rental housing exceeded demand for sale housing for the first time"

Emlakjet published the property data for May in line with the movements in its database of 400 thousand property advertisements for sale and rent.

"Demand for rental housing exceeded demand for sale housing for the first time"

According to TUIK data, house sales in Turkey decreased by 7.7 percent in March compared to the same month of the previous year and became 113 thousand 276, while mortgaged house sales decreased by 6.3 percent in May compared to the same month of the previous year and became 27 thousand 476. The share of mortgaged sales in total house sales was 24.3 per cent. However, the number of first-hand house sales in Turkey increased by 4.7 per cent in May compared to the same month of the previous year and became 34 thousand 413. The share of first-hand house sales in total house sales was 30.4 per cent.

The search for rental housing is increasing

According to Emlakjet data, while the demand for rental housing continued to increase after the earthquake disaster in February, the proportion of those looking for rental housing in May surpassed those looking for houses for sale for the first time with 52 per cent. In April, the rental - sale housing demand ratios were 50-50 per cent.

Remarkable change in price changes in Ankara

Looking at the price changes, Ankara stood out in May in terms of rental and sale house price changes in 5 major cities. While the annual sale price increase in Ankara was 106 per cent, the annual rental price increase was 188 per cent. Ankara was followed by Bursa with 99 per cent in annual sale price increase and 183 per cent in annual rental price increase. Antalya ranked last in this criterion among the 5 major cities with an annual rental price increase of 25 per cent, while Istanbul lagged behind other cities for the first time in annual sale and rental price increases. Istanbul ranked last among the 5 major cities with an annual sale price increase of 63 per cent.

Looking at the monthly price changes, Antalya did not change in both sale and rental house prices compared to the previous month, while Izmir came to the first place in May with a monthly rental price increase of 16 percent with the arrival of the summer season. Izmir was followed by Bursa with a monthly rental price increase of 13 per cent.

On the basis of the districts where property was searched, interest in Çankaya, Mamak and Sincan districts of Ankara continued in May after April. Three districts of Ankara, Turkey's most searched districts of housing in Turkey, followed by Izmir's Buca and Bursa's Osmangazi districts.

Homeowners do not think of renting out their houses!

Emlakjet's "Rental Housing Demands" survey conducted in May revealed remarkable results. Homeowners participating in the survey stated that they do not plan to rent out their houses at a very high rate of 87.4 per cent. Among the factors affecting the decision of homeowners to rent out their houses, the answer "Financial Return - High Rental Income" stood out with 44.9 per cent. The second factor affecting the decision to rent out the house was "decrease in maintenance and repair costs of the house" with 12 per cent. The biggest concern of the homeowners in the process of renting out their houses was "the possibility of their tenants not making their payments on time" with 41.7 per cent. Damage to the house and legal processes and disputes were listed as other concerns experienced by those who are considering renting out their houses.

In the data of the research obtained for those looking for rental housing, the factors that are important when looking for rental housing attracted attention. The most important factor for those looking for rental housing was "price" with 72.2 per cent. While it was determined that the biggest difficulty of those looking for rental housing was "finding a house suitable for the desired criteria" (42 percent), the second place was "rental housing prices" with 37.5 percent.

Among the reasons of those looking for rental housing, the answer "because there is too much increase in rent in my current house" stood out with 28.4 per cent.

Tolga İdikat: "The upward trend in rental housing searches continues"

Evaluating the research data, Emlakjet CEO Tolga İdikat said, "We have been observing an upward trend in rental housing searches for a while. However, as we have not seen in property searches for a long time, searches for rental housing have surpassed searches for sale housing for the first time as of May. We anticipate that this trend will continue for a while due to the decrease in housing stock and the increase in prices. With the return of the trend to the search for rental housing, the increase in rental housing prices is also noteworthy. However, the limitation of the rent increase rate to 25 per cent, which has been extended again recently, is very closely related to the real estate market. The results we obtained in the Rental Housing Demands survey we conducted in May are in line with other data in this sense."

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