Rental Prices In Turkey Skyrocket After Earthquakes - Reports

The problem of rental prices in Turkey may turn into a social crisis as government measures fall short and prices soar again due to the internal displacement triggered by devastating earthquakes, Turkish media reported on Thursday

ANKARA (UrduPoint News / Sputnik - 23rd February, 2023) The problem of rental prices in Turkey may turn into a social crisis as government measures fall short and prices soar again due to the internal displacement triggered by devastating earthquakes, Turkish media reported on Thursday.

Rental prices in Turkey have been on the rise since 2018, spurred by historic inflation and an influx of immigrants from Afghanistan, Pakistan, the Persian Gulf and North Africa. The COVID-19 pandemic added to the price crisis in 2020 and the Ukraine crisis exacerbated it in 2022, the Dunya newspaper reported.

The earthquakes in the country's southeast have reportedly left about 1 million people displaced and seeking accommodation in the west.

Landlords now are trying to evict their tenants in order to rent out properties at higher prices, and tenants are struggling to find affordable apartments, the newspaper said.

As of the end of January 2023, the cost of renting apartments in Turkey had increased by over 176% compared with the previous year, the newspaper said, citing real estate appraisal company Endeksa.

Powerful earthquakes hit parts of Syria and Turkey on February 6, toppling thousands of homes. The aftershocks that followed were felt by people in 10 Turkish provinces and neighboring countries. The death toll from the earthquakes in Turkey has exceeded 43,000. Several new earthquakes hit the area this week as well, adding to the devastation.