Housing rents in Türkiye may ease as Syrians return home

ISTANBUL

The anticipated return of millions of Syrians from Türkiye to their home country following the ouster of Bashar al-Assad is expected to influence rental prices across Türkiye, experts say.

According to Hakan Akdoğan, chairman of the Istanbul Chamber of Commerce's Real Estate Services Sectoral Committee, the approximately 3 million Syrians under temporary protection in Türkiye have significantly impacted the housing market, particularly in rental demand.

“On the rental side, the supply-demand imbalance has been a major factor driving up prices," Akdoğan said.

"The high demand has strained the market, strengthened landlords' leverage and made renting more difficult for tenants.”

Akdoğan added that rental prices might stabilize in areas heavily populated by Syrians, as their repatriation would free up housing units.

“Property owners will likely ease their conditions to rent out vacated homes quickly," he noted.

"This will create new opportunities for Turkish citizens, making access to rental housing easier, particularly in neighborhoods with concentrated Syrian populations.”

Nizameddin Asa, the president of the Istanbul Chamber of Realtors, echoed similar sentiments.

“Immigrants, including Syrians, were among the key reasons for rising rent prices. Larger families often pooled resources to pay higher rents, escalating prices in those regions,” Asa said.

While Asa agreed that the return of Syrians could help moderate rents, he emphasized that the market transformation would take time.

"Any positive impact on rental prices or increased housing availability is unlikely to materialize in the short term. These changes will take a period to be effectively felt in the market,” he explained.

Both experts believe that the supply and demand dynamics in Türkiye’s rental market will adjust gradually, with the potential for long-term stabilization in affected regions. However, some areas may experience more significant changes than others depending on population density and housing availability.