Small Black Sea province sees highest rent hike in Turkey, outperforming Istanbul

ISTANBUL

Bayburt, a small province in the Black Sea region, witnessed the highest rate hike between 2000 and 2014, surpassing all other provinces in Turkey, including Istanbul, daily Habertürk reported on Aug. 22. 

Property rents in Bayburt rose by an average of 4,228 percent over the mentioned period, far higher than the compiled inflation rate of 532 percent. Average home rents hit 748 Turkish Liras in Bayburt.

Bayburt was followed in the list by the southern province of Kilis, which has seen a huge inflow of Syrians in recent years. Average home rents rose to 605 liras in Kilis, with a 3,619 percent increase over the mentioned 14-year period. 

Bayburt and Kilis were followed by another small Anatolian province, Osmaniye, which saw a 3,563 percent increase in property rents. 

Some 20 provinces across Turkey witnessed rises of over 1,000 percent in average housing rents between 2000 and 2014. 

Istanbul remained the province with the highest rents, at an average of 1,564 liras per month. However, the 14-year rise in rents was 357 percent, much lower than the accumulated inflation rate. 

The capital Ankara also witnessed a 357 percent in rent hikes, with its monthly rent average being 809 liras. 

The lowest increase in property rents was seen in the eastern province of Diyarbakır, which has been dogged by security concerns throughout the measured period. Monthly rents rose by 307 percent to an average of 691 liras from 2000 to 2014.