Authorities are working on establishing special real estate investment funds to increase housing supply and help lower property prices, according to Treasury and Finance Minister Mehmet Şimşek.
Turkey: Special real estate funds aimed at reducing home prices
“We are arranging for the establishment of Project Real Estate Investment Funds. This will contribute to financing urban transformation and boosting housing supply,” Şimşek announced
Objectives
These measures aim to curb housing and rent price increases, making housing more accessible for all segments of society, he noted.
Şimşek’s comments follow expectations that the rent increase cap, which limits increases to a maximum of 25 percent, is unlikely to be extended beyond its expiration in July.
The cap was initially introduced in June 2022, following a period of significant rent hikes in Türkiye.
Recent data indicates that both rent and home prices have seen a near-term decline.
The Central Bank’s Residential Property Price Index (RPPI) rose 52 percent in March, down from a 58 percent annual rise the previous month.
In real terms, the index declined by 9.8 percent in March, while the RPPI increased by 1.2 percent month-on-month, slowing from 2.2 percent in February.
Additionally, a study by Istanbul-based Bahçeşehir University’s Economic and Social Research Center (BETAM) showed that, adjusted for inflation, average rent prices fell by 8 percent in March compared to the same month in 2023.
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