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Migration to Antalya after the Russia-Ukraine War Stopped, the Exorbitant Rent Bubble Burst

05 November, 2023

According to the news in Akdeniz Telegraf; Pointing out that rental prices increased with the wave of migration that occurred after the war between Russia and Ukraine in Antalya, İsmail Çağlar, President of the Antalya Chamber of Real Estate Agents, Car Dealers and Business Followers, said, "Rental prices had risen a lot, it was almost a bubble, that bubble burst."

Stating that the rental prices have increased much more than normal with the wave of migration that started after the war between Russia and Ukraine in Antalya, which hosts millions of visitors from all over the world every year, and that the wave of migration to Antalya has come to a standstill these days, İsmail Çağlar, President of the Antalya Chamber of Realtors, Car Dealers and Business Followers, evaluated the impact of this development on the real estate sector. Çağlar said, "Rental prices increased after the war between Russia and Ukraine. Across the country, it increased after the earthquake. With the increase in these prices, exorbitant prices emerged. Now, when we come to the present day, the prices in Antalya were very high. Even the locals of Antalya rented their houses in the central districts and migrated to the districts outside. Officers had to ask for appointments. After the migration between Russia and Ukraine, rent prices had risen a lot, it was almost a bubble, that bubble burst. Prices have not fallen now, they have come to where they should be. Now, when we go out to the neighborhood, we can see rental house signs, it was not possible to see them 3-5 months ago." "The construction sector has started now, life has returned to normal" Stating that the pandemic was effective in increasing prices, Çağlar said, "After the pandemic, there were these rent increases, as you know, the constructions stopped. The construction sector has started now, life has returned to normal." Çağlar also stated that rental prices in Antalya are still high for minimum wage workers. Explaining that unregistered real estate agents also have an impact on the increase in prices, Çağlar drew attention to the fact that foreign nationals rent a car from rent a car companies and engage in pirate taxis and asked for increased supervision on these issues.

#Antalya
#Investment
#Foreign Investors
#Russia
#Russian Invasion of Ukraine
#Tourism
#Property
#Turkey
#Real Estate

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