Dramatic picture in the house!

The dizzying increases in housing prices and rents, especially in the last three years, have made Turkey the leader in the OECD by a wide margin in both areas. Turkey differed from the world due to the exorbitant increase in both fields.
According to OECD's Housing Prices research, housing prices reached 1,740.7 in Turkey as of the 3rd quarter of 2024, assuming 100 units in 2015. Accordingly, in the mentioned nine-year period, average housing prices in Turkey increased by 1,640.7 percent (16.4 times) on a nominal basis. In the same period, the value of the rental index increased from 100 to 949.4. There was an increase of 849.4 percent (8.5 times) in rents in nine years.
If expressed in real price; The price of a house with a sales price of 500 thousand lira in 2015 increased to 8 million 700 thousand lira in 2024, and the price of a house with a price of 1 million TL at that time increased to 17 million 400 thousand lira. The rent of a house, which was 2 thousand 500 liras in 2015, increased to 23 thousand 700 liras, and the rent of a house, which was 5 thousand liras at that time, increased to approximately 47 thousand 500 liras.
There is nothing like it in the world
The OECD average increase in housing prices, which increased astronomically in Turkey in the nine-year period, was 84 percent. The increase in question is 44.4 percent on average in the Eurozone. Accordingly, the nine-year increase in housing prices in Turkey was 19.5 times the OECD average.
In the mentioned period, Türkiye outperformed its closest follower by approximately 10 times in terms of housing price increase. After Turkey, the country where housing prices increased the most in the 2015-2024 period was Iceland with a rate of 154 percent (1.5 times). These countries are Lithuania with an increase of 136 percent, Portugal with an increase of 127.8 percent, Czechia with 123 percent, Estonia with 112 percent, Mexico with 108 percent, Latvia with 101.7 percent, Mexico with 108 percent, Latvia with 101.7 percent. Slovenia followed with an increase of 101.6 percent, and the United States had the biggest increase in housing prices with 97.5 percent. It was among the top ten countries where growth increased. In the nine-year period, house price increases were between 10-85 percent in other countries.
There is no country where rents have increased even one fold.
In the nine-year period in which rents in Turkey almost doubled, there is no OECD country where the cumulative rent increase reached one fold. The increase rate in Hungary, Turkey's closest follower, was not even one-fold at 88.2 percent.
Other countries where rents increased the most during this period were Lithuania with 77.1 percent, Slovenia with 71.9 percent, Ireland with 68.3 percent, Poland with 67.6 percent and Iceland with 61.3 percent. , Estonia with 57.3 percent, the USA with 47.7 percent and Romania with 45.1 percent. While rents in Japan decreased by 0.3 percent in the mentioned nine years, cumulative rent increase rates in other countries varied between 3.5 percent and 42 percent. During this period, the countries where rents increased the least by less than 10 percent were Italy with 8.7 percent, South Korea with 8.6 percent, France with 7.5 percent and Greece with 3.5 percent.
It has doubled in the last three years in Turkey
In Turkey, housing prices and rents, where the upward movement started in the second half of 2021, when domestic migration and refugee rush and foreign migration accelerated especially due to the pandemic, have increased exponentially since the beginning of 2022.
In the six years between 2015 and 2021, housing prices increased rapidly by 140.5 percent and rents by 172.6 percent. In the 2022-2024 period, housing prices increased by 624 percent (6.2 times) and rents increased by 450 percent (4.5 times). In addition to the increasing foreign demand for rentals, the excessive increase in loan interest rates starting from the second half of 2023, making home ownership difficult and increasing tenancy, also contributed to the increase in rents. 
“Right to affordable housing”
While shelter is among the fundamental rights defined in the Universal Declaration of Human Rights, the United Nations (UN) summarizes the "right to adequate housing" and the minimum qualifications of a house that provides living conditions worthy of human dignity in the following seven articles:
1- Individuals should not have to worry about displacement
2-Must have access to urban services such as water, sewage, electricity and heating
3-The cost should not strain the household budget
4-Must be able to meet the needs of groups with different needs
 5-It should offer a healthy and sufficient living space with its architectural design.
6-It should be easily accessible
7-It should be suitable for the cultural identity and lifestyle of the environment in which it is located.
Record increase in tenancy
According to Turkish Statistical Institute (TUIK) data, the total non-institutional population in Turkey reached 84 million 130 thousand in the 2015-2024 period, with an increase of 10.2 percent. Only 1 million 28 thousand of the 7 million 761 thousand people who increased during this period were able to own their own home.
The number of people owning property in their residence increased by only 2.2 percent in this period. On the other hand, the number of renters increased by 32.5 percent in the same period, reaching 23 million 582 thousand people. Thus, 5 million 788 thousand more people were added to the rented population in nine years. While the share of people living in their own homes in the total population, which was 60.4 percent in 2015, decreased to 56.1 percent in 2024, the share of renters increased from 23.3 percent to 28 percent.
What does the OECD research show?
OECD's Housing Prices Survey covers 38 OECD member countries and six candidate countries. The research examines the course of increases in house prices and rents over the years. Although the base year of the research is 2015, it also goes back to 1956. Housing rent, which is updated every year and makes it possible to observe the price change in these countries, consists of five components: real and nominal house price, price/rent and price/income indices. The real house price index is given by the ratio of the nominal house price index to the consumer expenditure deflator in each country in the OECD national accounts database.
Both indices are seasonally adjusted. The price/income ratio is obtained by dividing the nominal house price index by the nominal disposable income per capita. The price/rental ratio is obtained by dividing the nominal housing price index by the housing rental price index and is considered a measure of the profitability of home ownership.

https://www.dunya.com/kose-yazisi/konutta-dramatik-tablo/760261