The homeownership rate has been falling for 8 years; tenant rate has been rising for 10 years

In 2006, the home ownership rate was 60.9 percent. The homeownership rate has declined every year since 2014.
Housing and rental prices in Turkey have risen to record levels in recent years. Despite the increase in the number of houses built, the rate of people living in their own homes has been decreasing continuously for the last eight years. The rate of people living in rent has been increasing every year since the last 10 years.
What percentage of people in Turkey live in their own homes, what is the ratio of renters?
In 2006, when data on rent started to be collected, the rate of people living on rent was 23.5 percent. This rate dropped to 20.9 percent in 2012. However, the tenant rate has been increasing every year since 2012. The tenant rate, which exceeded 25 percent in 2018, reached 27.2 percent in 2022.
6 out of every 100 people became tenants in 10 years
What does this mean? In 2012, approximately 21 out of every 100 people were renters. In 2022, approximately 27 people out of every 100 will be tenants. This shows that 6 out of every 100 people have joined the tenant army. In fact, this number is slightly higher than 6 because the increase is 6.3 percentage points.
In the last 10 years, 4 out of every 100 people no longer live in their own homes
In 2006, the home ownership rate was 60.9 percent. This rate increased to 61.1 percent in 2014. Since 2014, the homeownership rate has decreased every year. The rate of people living in their own homes in 2022 was 56.7 percent.
While approximately 61 out of every 100 people were homeowners in 2012, this rate will be approximately 57 in 2022. This shows that in the last 10 years, 4 out of every 100 people no longer live in their own homes. The decline rate is 3.9 percentage points. The decrease rate in the last 8 years is 4.4 percentage points.
Inflation in housing prices has reached 190 percent
According to the data of the Central Bank of the Republic of Turkey (CBRT), the annual increase in the housing price index exceeded 189 percent in September 2022.
The annual rate of increase in house prices since the beginning of 2011 exceeded 20 percent in April 2020 for the first time. With the transition to the new economic model, housing prices began to increase rapidly. In March 2023, when the last data was announced, the annual increase in house prices was 133 percent.
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