Mustafa Hakan

Three ministries are working on a regulation to prevent the imposition of exorbitant maintenance fees in residential complexes and will soon present it to the parliament, a sector representative has said.

Property owners are increasingly turning to short-term leasing as a result of the recent extension of the annual rent increase cap, as the figures fall far below market value.

The residential property price index increased by 132.8 percent in March from the same month of last year, the data from the Central Bank have shown.

In real terms, the index rose by 55.4 percent, while the monthly increase was 5.4 percent.

The unit price, consequently, climbed to 21,800 Turkish Liras ($1,100) per square meter.

Demand for rental houses is expected to pick up further in the next couple of months, stoking concerns that tensions between landlords and tenants will only intensify.

A 25 percent cap on rent hike that will expire in July will be extended, Environment, Urbanization and Climate Change Minister Murat Kurum has announced.

"The regulation will be in place until July, but we will extend it. We will protect our citizens against hikes against the above-average increases," Kurum said, adding that the market will stabilize when home supply meets demand.

Amid rising earthquake concerns in Türkiye's largest metropolis Istanbul, people have started migrating from the districts closer to fault lines to more safe locations, as many apartments sit vacant.

Landlords, who are having problems finding new tenants for those houses, which are mostly old structures, have no other solution but to reduce rents.