How will the real estate sector be affected if Syrians leave? Districts listed one by one: What will the new rental figures look like?

With the end of the civil war in Syria, Syrians living in Turkey have begun preparations for their return.

This development has created noticeable activity in the real estate market, particularly in Istanbul.

Experts predict that 50,000 housing units will be vacated and that significant drops in rental prices will occur.

"50 THOUSAND HOUSING UNITS WILL BE VACATED"

Yusuf Yılmaz, a board member of the Chamber of Real Estate Agents, stated that there is significant movement regarding returns in regions where Syrians live densely, such as Zeytinburnu, Fatih, and Esenyurt. Yılmaz said, "We expect an average of 50,000 housing units to be vacated."

WILL RENTS FALL?

Yılmaz expressed that the returns will have a significant impact on rental prices, stating, "We expect rents in places where Syrians currently pay 20,000 TL to drop to 13,000-14,000 TL. Lower-priced rentals will decrease in a similar fashion."

Stating that there is some movement in the Esenyurt region, Yılmaz said, "There are those vacating homes there, but this situation is not yet fully felt in regions like Zeytinburnu and Fatih."

HOW WILL THE REAL ESTATE MARKET BE SHAPED?

Nizamettin Aşa, President of the Istanbul Chamber of Real Estate Agents, stated that there has been an increase in the number of rental homes due to the impact of the returns. Aşa said, "Since there will be fewer tenants willing to accept high rents, an excess supply will be created, which will lead to a drop in rents."

According to Aşa, this situation will be more pronounced in the Istanbul districts of Fatih, Esenyurt, Bağcılar, Avcılar, Bahçeşehir, and Gaziosmanpaşa.

Stating that a balance is beginning to form in the real estate market, Aşa said, "Syrian tenants were staying 10-15 people in the same house. This was driving a house with a rental value of 5,000 TL up to 15,000 TL. With the decrease in demand, prices will return to normal."

One landlord confirmed that the drops have begun, saying, "My Syrian tenant vacated the house, and I rented it to a Turkish family today. I had asked for 25,000 TL, but I gave it for 20,000 TL."

HOW IS THE ACTIVITY IN THE AUTOMOBILE MARKET?

Experts state that the effects of the returns will be felt not only in real estate but also in the automobile market. Aşa used the expression, "The real estate and automobile markets will stabilize within a year at the latest."

HOW WILL THE RETURNS AFFECT THE ECONOMY?

The return of Syrians will balance not only rental prices but also inflation rates. Yılmaz said, "This mobility will inevitably create a positive effect on economic indicators as well."

Real estate experts expect a steady decline in rental and housing prices as the returns accelerate. In particular, an increase in the number of vacated housing units in regions where Syrians live densely could ensure that the market becomes healthier in the long term.