Rentals in Istanbul Increased 145% in 1 Year!

Housing prices in Istanbul, which have been continuously on an upward momentum, are quite due to the fragility of housing supply in the last 3-4 years, the increase in construction costs, fluctuations in the exchange rate and the pandemic evolved into a process where there were high-speed increments. According to TÜIK's August data, Istanbul ranks first in housing sales and 18,485 housing sales and 15% share.

Housing prices increased by 283% in Ümraniye, 237% in Avciler, 224% in Küçükcemece

Housing prices and rents in Istanbul have caused intercity migration as well as intra-city mobility. Especially because of the rapid rise of rents in central districts such as Besiktas, Kadikoy, Şişli, young professionals, students, workers, especially people from the center of the city to the distant districts began to move. Küçükçekmece, Avcılar, Bahçelievler, Başaksehir and Ümraniye have become new habitats for young professionals coming from “center” with this new wave of migration. In the last 1 year, housing prices increased by 283% in Ümraniye, 237% in Avcilar, 224% in Küçükççmece, 223% in Bahçelievler and 205% in Başakşehir. Public investments, especially transportation, have a significant impact on the formation of this situation. The expansion of metro networks has led both to an increase in the value of real estate along the line and the expansion of the area of movement of people within the city. Young professionals, who formerly had to live in more central districts due to work, can now move to districts where they can live at more reasonable prices due to the expansion of the transport network.

Districts with highest annual value growth in Istanbul are Şişli, Beyoğlu and Ataşehir

According to the data of the AI-powered real estate valuation platform Index for the end of September, the annual value increase in housing sales prices in Istanbul was 241%, while the average housing The sales price of square meters was 20 thousand 208 TL, the average housing price was 2 million 424 thousand 960 TL, and the return period of housing investment was 19 years. The counties with the highest annual value growth in Istanbul were Şişli, Beyoğlu, and Ataşehir, respectively.

Housing prices in Şişli have increased by 347% in the last 1 year. The average sales price of residential square meters in Sisli was 35 thousand 865 TL, while the average housing sales price amounted to 4 million 052 thousand 745 TL. In Beyoğlu, the value change in the last 1 year was 333%, while the average sales price of square meters of housing was 31 thousand 441 TL, the average housing price was 3 million 164 thousand 100 TL. Increased prices of 300% in Atasehir caused the average residential square meter sales price to increase to 26 thousand 955 TL. In Atasehir, the average housing price is 3 million 99 thousand 825 TL.

The highest sales price per square meter is Sarıyer, Beşiktaş, Kadikoy and Bakırköy

According to the Endeksa data, the average housing square meter sales price is the highest district Sarıyer, Beşiktaş, Kadıköy and Bakırköy respectively. The average price of housing square meters reached 65 thousand 593 in Sarıyer, 63 thousand 246 in Besiktas, 46 thousand 775 in Kadıköy, 46 thousand 070 TL in Bakırköy. According to the Endeksa data, the district where the rent value is highest on the basis of average square meter rent are Sarıyer, Beyoğlu, Besiktas, Şişli, respectively. These counties are both highly valued as of their location and places where everyone wanted to sit. This is reflected in rents either inadmissible. The average rent per square meter in Sarıyer is 216 TL, the average rent is 25 thousand 475 TL. In Beyoğlu, the average rent per square meter was 177 TL, the average rent was 17 thousand 679 TL. In Besiktas, the average square meter rent is 176 TL, the average rent is 21 thousand 197 TL.

Görkem Ögüt, Co-Founder and General Manager of the Endeksa, who evaluated the data:

“The fact that Istanbul is at the top in terms of both the domestic market and the sale of housing to foreigners allows it to influence the shaping of the housing market not only within its borders but also throughout the country. Due to rising prices in Istanbul and the chaotic structure of the city, the provinces such as Tekirdag, Yalova, Sakarya, Kocaeli, Sapanca, Kartepe, Şarkoy, Çınarcık have recently been severely is getting an interest. Besides this, especially during the pandemic period, the migration started from Istanbul towards the coastal areas of Bodrum, Urla, Seferihisar, Cesme, Datca, etc., prices increased far above expectations in places such as Bodrum, Urla, Seferihisar, Cesme caused. In short, Istanbul is the most important city of the real estate market and any market movement in this city affects the country's market.”