Rental Costs in Istanbul

Rental prices have risen in the Turkish city Istanbul in the recent years and the rent of an apartment is 1100 TL per month after it was rented ten years ago by about 500 Turkish Liras.

Reports indicate that the high rates of inflation and internal demand growing for apartments and real estate after the influx of Syrian refugees has caused rising prices almost doubled, indicating that in spite of this, however, the real estate market is still witnessing Rental processes of about 5.5 million homes annually.

The rent and property prices in Turkey is witnessing a remarkable increase at a rapid pace, caused by impact of high inflation and increasing domestic demand. The value of the apartment, which was rented ten years before by about 500 Turkish liras, now nearly about 1,100 Turkish Lira which equivalent ($400 dollars) a month now.

With a closer look at real estate prices and rents, it appears that prices differ from one region to another. At a time when Rental rates increased in Avcilar district registered about 900 Turkish Liras per month, after it was 550 Turkish Liras in 2010; Rental prices in Bagcilar district increased to about 1,150 Turkish liras after it was 525 TL during the same year. While the value of rents in Beylikduzu to 1050 TL, up from about 550 Turkish Liras. Finally Bahcelievler district that Rental rates have reached where about 1350 Turkish liras, up from 675 Turkish Liras in 2010.

According to a study conducted by Altin real estate Company on nearly 100 seller in the real estate sector, the rent value of real estate and residential apartments registered a significant increase of about almost 100% in Istanbul and its environs.

General Manager of Altin real estate Company Mr. Hakan said: “Syrian refugees have played a major role in the rise in the value of rents especially during the last three years. Turkey has seen the displacement of more than 600 thousand ٍSyrian refugees since April 2011. In Istanbul City only there are about 150 thousand of them; which caused an increase in demand and thus higher prices significantly, “explaining that areas with high demand, such as Beylikduzu and Basak sehir recorded a rise in the Rental value of about 15% at least, due to the heavy turnout by the Syrian refugees.

In 2014, the real estate market in Turkey witnessed announcements of the 7.6 million housing units for rent, and the number of advertisements for housing units available for rent were about 4.5 million housing units in the first half of 2014.