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The rental prices for luxury housing in some districts of Istanbul are growing out of control

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It is getting increasingly difficult to find affordable housing for people with low and medium income.

What has happened? A recent survey found that the average rent price of a 100 square meter house in Istanbul has risen to 16,000 Turkish Liras ($589).

Numbers. The annual increase in the value of residential real estate is declining, but this does not apply to rent.  According to a study by Istanbul-based Bahçeşehir University’s Economic and Social Research Center (BETAM), the year-on-year increase in rent prices accelerated from 110.8 % in June to 121 % in July. In Istanbul, the annual increase in rents was 109.5 %. The annual inflation rate was 47.8 % last month.

Examples. The monthly rent for some luxury apartments can reach up to 650,000 liras ($23,900). There are hundreds of listings for such housing posted on different real estate platforms.

The most expensive houses are located on the European side of the city, especially in the Besiktas area. The monthly rent for luxurious, spacious and new apartments in the Ulus neighborhood ranges from 90,000 liras ($3,300) to 400,000 liras ($14,700). In Bebek in the same district, monthly rents of luxury flats can go up to 200,000 liras ($7,350).

The history is the same in the Asian part of the city. In the Çengelköy quarter of the Üsküdar district a five-bedroom house is rented for 250,000 liras ($9,200) per month.

In the Acıdabem district, the monthly rent for a four-bedroom apartment is about 145,000 liras ($5,330).

Context. In an effort to bring rent prices under control, the government recently extended a regulation that limits rent increases to 25% for another year, until July 2024.

Please read also: How to organize business on real estate in Alanya: confirmed strategies from a Turkish developer

Source: Hurriyet Daily News

Photo by Engin Yapici on Unsplash

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