Average rent in Istanbul exceeds 17 thousand liras

Looking at October 2023 data, housing sales fell by 8.7 percent compared to the same month of the previous year. Despite this, according to Endeksa data, average housing prices across Turkey increased by 103 percent in 1 year.

INCREASE IN HOUSING RENTAL PRICES

While the increase in Istanbul was 89.6 percent, housing prices rose by 121.1 percent in Ankara, 98 percent in İzmir, 91 percent in Antalya, 74.7 percent in Adana, 110 percent in Muğla, and 99.3 percent in Trabzon. As housing prices increased, housing rental prices also showed an upward trend.

In Turkey, rental prices increased by 127.8 percent in 1 year. The increase was 91 percent in Istanbul, 178 percent in Ankara, and 131 percent in İzmir. In Istanbul, the average rent for a 100 m2 residence rose to the level of 17 thousand 111 liras. This means that a minimum wage worker can only cover 67 percent of their rent with their salary. This rate is 82 percent in Ankara and 75 percent in İzmir.

BEYKOZ, SARIYER, AND ZEYTİNBURNU SAW THE HIGHEST VALUE INCREASES

According to Endeksa data, as of the end of October 2023, the prices of houses for sale in Istanbul increased by 89.68 percent over the last year. The average price of a house for sale with the same characteristics is 4 million 224 thousand 143 liras. As of the end of October 2023, the average price per square meter for houses for sale in Istanbul is 35 thousand 497 liras. The amortization period, or return on investment, for houses for sale with the same characteristics is around 19 years. Looking at the averages as of the end of October 2023, the districts in Istanbul that saw the highest value appreciation for housing were, in order, Beykoz, Sarıyer, Zeytinburnu, Şile, and Üsküdar.

DISTRICTS IN ISTANBUL WITH THE LOWEST INCREASE IN HOUSING PRICES

Looking at the averages as of the end of October 2023, the districts in Istanbul that saw the lowest value appreciation for housing were, in order, Gaziosmanpaşa, Fatih, Çatalca, Ümraniye, and Küçükçekmece.