Istanbul overtakes New York: Now number one in the world

Germany-based Deutsche Bank has published the ninth edition of its annual report titled "Mapping the World's Prices 2025," which evaluates criteria such as cost of living, rent levels, and quality of life in 69 cities. According to the report, Istanbul has surpassed the entire world in the rate of increase for rental housing prices, taking the top spot.

Over the last five years, the rent for three-bedroom apartments in Istanbul's city center has increased by 193.1 percent in dollar terms, rising to an average of 1,764 dollars (approximately 70,339 TL). During the same period, rents for one-bedroom residences also drew attention with a 178.5 percent increase. In 2020, the average rent for a three-bedroom apartment was only 602 dollars.

RIYADH IN SECOND PLACE, MEXICO CITY THIRD

Following Istanbul in the rent increase rankings, the second city is Riyadh, the capital of Saudi Arabia. In Riyadh, rental prices increased by 151.7 percent. Mexico City, in third place, experienced an 87.8 percent rent increase. These cities were followed by urban centers such as Bangkok, Budapest, and Dubai.

In terms of absolute value, the city with the highest rents is New York. In the US financial hub of New York, the average rent for a three-bedroom apartment reached 8,388 dollars (approximately 334,467 TL).

New York was followed by the following cities:

Singapore: 6,216 dollars

Boston: 6,091 dollars

London: 5,560 dollars

San Francisco: 5,424 dollars

Zurich: 4,955 dollars

Hong Kong: 4,807 dollars

Geneva: 4,693 dollars

Chicago: 4,683 dollars

Dubai: 4,589 dollars

News Source: 12punto