Istanbul surpasses Barcelona in housing prices

The ever-increasing economic crisis and the cost of living are affecting housing prices the most. In major cities, especially Istanbul, housing prices have reached astronomical levels. So much so that while it is possible to own a home even in many European metropolitan cities, this situation is almost impossible in major cities in Turkey.

Istanbul Planning Agency President Dr. Buğra Gökce also shed light on the situation with a post on his social media account today. Stating that the average prices for homes for sale in Beykoz, Sarıyer, and Beşiktaş are more expensive than in all regions of Barcelona (Spain), Gökce said, "The average prices for homes for sale in Beykoz, Sarıyer, Beşiktaş, Kadıköy, Şile, and Bakırköy are more expensive than in all other regions of Barcelona, except for one. For example, while the average price for a home for sale in Bakırköy is 10 million 300 thousand, it is possible to buy a home in the Valles Oriental region of Barcelona for the same price."

IT IS POSSIBLE TO RENT A HOME IN BARCELONA

Expressing that many districts of Istanbul are also more expensive than Barcelona in terms of housing rents, Gökce stated that while the average housing rent in Eyüpsultan is at the level of 25 thousand 513 liras, it is possible to rent a home for this price in the Anoia, Bages, and Moianes regions of Barcelona.

Gökce also noted that while the average rent across Istanbul has risen to 22 thousand 535 liras, the average price for a home for sale increased by 888 percent and the rent by 1025 percent between 2018 and 2024, adding, "The fact that housing and rent prices in Istanbul have reached a point where they surpass Barcelona appears as a result of the policies implemented. As the housing market in Turkey loses its balance, our citizens are also struggling to find safe, affordable housing."

'COMPETITIVENESS OF THE DOMESTIC CONSTRUCTION INDUSTRY MUST BE INCREASED'

Gökce listed his solution proposals regarding the housing crisis as follows:

"Social housing production should begin with various options such as social housing with social assistance, social rental housing, property-based social housing, and public housing.

By introducing different taxes and obligations for small, medium, and large producers of social housing, it should be ensured that especially small and medium-sized enterprises participate in the housing production market in a healthy way.

Enterprises that produce social housing and construction materials should be supported, and the competitiveness of the domestic construction industry should be increased.

The practice of selling housing to foreigners in exchange for citizenship should be suspended until the housing market stabilizes, as is the case in many world cities."

News Source: 12punto