Rents are rising in Istanbul, apartments are being snapped up: Who is renting homes for 2.5 million TL?
As home rents in Istanbul rise to levels inaccessible for many, the megacity has begun to see significant outward migration. However, there is a specific segment flocking to Istanbul: the ultra-wealthy. In addition to Russian oligarchs and Arab sheikhs, ultra-wealthy individuals from Anatolia are also choosing Istanbul as their second home.
In Istanbul, where the effects of high inflation are felt most acutely, the fact that both rents and the cost of goods and services are more expensive than in other cities has made living in the megacity quite difficult.
This situation was also reflected in the 2023 Internal Migration Statistics from the Turkish Statistical Institute (TÜİK). Migration statistics released in recent days revealed that Istanbul was the province with the highest outward migration, with 581 thousand 330 people leaving.
However, Istanbul, one of the most beautiful cities in the world, continues to be a destination for the super-wealthy. There are hundreds of residences, apartments, and villas in Istanbul with monthly rents ranging from 1 to 2.5 million TL.
RUSSIAN OLIGARCHS, ARAB SHEIKHS, ULTRA-WEALTHY...
Türkiye newspaper investigated who is renting such high-rent real estate. Real estate sector representatives state that in addition to Russian oligarchs or Arab sheikhs, ultra-wealthy individuals living in Anatolia are also renting homes in these luxury projects.
Industry players say, "There is a segment that wants to come and stay in Istanbul for both business and vacation purposes. These individuals do not want to stay in hotel rooms. They are able to rent homes where the monthly rent even exceeds 2 million TL."
Real estate sector actors explain that such homes rented in Istanbul's luxury neighborhoods are perceived as a status symbol, and therefore, demand is very high.
1 THOUSAND 932 MORE PEOPLE BECAME MILLIONAIRES
According to the 2024 report by the British real estate consultancy firm Knight Frank, while the number of people in Turkey with a net worth of over 30 million dollars was 1,761 in 2022, this figure rose to 1,932 in 2023.
In the ranking of wealth growth, Turkey was followed by the USA with 7.9 percent and India with 6.1 percent.
Other countries that saw an increase of over 5 percent were South Korea (5.6 percent) and Switzerland (5.2 percent).
The report states that the ultra-wealthy most prefer to live in Istanbul.
News Source: 12punto
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