Rents in luxury neighborhoods have fallen! 'Earthquake' effect in the rental market

The expected Istanbul earthquake, about which experts frequently repeat their warnings, has also affected the rental market. Rents in Istanbul's most popular neighborhoods have begun to decline due to earthquake anxiety.

According to the report by Onur Aksoy from NTV, buildings in Istanbul's old neighborhoods cannot be transformed. This has reduced demand in these neighborhoods due to the increase in those harboring earthquake concerns.

Real Estate Expert Mithat Ekeroğlu stated that it is very difficult to renovate structures in the region due to the Bosphorus Construction Law, adding, "Because when a building is demolished, it is reduced to two floors. Those who do not want to live in old buildings have moved out of here and relocated elsewhere."

HOW MUCH ARE THE RENTS?

Ekeroğlu said the following:

"Due to the fear of an earthquake, most people do not prefer to live in buildings that are over 40-50 years old. So much so that the price of an old 2+1 apartment in Arnavutköy has dropped to as low as 35 thousand liras. Explaining that they have some residences over 40 years old in their portfolio, Ekeroğlu said, '4+1s are in the 80-85 band. 3+1s are around 45-50-60. We also get 2+1s from time to time; for those, there is a figure around the 35-40 band.'"