While rental prices continue to rise, prices in these 3 districts have fallen rapidly: But why? Here are the details...

Rental prices, which have generally risen in Istanbul alongside the minimum wage increase, have unexpectedly started to decline in luxury neighborhoods.

Earthquake concerns have caused rental prices to retreat, particularly in neighborhoods with a high concentration of old buildings such as Bebek, Etiler, and Arnavutköy.

DECLINE IN BEBEK AND ETILER

Rental prices for older 2+1 apartments in Bebek and Etiler have fallen to the 35-40 thousand TL level. Demand for older structures along the Bosphorus line has also decreased significantly.

Real estate expert Mithat Ekeroğlu emphasized that the Bosphorus Zoning Law makes it difficult to renovate buildings in these areas.

Ekeroğlu stated, “If old structures are demolished, the building height is reduced to two floors. That is why many people prefer to move out of old buildings and relocate elsewhere.”

BUT WHY?

According to a report on NTV, the decrease in demand for old buildings and the fear of earthquakes have been effective in lowering rental prices in luxury neighborhoods.

RENTS VARY FROM NEIGHBORHOOD TO NEIGHBORHOOD

Among the neighborhoods with the highest rental prices across Istanbul are Sarıyer, Beşiktaş, and Bakırköy.

Just a month ago, average rental prices were at the 70 thousand TL level in Sarıyer, 59 thousand TL in Beşiktaş, and 50 thousand TL in Bakırköy. However, the downward trend in luxury areas could change this pattern.