Istanbul rents jump 46% pct in a year

Rental prices in Istanbul have increased by 46 percent compared to last year in July. The average rent in the city's least expensive district was around 13,800 Turkish liras, while in three districts, the average rent has surpassed 35,000 liras.

Sunday September 29 2024 12:38 am

Duvar English

As of July, rents in Istanbul have increased by 46.82 percent over the past year, according to data from the real estate data platform Endeksa.

The average rent for a residence in Istanbul was calculated at 24,400 Turkish liras ($715), while the average price per square meter was 244 liras.

The average rent in the city's least expensive district, Esenyurt, was around 13,800 Turkish liras, while in three districts, the average rent has surpassed 35,000 liras.

According to data compiled from Endeksa, the highest rent for a 100-square-meter residential property was in Sarıyer, at 44,000 liras.

Beşiktaş followed closely with an average rent of 39,900 liras, while Kadıköy ranked third with a monthly rent of 38,700 liras.

The minimum wage in the country is 17,002 liras.

Despite the implementation of a 25 percent cap on rent increases in recent years in the country, rapidly rising housing rents show no signs of stopping.

The law has not been effectively enforced, leading to a surge in disputes between tenants and landlords, which have filled the courts.

With the end of the cap on July 1, rent increases are now determined according to the annual inflation rate.