Demand continues to put upward pressure on Istanbul rents and property prices

Posted on 22 July 2014

Rents in Istanbul have risen by 42 per cent in districts close to the city’s Ataturk Airport, according to recent reports in the Turkish press, which also state property prices there are recording double digit growth per annum.

Apartments in Istanbul are said to be in high demand as the summer holiday season kicks in in Istanbul. Rents look set to rise further in the city as seasonal demand coincides with the rising rents seen in the city this year.

The most in demand districts of the city remain those in the centre close to tourist attractions and districts with good transport connections to and from the city centre.

At the same time, Istanbul property prices increased in May according to property analysis website Gyoder, and are on track to recording a 13.75 per cent increase within the space of 12 months. The combination of rising rents and property prices means that cash buyers can generate high yields on a buy-to-let investment in Istanbul, at a relatively low risk compared to more expensive cities elsewhere in Europe.

The five most expensive districts to rent in İstanbul are Beşiktaş, Sarıyer, Şişli, Ataşehir and Kadıköy however, with rents high in central areas, demand naturally flows out to other areas of Istanbul, namely to the suburbs with good transport connections and which have received significant investment in infrastructure.

Beylikduzu is Istanbul’s newest and fastest expanding town with sports, cultural and shopping centres. It is located centrally between Istanbul’s main Ataturk International Airport, 15 kilometres away, and Istanbul’s proposed third international airport at Silivri, which is only 10 minutes’ drive away.

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