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- 13 April 2023
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Istanbul is one of the largest cities in Turkey and one of the most developed cities economically. In recent years, the property market in Istanbul has undergone significant changes, with rental prices, in particular, experiencing a rapid increase in the last 20 years.
When we look at rental prices in Istanbul over the last 20 years, there has been a significant increase, especially in the last 10 years. Rental prices in Istanbul were around 500-600 TL on average in the early 2000s, but they have now risen to an average of 2,000-2,500 TL.
Several factors have contributed to this increase, including the rapid population growth in Istanbul in recent years, increased housing demand, high demand in the construction sector, and high costs. Additionally, the influx of foreign investors in Istanbul in recent years has also had an impact on the increase in rental prices.
However, rental price increases in Istanbul have varied regionally. In particular, rental prices in the central districts of the city have increased even more, while prices in the outer districts have remained at more affordable levels. This has led to the population spreading outwards and urbanization shifting to different areas in Istanbul.
In conclusion, rental prices in Istanbul have experienced a rapid increase in the last 20 years. The population growth, high demand, high costs, and the influence of foreign investors have been major factors contributing to this increase. Those searching for rental housing in Istanbul should also consider evaluating options in neighborhoods outside the city center for more affordable prices.
