Sarıyer tops Istanbul districts for housing rent prices

Sarıyer has topped Istanbul districts in terms of housing rent prices with an average of 51,591 liras, Istanbul Municipality’s Planning Agency (İPA) head Buğra Gökce announced.

Thursday May 23 2024 10:41 am

Duvar English

Opposition-run Istanbul Metropolitan Municipality’s Planning Agency (İPA) head Buğra Gökce has announced the recent rent prices trend in the megacity, online news outlet T24 reported on May 22.

Accordingly, Sarıyer has topped Istanbul districts in terms of housing rent prices with an average of 51,591 liras, followed by Beşiktaş with 41,500 liras, and Kadıköy with 32,820 liras.

Arnavutköy has the lowest housing rent prices with an average of 11,605 liras, followed by Esenyurt with 11,765 liras and Esenler with 12,741 liras.

Gökce also commented on Finance Minister Mehmet Şimşek’s recent announcement that they will not extend the 25 percent rent cap.

“Lifting the cap will not solve the housing crisis. We cannot protect our citizens' right to housing only through market mechanisms. Today, finding rental housing has turned into a crisis for working people, retirees, low and middle income people. The average housing rent in Istanbul increased to 19,918 liras. Housing rents in Istanbul increased by 53 percent in one year, and 226 percent in 2 years,” he said.

“Approximately 2.5 million foreigners live in Istanbul. Housing sales to foreigners also continue. In other words, a large population other than our own citizens is also demanding housing. This situation also restricts our citizens' access to housing,” he added.

Treasury and Finance Minister Mehmet Şimşek announced on May 20 that the regulation limiting rent increases to a maximum of 25 percent won’t be extended after July 2024.

In June 2022, the Turkish parliament passed the regulation for the first time, limiting rent increases to a maximum of 25 percent for a year until July 2023 amid soaring inflation. The regulation was extended for one more year in July 2023.