From 2018 to 2024, Istanbul’s Property and Rental Prices Skyrocket, Outpacing Even Barcelona’s Most Expensive Areas
Dr. Bugra Gokce, President of the Istanbul Planning Agency, has disclosed striking new data on real estate in Istanbul. According to his findings, average property prices have surged by 888% and rental rates by 1025% from 2018 to 2024. Gokce’s comparison reveals that Istanbul’s districts—Beykoz, Sariyer, Besiktas, Kadikoy, Sile, and Bakirkoy—now boast higher average property prices than all but one area in Barcelona.
For instance, in Bakirkoy, the average property price is ₺10.3 million, equivalent to buying a home in Barcelona’s Valles Oriental district. Besiktas’s average property price stands at ₺15 million, while Barcelona’s Moianes area offers homes around ₺13 million.
Istanbul Rental Market Shows Similar Trends
Rental prices in Istanbul also surpass those in Barcelona. For example, the average rent in Eyupsultan is ₺25,513, higher than rental rates in Barcelona’s Anoia, Bages, and Moianes regions. The overall average rent in Istanbul has risen to ₺22,535.
Gokce attributes these skyrocketing prices to policy changes and highlights the growing difficulty for residents to find affordable housing. He proposes several solutions to address the issue:
- Expansion of Social Housing: Introduce various types of social housing, including subsidized, rental, and public housing options.
- Support for Housing Developers: Implement different tax and regulatory frameworks for small, medium, and large housing developers to ensure a healthy market presence.
- Boost Local Industry: Support local construction material producers to enhance the competitiveness of the domestic construction industry.
- Suspend Citizenship-for-Property Sales: Temporarily halt the sale of properties to foreigners in exchange for citizenship until the market stabilizes.
Source: Dunya.com / Prepared by Irem Yildiz