Prices of apartments for rent in Istanbul
Istanbul has witnessed a significant increase in demand for real estate, whether for housing or investment, as well as attracting huge numbers of residents and visitors coming from different countries of the world, which has led to an increase in the rental value of its properties. In this article from Ebla Real Estate, we will provide a guide on prices Prices of apartments for rent in Istanbul.
Prices of apartments for rent in Istanbul:
The prices of apartments for rent in Istanbul have increased by 145% since last year. According to official data and statistics for the current year 2023, the average rent for homes in Turkey has reached 9,679 Turkish liras. Rents in Istanbul are the highest, as the average apartment rent has reached 10,229 Turkish liras.
On the other hand, rental prices for apartments in Istanbul vary from one region to another depending on the importance and investment value.
Factors affecting the prices of apartments for rent in Istanbul:
Apartment’s location:
Rent varies depending on location. Of course, the apartments in the city center or near tourist attractions and commercial places are more expensive than apartments in the suburbs and far from the city center.
Apartment’s area
The prices of apartments for rent in Istanbul vary according to the size of the apartment. The larger apartments are more expensive, as they accommodate large families.
Number of bedrooms
Having more than one bedroom increases the apartment rental price.
Furniture:
Of course, the prices of apartments for rent with furniture are more expensive than apartments without furniture. Likewise, the quality of furniture plays an important role in determining the value of the apartment.
Facilities:
The prices of apartments for rent vary according to the facilities available in each apartment. Undoubtedly, the cost also increases if the apartment is in a residential complex that provides service facilities.
The view:
The prices of apartments for rent vary according to the view. For example, the rental price for an apartment overlooking the Bosphorus will be very high compared to an apartment with a normal view.
Reasons for the high prices of apartments for rent in Istanbul:
- High inflation rate throughout Turkey, which led to general high prices.
- The demand for renting residential properties in Istanbul has increased significantly.
- The desire to live in Istanbul because of its strategic location, economic growth and abundance of job opportunities.
- The low prices of real estate in Istanbul compared to other major cities in Europe has increased the attraction of tourists and investors and led to an increase in the value of the investment properties.
- High cost of construction.
- The low supply did not meet the high demand, which led to higher prices for apartments for rent in Istanbul.
Edited by: Ebla Group Real Estate
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