Despite the declining production, the lively demand and the record rising costs caused the housing prices to rise. Both new and second-hand housing prices have reached the point where the low and middle-income people cannot reach them. According to the research conducted by the real estate valuation platform Endeksa, housing prices in Istanbul have increased by 24% in the last 1 year, while rents have increased by 145%.
The average residential square meter sales price in Istanbul was 20 thousand 208 TL, the average housing price was 2 million 424 thousand 960 TL.
M2 EXCEEDS 65 THOUSAND LIRA
The districts with the highest annual value increase in Istanbul were Sisli, Beyoglu, and Atasehir, respectively. Housing prices in Sisli have increased by 347 percent in the last 1 year. While the average residential square meter sales price in Sisli was 35 thousand 865 TL, the average residential sales price was 4 million 52 thousand 745 TL. In Beyoglu, the change in value in the last 1 year was 333 percent, while the average residential square meter sales price was 31 thousand 441 TL, the average housing price was 3 million 164 thousand 100 TL. Prices increased by 300 percent in Atasehir, causing the average residential square meter sales price to rise to 26 thousand 955 TL. The average housing price in Ataşehir is 3 million 99 thousand 825 TL. The districts with the highest average residential square meter sales prices are Sariyer, Besiktas, Kadikoy and Bakirkoy, respectively. The average square meter price reached 65 thousand 593 TL in Sariyer, 63 thousand 246 TL in Besiktas, 46 thousand 775 TL in Kadikoy and 46 thousand 070 TL in Bakirkoy.
According to Endeksa data, the districts with the highest rental value based on the average square meter rent are Sariyer, Beyoglu, Besiktas, Sisli, respectively. These districts are very valuable in terms of their location and they are places where everyone wants to live. This situation inevitably reflects on the rents. The average square meter rent in Sariyer is 216 TL, and the average rent is 25 thousand 475 TL. In Beyoglu, the average square meter rent was 177 TL, and the average rent was 17 thousand 679 TL. In Besiktas, the average square meter rent is 176 TL, and the average rent is 21 thousand 197 TL.
URBAN MIGRATION MOVEMENT
Housing prices and rents in Istanbul have caused an inner-city mobility as well as inter-city migration. Due to the rapid rise in rents, especially in central districts such as Besiktas, Kadikoy and Sisli, people, especially young professionals, students and workers, started to move to districts further away from the city center. Districts such as Kucukcekmece, Avcilar, Bahcelievler, Basaksehir and Umraniye became new living spaces for young professionals coming from the center with this new wave of migration. In the last 1 year, housing prices have increased by 283 percent in Umraniye, 237 percent in Avcilar, 224 percent in Kucukcekmece, 223 percent in Bahcelievler and 205 percent in Basaksehir. Public investments, especially transportation, have a significant impact on this situation. The expansion of the metro networks caused both the increase in the value of the real estate along the line and the expansion of the movement area of the people in the city.