Istanbul Rents Jump 9.4% While Rest of Turkey Gets Relief
Istanbul's rental market is moving in the opposite direction from the rest of Turkey, with prices rising even as nationwide rents fall in real terms.
Rent prices in Istanbul have climbed 9.4 percent, even as rents across Turkey dropped 7.1 percent in real terms over the past year, according to new figures [1]. The average rent in Turkey's largest city now stands at 45,510 Turkish liras [1].
The data points to a widening gap between Istanbul and the rest of the country. While tenants elsewhere in Turkey are seeing some relief once inflation is taken into account, those in Istanbul face the opposite trend [1].
The pressure extends beyond housing. Istanbul school canteens have announced new prices ahead of the school year, with an average increase of 6.2 percent. A glass of ayran now costs 30 lira, and a toast costs 100 lira [2]. Canteen operators blame high rents and increasingly difficult business conditions for the rise [2].
The squeeze is not unique to Istanbul. Across Europe, housing costs have become a central political issue. In Berlin, median rents have more than doubled in 13 years, and one week before the September 20 city-state elections, the left-wing party Die Linke leads the polls with a plan to nationalize 220,000 homes owned by institutional investors [3].
The European Union says ordinary people can no longer afford to live where they want, and now plans to give member countries the power to limit Airbnb and other short-term rental platforms [4]. Norway is preparing similar measures as tourism booms in Tromsø and the Lofoten Islands, where homes are increasingly taken over by platforms like Airbnb and Booking.com, leaving fewer properties for residents. Locals are being priced out of bidding rounds, the government says [5].