Historical Sariyer district averages over $1,600 in rental prices, tops Istanbul list

The historical district of Sariyer, overlooking the Bosphorus, topped the list of Istanbul districts with the highest prices in rents, according to statistics revealed on Wednesday by Bugra Gokce, head of the Istanbul Metropolitan Municipality’s Planning Agency (IPA).

Among the 39 districts of Istanbul, Sariyer led the pack in rental prices with an average of ₺51,591 (over $1,600), followed by other historical and scenic districts like Besiktas with ₺41,500, Kadikoy with ₺32,820, Bakirkoy with ₺30,000 and Beykoz with ₺27,443.

Arnavutkoy had the lowest average house rents in Istanbul at ₺11,605 ($360) with Esenyurt and Esenler following close behind at ₺11,765 and ₺12,741 respectively. Then comes Sultangazi with an average rental price of ₺13,856.

The newly released data showed that the average housing rent across all Istanbul has surged to ₺19,918 ($620), marking a significant 53% increase compared to last year.

Commenting on Finance Minister Mehmet Simsek’s recent statements regarding the discontinuation of the 25% rent cap policy, Gokce emphasized the necessity of addressing the housing crisis comprehensively.

Gokce noted that various segments of society, including working individuals, retirees, and those with low to middle incomes, faced challenges in securing affordable housing. He stressed the importance of protecting citizens’ housing rights beyond market mechanisms.