Grand Bazaar named Istanbul’s ‘most valuable point’

ISTANBUL - Anadolu Agency

CİHAN photo

The Grand Bazaar has been named the “most valuable spot” in Istanbul, with rent worth around $3,500 per square meter per month, according to a new study by Turkey’s Eva Real Estate Valuation Consultancy. 

The Kalpakçılar Caddesi, a street in the Grand Bazaar full of jewelry and gold shops, is the most expensive street in the Grand Bazaar, according to the study. 

The touristic İstiklal Street followed the historical street with an average rent of $350 per square meter, while Bağdat Street on Istanbul’s Asian side ranked third in the list with an average rent of $280 per square meter.

Abdi İpekçi Street on the European side came next at around $150 per square meter. 

Rents in the Grand Bazaar have been steadily increasing by an average of 20 percent annually in recent years, according to the study. 

“The Grand Bazaar one of the most characteristic and oldest bazaars of the world … The Grand Bazaar has always been very popular for centuries, so the rents there are much higher than the rents in other districts,” said Eva CEO Cansel Turgut Yazıcı.