House rents close to public transport skyrocket in Istanbul

ISTANBUL

Rents of residential properties that are located close to widely used the public transport system have skyrocketed in Istanbul, according to a report by Endeksa, which collects data on the housing market.

In the Gayrettepe neighborhood of the mega city, the average rent is more than 60,000 Turkish Liras ($2,160), while the average price of a house in this location is a whopping 12.8 million liras.

Gayrettepe is known for its luxury residences and office buildings. Rents in Gayrettepe is well above the country average not only because of its location but also due to the large foreign population there, according to the report.

Mecidiyeköy, a neighborhood also on the European side of Istanbul, ranked second with an average rental price of 30,800 liras. The average house price there is 9.6 million liras.

Endeksa carried out the study to see how rents differ between locations depending on their proximity to the widely used public transport system, metrobus.

Due to heavy traffic on the city’s roads, people prefer this rapid transport network, said Görkem Ögüt, the general manager of Endeksa.

“As transportation costs increase, rents and home sales prices in districts within walking distance to public transportation such as metrobus continue to rise,” he added.

The housing stock in the areas, which provide easy access to the city's business centers and universities is depleting faster, according Ögüt.