UEFA final boosts demand for short-term rentals

Gülistan Alagöz - ISTANBUL

The 2023 UEFA Champions League final in Istanbul has affected the short-term rental sector, with occupancy rates reaching 85 percent and prices increasing by up to five times compared to the previous year.

Regarding the upcoming event, Yusuf Akbal, chairman of the Board of Directors of Newinn, which operates in the short and medium-term housing rental sector and has a wide portfolio in the Başakşehir district, where the stadium is located, stated that they are implementing a new generation rental model “on a block basis” in Başakşehir.

“With our three newly opened facilities, we have reached 10 facilities in the region, and our occupancy rate has reached a serious level of 70 percent just 20 days before the final match.”

Noting that the tourism sector started the high season early in Istanbul due to the final match, Akbal said that at the moment, the demand for accommodation, especially around Başakşehir, is five times higher compared to last year, and accommodation prices have increased four to five times since 2022.

Akbal stressed that the seasonal price scale of $150 to $200 per night for large luxury houses reached $750-$1,000.

Pointing out that thanks to the final match, tourism around Başakşehir will be lively in July and August, Akbal said some of the accommodations are long-term, which reveals that the accommodation trend in the region will continue at a high level after the final match.

Mehmet Yüksel, the founder of Missafir, another company operating in the short-term rental sector, said the market is moving upward due to the upcoming match.

“The occupancy rate in our houses that can be booked for June 10, the day the match will be played, has already reached 85 percent,” Yüksel said.

Yüksel also stated that short-term accommodation rates in Istanbul, especially in popular areas such as Beyoğlu, Beşiktaş and Şişli, have increased by up to 60 percent due to the summer season and the final match.