The rise in housing prices in Besiktas slowed, and rental prices fell sharply last year.
In Istanbul, the rise in prices for residential real estate for sale is slowing, and rental prices are declining. Besiktas, one of the central and prestigious districts of Istanbul, is one of the areas where prices for the sale and lease of houses are in the process of recession. Besiktas is the preferred and prestigious area of Istanbul due to its location, developed network of public transport, historical and social facilities.
According to studies conducted by REIDIN, property prices in Besiktas in the period from March 2012 to March 2017 increased by 145 percent. For the last 5 years, housing prices in the district have increased by 21 percent. However, over the past year there has been a slowdown in the growth of house prices for sale. It is noted that the growth in house prices in Besiktas from 2016 to 2017 was 5 percent.
According to the REIDIN report, the rental rates in Besiktas in March 2015 were 36.47 Turkish lira for a square meter, and in March 2017 – 35.59 lira. The greatest decrease in prices for rental housing in Besiktas occurred between 2016 and 2017 (13 percent). In March 2016, the rental prices were 40.89 lire per square meter, in March 2017 it was 35.5 lire.
Experts say that the decline in prices for rental housing in Besiktas is due to low demand and an increase in the volume of new housing due to urban changes.