Fatih district home to highest rent hike in Istanbul

Istanbul's Fatih district saw the highest residential rent increase of 31 percent in the first two months of 2016 when compared to the same period last year. Fatih was followed by the Başakşehir and Beylikdüzü districts where residential rents soared 28 percent and 25 percent in the same period, respectively.

According to the renewed version of milliyetemlak.com, one of Turkey's leading online real estate portals, residential rents are on the rise in Istanbul. The reasons for this surge include the rising quality of housing stocks, transportation projects, urban transformation and the rising population. The highest increase in rent prices is in Fatih, which is a favorite district on the European side for Middle Eastern immigrants. Residential rents soared 32 percent in the first two months of this year. Çekmeköy ranked fourth in terms of rise in rents. Rent rose 22 percent in Çekmeköy, followed by Ümraniye at 21 percent.

The lowest rise of 3 percent was in the Maltepe district. Rents in the Eyüp and Şişli districts increased 5 percent and 8 percent, respectively. Rents hikes were 9 percent each in the Avcılar, Ataşehir and Pendik districts.