İstanbul Real Estate Prices Compared to Barcelona
The President of Istanbul Planning Agency, Dr. Buğra Gökçe, shared striking data on social media regarding the sale prices of housing in Istanbul and proposed solutions.
Comparison of Housing Prices
According to the data shared by Gökçe, the average sale prices of housing in Beykoz, Sarıyer, Beşiktaş, Kadıköy, Şile, and Bakırköy are higher than in most areas of Barcelona, except for one region. For example, the average sale price in Bakırköy is 10.3 million Turkish Lira, which is equivalent to buying a house in the Valles Oriental region of Barcelona for the same price. In Beşiktaş, the average housing price is 15 million Turkish Lira, while in Barcelona’s Moianes region, the price is around 13 million Turkish Lira.
Rental Prices Are Also Higher
Gökçe also highlighted that rental prices in many districts of Istanbul are higher than in Barcelona. For instance, the average rent in Eyüpsultan is 25,513 Turkish Lira, whereas in Barcelona’s Anoia and Bage regions, the prices are lower.
The Rising Housing Prices in Istanbul
In Istanbul, the average rental price has reached 22,535 Turkish liras, with a significant increase in property prices and rental fees from 2018 to 2024. This surge has been attributed to government policies by experts.
Loss of Housing Market Balance
Experts have pointed out that the housing and rental prices in Istanbul are on the verge of surpassing those in Barcelona due to the imbalance in the housing market. This imbalance has made it increasingly difficult for citizens to find affordable and safe housing options.
Solutions for Affordable Housing
Experts have suggested various solutions to address the affordable housing crisis, including the development of social housing options such as subsidized and rental housing. Different tax and regulatory incentives should be introduced for small, medium, and large developers to encourage the production of affordable housing, especially by small and medium-sized enterprises.
Supporting the Local Construction Industry
In order to boost the competitiveness of the domestic construction industry, enterprises that produce social housing and construction materials should be supported. This will ensure that these businesses have a prominent place in the market, ultimately contributing to the growth of the industry.
Suspending Citizenship-for-Housing Programs
Similar to many cities around the world, the practice of selling housing to foreigners in exchange for citizenship should be suspended until the housing market stabilizes. This measure is essential to prevent any imbalance in the housing market and to ensure that local residents have fair access to affordable housing options.
