Evolution in Istanbul rental market sees professionals demanding furnished apartments

Evolution in Istanbul rental market sees professionals demanding furnished apartments

  • 47% of tenants in Istanbul are professionals; 35% are foreigners (Universal21)
  • Growing demand for furnished, one-bed apartments (Universal21)
  • Istanbul listed as ‘Aspiring’ in latest European Regional Economic Growth Index (LaSalle)

Istanbul is in the midst of a serious rental boom, and savvy investors are cashing in, says a leading agent in the region. With an influx of new, beautifully-finished modern properties offering excellent additional facilities, Universal21, the leading agent in Istanbul’s south-west region, has released new data that highlights an exciting evolution in the city’s rental market.

The company, established in Istanbul since 2008, claims that the type of properties that are now in hot demand has altered in recent months, to suit a changing demographic of renters. They now find that the majority of those renting properties in the Turkish city are professionals within Istanbul (some 47%), followed closely behind by foreigners (35%) and students from outside of the city attending university (18%).

Adil Yaman, Director of Universal21 explains how this marks an evolution in Istanbul’s rental market,

“In recent years we have certainly noticed a growing interest in Istanbul property, both from a second-home perspective and from an investment standpoint but it is within the last few months that we have really observed a change. Not only has there been a huge influx in the demand for properties to rent but with the majority of prospective tenants today professionals or from overseas, the type of property that is in demand has changed.

“More and more people are now looking for 1 bedroom, 1 bathroom properties and the heavy requirement for furnished apartments has been so overwhelming that we now have a waiting list of prospective tenants.”

This new data ties into the revelation announced in the most recent Knight Frank Global Cities 2015 report that employers are increasingly sending their staff on short-term international relocations, with levels anticipated to extend to a fifth of all overseas relocations in the next three years. This means that the demand for rental properties to answer this need, especially for those professionals as mentioned by Universal21, is also growing.

With the completion of their latest project in August, Anfa Life, with 13 floors of residential apartments along with facilities that include a cinema, Hamam, spa, sauna, health and fitness club, Universal21 saw exactly this. Stating that “demand has been incredible”, the 47 properties available to let were rented out in less than a month and at some 13% higher than a similar property three months previously.

It is this positive uplift in the Istanbul rental market that has led LaSalle to identify the city as part of a group named ‘The Aspiring’ in the recent European Regional Economic Growth Index, a report that identifies regions within Europe with the best economic prospects. Pointing to Istanbul’s growing GDP, employment levels and population, the city ranks third in the listing, and its increasing levels of middle class inhabitants also set it apart as a top investment prospect.

In light of this, Universal21 have launched their next project, anticipated to have the same, if not greater, impact on the growing Istanbul rental market, providing an answer to the new demand whilst benefitting savvy investors. 7th Avenue is located in the middle class neighbourhood of Old Beylikdüzü, in close proximity to local amenities and restaurants, a 20 minute drive from Ataturk international airport, a short drive from the beach and a 10 minute walk from the area’s major shopping centre, Marmara Park.

Comprised of 13 floors of 260 beautifully designed apartments, with a choice of studio, one and two bedroom apartments available, there is also an array of facilities that include 24 hour security, a, fitness centre including spa, hamam and gym, an outdoor swimming pool, tennis and basketball courts.

Studios are priced from £30,000 / $51,000, one bed apartments are priced from £44,500 / $71,000, and two bed apartments from £62,000 / $104,500. There is also a payment plan available and properties are currently at pre-launch prices, reduced by 20% until next month.

For more information about Universal21, visit www.universal21.com or call 0203 287 8700.