The city where high inflation is felt the most is Istanbul. The fact that rents, goods and services are more expensive than other cities has made living in the megacity very difficult.
This situation was also reflected in the Turkish Statistical Institute (TUIK) Internal Migration Statistics 2023 data. The migration statistics announced the other day revealed that Istanbul was the province with the highest number of migrants with 581 thousand 330 people.
But Istanbul, one of the most beautiful cities in the world, continues to be the address of the super rich. There are hundreds of residences, apartments and villas in Istanbul with monthly rents between 1 and 2.5 million TL.
WHO IS RENTING THESE HOUSES AND FOR WHAT PURPOSE?
The Türkiye newspaper investigated who rents real estate with such high rents. Real estate sector representatives say that in addition to Russian oligarchs or Arab sheikhs, the ultra-rich living in Anatolia also rent houses from these luxury projects.
Sector players say, “There is a segment of people who want to come and stay in Istanbul for both business and holiday purposes. These people do not want to stay in hotel rooms. They can rent houses where the monthly rent exceeds 2 million.”
Real estate sector actors say that these types of houses rented in the luxurious districts of Istanbul are perceived as a sign of prestige, and that is why demand is so high.
ISTANBUL IS THE CHOICE OF THE ULTRA-RICH
According to the 2024 report of British real estate consultancy firm Knight Frank, while the number of people with a fortune over $30 million in Turkey was 1,761 in 2022, 1,932 people rose to this classification in 2023.
In the wealth increase ranking, Turkey was followed by the USA with 7.9 percent and India with 6.1 percent.
Other countries with increases above 5 percent were South Korea (5.6 percent) and Switzerland (5.2 percent).
The report states that the ultra-rich mostly prefer to live in Istanbul.
