The earthquake concerns have lowered rents in three luxury neighborhoods of Istanbul.

There is a noticeable decrease in rental prices in the luxury neighborhoods of Istanbul, such as Bebek, Etiler, and Arnavutköy. Especially due to earthquake concerns, the preference for old buildings has decreased.

DEMAND FOR OLD BUILDINGS HAS DECREASED

As a result, rents in Bebek and Arnavutköy have declined. According to real estate experts, the rent for an old 2+1 apartment in Arnavutköy has dropped to around 35-40 thousand TL. The decrease in demand for old buildings along the Bosphorus has led to a drop in rental prices in these areas. In other words, the fear of earthquakes has negatively affected luxury neighborhoods as well.

40-50 YEAR OLD BUILDINGS CANNOT BE TRANSFORMED

According to a report on NTV, the decrease in demand for old buildings and the drop in rental prices are a result of the earthquake fears affecting Istanbul's luxury neighborhoods. In areas like Bebek and Arnavutköy, a significant portion of the 40-50 year old buildings cannot be transformed, and this situation reduces interest in the old structures in the region.