Turkey Real Estate Review / 2018 Second Half
Date Published: 07/03/2019
Under the terms of Notification No. 32 relating to the Law for the Protection of the Turkish Currency, most property owners have now begun to declare their list prices in Turkish Lira. The rise in TL office rents seen in 2017 was maintained through to the end of 2018. The average rent for Class A buildings in Istanbul overall came in at 100TL/m²/month in the last quarter of 2018. While rents rose in TL, they fell in USD terms due to the devaluation of the Turkish Lira against the US Dollar.