Attraction of Istiklal Avenue is Influenced Negatively by the Developments

07_01_11 Gayrimenkul Türkiye

Appraiser Duygu Yılmaz from the TSKB Real Estate Appraisal Special Projects Department wrote about the changes in Istiklal Avenue during the last 10 years and the reasons. Istiklal Avenue, which has been a central region that is always preferred, has been at the forefront in the trade and service sectors throughout its history. Although it contributes in the country and city economy at a level that cannot be overlooked, it is observed that the attraction of Istiklal Avenue is falling into a decline during the recent period. While the weekly number of visitors at Istiklal Avenue reached 3 million people 10 years ago, this figure currently is at the level of 1 million on the average. Although the current demand for the Avenue that is facing a significant decline is still at good figures, the real property values that increased during development have started to cause turnovers to drop and constrain the businesses along with the current decrease in demand. Some of the shops have been unable to maintain their businesses and have been closed with the drop experienced in the demand. On Istiklal Avenue, which generally had an occupancy ratio of almost 100%, it is observed that there are many shops and stores for lease today. Meanwhile, it is advised that negotiations reaching the levels of 20-30% are being made in shops where lease contracts are made recently.

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