Real Estate and Land Prices Increasing Due to Infrastructure Projects
Mega projects and urban renewal projects have significantly increased land and real estate prices in Istanbul, with the value of real estate properties reaching TL 1.5 trillion ($500 billion).
Completed and ongoing projects like Kanal Istanbul, Yavuz Sultan Selim Bridge, Istanbul New Airport, Eurasia Tunnel and Marmaray have also had a major impact on increasing the value of real estate properties.
According to the sources, in the past three years, real estate properties in Istanbul doubled in value, reaching TL 1.5 trillion.
According to the real estate specialists, the value of immovable properties, excluding the waterside mansions on the seafront of the Bosporus , reached TL 1.139.2 trillion from TL 665.6 billion in 2013 due to the effect of megaprojects and urban renewal projects.
Because of the urban transformation, 200,000 houses were added to the existing 3.1 million houses. However, mega projects which are constantly increasing in the value, are the main factors in the rising real estate prices.
Specialists say real estate prices rocketed up by 71 percent from 2013 to 2016 thanks to the realization of megaprojects and urban renewal projects and the rise of transportation facilities. Real estate prices in Silivri area increased 91 percent in the past three years since the Kanal Istanbul will be built in this district.
In addition, the real estate prices in Kadıköy increased by 92 percent in the same period thanks to the urban transformation projects.
Property prices in Sultangazi, Başakşehir and Büyükçekmece, which are situated on roads connected to the Yavuz Sultan Selim Bridge, have risen by 73 percent, 88 percent and 85 percent.
Construction in Maltepe Square led to a 96 percent boom in prices in the Maltepe area, while the Yenikapı Square project increased real estate prices in Fatih by 97 percent.
The statistics at the moment lure the investors to come to Turkey and especially to Istanbul.