Istanbul mega infrastructure projects push land and real estate prices up
Mega projects and urban renewal projects have substantially 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 megaprojects like Kanal Istanbul, Istanbul New Airport, Yavuz Sultan Selim Bridge, Eurasia Tunnel and Marmaray have further increased the value of real estate properties.
According to the Star daily, real estate properties in Istanbul doubled in value in the past three years, reaching TL 1.5 trillion.
Real estate specialists suggest the value of immovable properties, with the exception of waterside mansions on the Bosporus strait, reached TL 1.139.2 trillion from TL 665.6 billion in 2013 due to the impact of megaprojects and urban renewal projects.
Due to urban transformation, 200,000 houses were added to the existing 3.1 million houses. However, mega projects and land that constantly increases in value, are the main factors in the rising real estate prices.
Specialists say real estate prices soared by 71 percent from 2013 to 2016 thanks to the actualization of megaprojects and urban renewal projects and the rise of transportation facilities. Real estate prices in Silivri surged 91 percent in the past three years, as Kanal Istanbul will be built in this district.
Also, estate prices in Kadıköy increased 92 percent in the same period due to urban transformation projects.
Real estate prices in Sultangazi, Başakşehir and Büyükçekmece, which are located on roads connected to the Yavuz Sultan Selim Bridge, have risen by 73 percent, 88 percent and 85 percent, respectively.
Construction in Maltepe Square led to a 96 percent boom in prices in the Maltepe district, while the Yenikapı Square project increased real estate prices in Fatih by 97 percent.