: 2016-09-23 Modified date : 2020-01-13
The giant projects such as the bridges, tunnels, metros, Istanbul’s third airport, and the cultural transformation projects contribute to raising the real estate value of the city of Istanbul. For that, the real estate prices in the city rose up twice, during the last three years, since the total value of the current real estates of the city is 1.5 trillion.
Mr. Gökhan Karahan, the operations manager of the global Re/Max Turkey real estate company, stated that the total real estate value in Istanbul, excluding the villas on the strait’s coast, amounted to 665.5 billion Turkish Liras in 2013, Yet, this value increased as a result of the giant projects and the cultural transformation projects to amount 1 trillion and 139.2 billion Turkish Liras in 2016.
According to the data provided by Mr. Karahan, the difference in the city properties value during these three years is about 473 billion and 600 million Turkish Liras. Mr. Gökhan stated that there were approximately 3 million and 100 thousand units in 2013, and as a result of the cultural transformation projects, the number raised to 200 thousand units.
Mr. Karahan added that the main reason behind the rising of the real estate value in Istanbul is the giant projects rather than the increased number of the properties. If we add the value of the land to the total value of the city properties, then the total value of the city properties becomes 1.5 trillion Turkish Liras.
In terms of figures, the rate of the properties' prices in Istanbul that was affected by the giant projects reached 71% during 2013-2016. The cultural transformation projects and the establishment of new transportation lines should also be added to the up mentioned reasons for the value raising.
During the last three years, within Silivri district, the prices rose by 91% due to Istanbul Canal Project, which may pass through the region.
Furthermore, Kadıköy witnessed a rise reached 92% during the same period, while in the Ataşehir, the raising reached 102%. The reason behind this raising is the expansion of branded real estate projects, "branded properties" which is the most lucrative properties in the city.
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