Istanbul Canal project, or the project of the era by another name, is one of the largest projects to be established in the 21st century not only in Turkey but in all around the world.
The canal will be a great opportunity for the real estate sector in the city, as property prices started to increase in the city before the establishment of this canal, especially in areas such as Avcilar, Bashakshehir, Kuchukcekmece, and Arnaoutkoy.
This has led to the construction of a large number of mega-projects in the area of Bashakshehir, where the area has witnessed a construction of several shopping malls, health facilities, gymnasiums, sports facilities and transportation projects.
Property prices in the region have increased significantly, especially in districts such as Kayabashi, Kayashahir, and other neighborhoods in the region are also expected to see a rise property prices soon.
The district of Kuchukcekmece also witnessed an increase in property prices, both in terms of leasing or selling, the price per square meter in this district to an average of 2900 Turkish liras on the basis of indicators last November, while the average monthly rent of homes in the region reached 1400 Turkish liras on average.
The situation is similar in the Avcilar area as well. The last five years witnessed a significant jump in real estate prices and many large real estate projects its rate of increase in prices reached 40 percent during this period, as the average price per square meter was 2500 Turkish liras.
Moreover, the situation is not different in the district of Arnaoutkoy, which has become a major attraction for investors in the real estate sector after the spread of news about the passage of Istanbul canal through this district, where the price per square meter reached an average of 2225 Turkish liras.
Source: HT Emalk