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Impact of the Gulf Tramway Line on Real Estate Prices in Istanbul

: 2017-10-14

Impact of the Gulf Tramway Line on Real Estate Prices in Istanbul
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The new tramway line in the Gulf area is one of Istanbul's busiest public transport routes. As this new line affected the prices of real estate in the areas through which the prices have doubled in these areas up to three times.

The new tramway line will extend between Eminonu and Ali Pei Kui, and the construction of the line has recently begun, leading directly to higher real estate prices in the areas passing through. Real estate experts say real estate prices in the Ayyub area through which the line passes have increased by 2-3 times. Where the price of the house, which was sold in the past of 200 thousand Turkish liras, for example, to 600 thousand Turkish liras after the start of this new line.

The tramway trajectory line is one of the most densely populated lines. Where the line passes through several large areas such as Ghazi Othman Pasha, Ayoub, and Kagat Khan. Property prices in these areas are expected to rise further in the coming period due to the urban transformation, with buildings being rebuilt to be more robust and more resistant.

Real estate experts point out that Metro, tramway and public transportation systems have a great potential to change property prices and cause them to increase.

There are many areas where real estate prices have increased significantly after the establishment of public transport lines or facilities such as commercial projects, where prices of some properties in Istanbul rose from 200 thousand Turkish liras to more than one million Turkish liras. Social facilities such as parks, schools, and even hospitals affect real estate prices in Turkey.

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