Rise in real estate prices in Umraniye district of Istanbul
The Umraniye area on the Asian side of Istanbul has become an important attraction for the business world, thanks to the Istanbul International Finance Center, which will be one of the most important financial centers in the world, not to mention the proliferation of modern office projects and the expansion of new metro lines to the region, Which has been reflected in real estate prices in the region and make them rise by up to 100% in some areas.
Substantial disparities in real estate prices
Cansel Turkut Yazigi, Managing Director of EVA Real Estate Estates, commented on the huge difference between real estate prices in the region, noting that prices in some neighborhoods of the region do not exceed 2300 lira per square meter, while in some luxury projects, Brand) to 23 thousand and 700 pounds.
Ms. Yazigi said she expects the region to see the second wave of real estate prices rising by 15-25% after completion of infrastructure and metro projects.
Al Umraniye has witnessed a significant increase in office investments since the beginning of the third millennium. Several large projects have contributed to the revitalization of the office sector within the region.
- Marmaray and the three-storey Istanbul Grand Tunnel.
- North Marmara Highway Project.
- The project of the Uskudar Metro Line - Cekmekoy.
- Istanbul International Finance Center Project.
- High-quality real estate projects.
Elsewhere, Sede Guler, TSKB's real estate appraiser, said office rental rates for luxury office projects in the Umraniye area range from $ 14 to $ 25 per square meter, while experts predict the region's real estate markets will be more active with the entry of the aforementioned metro line into service.