Real estate prices in Turkey and their impact on the construction of the new Istanbul airport
Last Updated: 2023-07-27
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Real estate prices in Turkey and their impact on the construction of the new Istanbul airport
statistics centers working in the field of real estate in Turkey do not stop mentioning evidence of the increasing opportunities for real estate investment in Turkey, especially in the matter of real estate prices in vital development areas and close to major projects. We cannot lose sight of one of the largest Turkish cities, which is Istanbul, which is characterized by its vitality and importance, and which is at the forefront of other Turkish states in the field of real estate sales owned by Turks and foreigners at an interestingly high rate. Therefore, today we will talk about the impact of one of the largest real estate projects in Istanbul, which is the new airport, which has strongly pushed growth and investment in multiple areas of Istanbul, especially in the field of real estate and real estate investment in it.
What are the areas that benefited from the new Istanbul airport and increased real estate prices?
The shares of Istanbul's new airport have contributed to raising the level of the real estate market in several areas of Istanbul. These areas are located in the vicinity of the airport or near it, and we will mention here these areas and the changes in prices in them, whether real estate or rent, with development opportunities in the real estate market in them: The most important areas affected by the new Istanbul Airport:
Arnavutkoy
The center of Arnavutkoy district is located only 12 km from the new Istanbul Airport, and it takes ten minutes to use the car only to reach the airport. And it is one of the areas that benefit the most from the presence of the airport, especially real estate, commercial offices and apartments in the area. The Arnavutkoy district is ranked fourth in Istanbul in terms of area. Arnavutkoy district is classified as one of the most preferred places to buy land used in agriculture or housing and even reconstruction, especially after the construction of the new airport, which made every land close to it one of the most in demand properties. The average price of an apartment in Arnavutkoy with an area of 100 square meters ranges between 220 and 300 thousand Turkish liras. Real estate prices are rising steadily with the increase in services and features within the building or residential complex, and of course with the increase in its area.
Ayoub region
It takes about forty minutes to reach the Ayoub area from the airport. Although access to the Ayoub area from the airport is easy, real estate prices in the Ayoub area have witnessed a decrease, perhaps due to the large number of ordinary housing in the area if compared to modern residential complexes. As the real estate in the Eyup area ranges in its styles between the modern ones attached to the best ideal services and the popular ones, but the Eyup area is located close to many of the tourist and vital areas in Istanbul, which made it gain a high importance and a distinguished position. In addition to this, its proximity to the Metrobus line, which made it one of the most important areas for housing and real estate investment in Istanbul, not to mention commercial investments and the establishment of companies and commercial projects, in addition to offices and shops of various forms. The average price of an apartment in Eyup with an area of 100 square meters ranges between 250 and 400 thousand Turkish liras. As we said, the presence of popular areas in many parts of Ayoub makes it easy for you to find an apartment at a very attractive price, which is less than the average that we mentioned above, and of course there are apartments with perfect services that come at higher prices.
Basaksehir
One of the largest municipalities of Istanbul, the area is about thirty minutes away from Istanbul's new airport by car, and the outskirts of the Basaksehir area are even closer to the airport. The famous Basaksehir area and the increase in real estate investment opportunities in it. Basaksehir is also one of the areas that benefited the most from the construction of the new airport, as this led to an increase in prices in just one year by 8%, which is a relatively high rate. We also mention the lands located on the outskirts of Basaksehir, whose prices have increased due to the increased desire to own them, and the fact that the area is attractive for those who wish to build villas or independent houses. The average value of an apartment of 100 square meters ranges between 300,000 and 600,000 Turkish liras. The area has an abundant stock of villas, palaces and modern residential complexes, and the area is still waiting for more positive influence in the future, due to the For the huge and major projects that are being worked on in the region and which will be fully ready soon.
Real estate prices in Istanbul
On average, the value of one square meter in Istanbul in early 2019 amounted to approximately 3,700 Turkish liras. This price is considered a decrease in the average price per square meter than it was in the previous year, due to the change in the exchange rate against the US dollar. The new Istanbul airport serves the entire city of Istanbul in general and works mainly to keep the city attractive to foreigners because the airport is rapidly developing to be able, after several years, to accommodate and receive two hundred million passengers annually, which provides increasing and continuous opportunities for the real estate market in Istanbul. And it works to increase requests for purchase and real estate investment by foreigners in Istanbul.
Edited by Mersat Real Estate ©
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