Real estate prices in Istanbul peaked: Real estate prices in Istanbul continue to climb with the transportation lines and prestigious projects put into use in recent years.
Until the Bosphorus Bridge was built, prices on the Anatolian side, where only one third of the population of Istanbul lived and offered more affordable housing alternatives, became competitive with the European side. Turkey Industrial Development Bank AS (TSKB), "Mega Projects", according to data compiled from the reports, Göztepe-Flat area in square meters of branded residential price of 6 thousand pounds, in Sancaktepe and three thousand pounds in Tuzla, up to Riva, and 3 thousand 2 dollars rose.
It is the first metro of the Anatolian side. KadıköyThe Kartal urban transformation project, implemented along the Kartal metro line, the Palace of Justice and the D-100 route, increased the prices of branded housing in the region up to 4 thousand-5 thousand dollars. On the Anatolian side of Istanbul, price increases are seen mainly in Üsküdar, Göztepe, Çeköy, Sancaktepe, Sultanbeyli, Beykoz, Ümraniye, Kartal and Tuzla. Especially with the commissioning of a $ 1 billion private sector investment called Viaport Marina built in Tuzla, the premium in this region is expected to increase.
"SANCAKTEPE HOUSING PRICES HAVE AN INCREASE OF CLOSE TO 100 PERCENT"
Evaluating the Mega Projects report, TSKB Gayrimenkul Değerleme AŞ Appraisal Expert Seda Güler stated that a significant price increase has taken place in the Kartal district, which has been shining recently, and said: “The Kartal-Maltepe-Pendik region has shown a considerably increasing momentum in the last 5 years. There was a noticeable increase in residence and office projects in the region. Considering that the projects in the construction phase add a different value to the region, prestigious housing projects in the region increase their square meter prices up to 4 thousand-5 thousand dollars according to the location. "
Explaining that there is an increase of almost 100 percent in housing prices in Sancaktepe, which has become a region preferred by branded housing developers with the Üsküdar-Sancaktepe metro line work, Güler said, “The flat price per square meter is around 500 TL-2 thousand TL. -3 thousand lira unit price range. "It is expected that the increase in prices will continue its upward trend due to reasons such as the support of transportation to the region with the metro line."
"A PRICE INCREASE OF CLOSE TO 70 PERCENT IN ÜSKÜDAR"
Noting that Tuzla district is one of the regions that attract attention with land and sea transportation alternatives with the proposed rail system project on the Kartal-Kurtköy-Tuzla-Gebze corridor to be integrated into Marmaray, Güler said, “Thanks to the transportation projects that will strengthen and accelerate the access to the region from both coastal and inland areas, "It has gained the status of a developing region with large-scale technology projects." Güler stated that even though the prices of the branded projects in the region are low compared to the Anatolian side with varying values depending on the location and landscape conditions, the square meter prices have reached the levels of 3 thousand to 4 thousand liras, and said about Üsküdar, which multiplies its high value with Marmaray:
“With the Marmaray and Üsküdar-Çekmeköy Metro Project, which started operations about 1,5 years ago, a price increase of nearly 70 percent was experienced, especially in Üsküdar. Despite the fact that there are mostly old buildings in the region and the land stock is low, such an increase in prices on the existing stock is due to the transportation function and underlines the importance of transportation in the real estate market. Stating that the development of Beykoz's Riva region will shift to the north with the 3rd Bridge and 3rd Airport project, Güler said, “The projects realized and planned to be done in the region show this. It is seen that the region has gained a great momentum in the period of about two to three years and there has been a 35 percent increase in land values. Unit prices in branded projects in the region reach up to 2-500 dollars ”.
"INCREASE UP TO 30 PERCENT IN THE GÖZTEPE REGION FROM NOW"
Explaining that the metro line to be built on the Ataşehir-Göztepe line will be added to the city's central and many transportation systems on the Anatolian side of the city, Güler said that KadıköyReminded that it would be integrated with the Kartal subway and the Ümraniye Station with the Üsküdar-Ümraniye-Çekmeköy-Sancaktepe-Sultanbeyli metro line. Stating that the line will also be connected with Marmaray from Göztepe station, Güler made the following evaluations:
“With the said transportation network, Ataşehir region, which hosts branded residences, and Göztepe region, which will be a central transfer center, is expected to experience a significant increase. The average housing unit prices in new projects in this region are around 6 thousand-7 thousand TL. The Istanbul Finance Center project, which is located in the Ataşehir region and supported by transportation, is an important factor that will create changes for real estate that will concern Istanbul and the country in general. Accordingly, it is thought that the creation of sub-regions, especially in terms of the office market, may come to the fore in this process. Ataşehir is a district preferred by branded housing projects due to its central location due to its proximity to TEM and D-100. After the completion of the connection between the financial center and the metro in the Ataşehir region, the value of the region is expected to increase even more.
Güler stated that Göztepe, which will become a central transfer point with the Eurasia Tunnel in addition to the metro lines, will experience its "Golden Age", "Changing its face with Urban Transformation and being a highly preferred region with transportation facilities, Göztepe region has already reached 30 percent. While the increase is in question, it is thought that the value will increase day by day with the completion of the transportation infrastructure ”.