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Tunnels and Metro Lines Boosting Prices

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Tunnels and Metro Lines Boosting Prices
Nova Property

Tunnel MapThe announcement by the Mayor of the Metropolitan Municipality of Istanbul Kadir Topbaş, that there were 5 new tunnel projects which would strengthen the connection between the surrounding districts to the city center in the 2016 budget, has set the Istanbul real estate market in motion.

It is stated that the tunnels which are to be built between Dolmabahçe – Levazım, Levazım –  Baltalimanı, Baltalimanı – Ayazağa, Ayazağa – Çayırbaşı and Sarıyer – Zekeriyaköy, will increase the value of the real estate projects in Sarıyer in particular. Önder Akpınar, Director at CBRE International Real Estate Consultancy, said,

Real estate prices rise especially in Zekeriyaköy, Demirciköy and its surrounding reasons on the European side.

There has been a 60-70 percent increase

Önder Akpınar stated that the residential property prices in Bahçelievler and Bakırköy had exhibited significant increases following the arrival of the metro and metrobus connections, and that when the metro begins to provide a service in Kartal, in 2017, property prices in the projects close to the stations would rise by 60-70 percent.

Will increase even more with the metro

Akpınar, who also gave examples from other districts, said, “The same example is being experienced in the Üsküdar – Çekmeköy metro line, which is expected to be opened in the last quarter of 2016; while prices in Sancaktepe began to rise even when just the name of the metro project was heard.

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