The Effects of The Kanal Istanbul Project on Real Estate Prices

The Effects of The Kanal Istanbul Project on Real Estate Prices

Kanal Istanbul continues to increase the prices of apartments for sale in Istanbul as a project that will unite the Black Sea and the Marmara Sea, which has been on the agenda for a long time. After the announcement by the Minister of Environment and Urbanization, Mr. Murat Kurum, that Kanal Istanbul would be built soon, land prices in the relevant regions had increased considerably. Land prices in regions where there is an overall increase of 30%, seem to increase further in the future. Therefore, people who want to a real estate have started to be searched for apartments for sale near Kanal Istanbul.

In Which Neighborhoods Are the Apartments For Sale Near Kanal Istanbul?

There are many districts for people who want to buy an apartment for sale near Kanal Istanbul. Kanal Istanbul project, which will pass through districts such as ArnavutköyBaşakşehir and Küçükçekmecehas greatly affected the real estate market in these districts. Especially with the Kanal Istanbul project coming to the agenda, the interest in these districts has increased tremendously. According to the statement made by the sector representatives, it is said that even if this project is not realized, the prices of homes for sale in Istanbul will still rise.

How Are Istanbul Real Estate Prices According to Districts?

From the moment the route where the Kanal Istanbul project would take place was determined, the real estate prices in Istanbul started to rise. First, between 2014 and 2017, land prices in the relevant regions had increased almost 4 times. If we go deeper, while the square meter prices of the land were between 80-700 TL in 2015, it has reached the range of 370-1900 TL in 2020. Especially with the reduction of housing loan interest rates in June 2020, Istanbul residences started to run out rapidly. On the other hand, the prices of real estate for sale in Istanbul increased instantly. If we are to say what is the condition of the properties for sale near Kanal Istanbul, we can say that the prices of the houses have changed according to the location, right of construction and size. They are higher than in previous years.

Which Neighborhood Should I Prefer for Homes for Sale in Istanbul?

People who want to buy an apartment for sale near Kanal Istanbul generally prefer Arnavutköy and Başakşehir. First, it is stated that there are price increases around Istanbul Airport, while it is stated that the neighborhoods in Arnavutköy district are also in high demand. There is a rapid increase in prices in the districts of Dursunköy, Yassıören, Tayakadin, Boyalık and Baklalı in Arnavutköy district. The biggest reason why Arnavutköy has increased so much in properties for sale in Istanbul is that a large part of the Kanal Istanbul Corridor is located here. While a 27,383-meter section is located within the boundaries of Arnavutköy district, a 6 thousand 149-meter sections is in Küçükçekmece, and a 6 thousand 61-meter sections is in Başakşehir.

Is It The Right Time To Buy House For Sale Near Kanal Istanbul?

Real estate and land prices for the Kanal Istanbul project, which was first announced in 2011 and the route of which was announced in 2014, continue to increase day by day. Especially people who want to buy an apartment in this neighborhood are hesitant about when to act. People who are looking for a house for sale near Kanal Istanbul should first determine a district and search for a house accordingly. In general, these days when the project is on the agenda, land and real estate owners can tend to increase the price. Therefore, you shouldn’t be late for buying a house near Kanal Istanbul.

Especially Arnavutköy and Başakşehir districts, which are very close to the project, may be the right choices for buying a property. It is recommended to search for suitable houses in these districts and buy them in a short time. As it has been announced by experts that price increases will continue in the coming days, we can say that the homes for sale near Kanal Istanbul continue to decrease in stock.

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