The new faces in Istanbul

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For many individuals the investment paradise of Europe and the Middle East is now Turkey. And Istanbul with its tremendous change is certainly the pioneering city of this paradise. For the past five years, the city is experiencing one of the highest volume construction, both in the center and at the suburbs. Numerous new real estate investment projects and the urban transformation play a significant role in the process. According to Economist, January 5, 2013, downtown properties though are still holding the best investment return figures.
Of course it would not be realistic to expect that all 39 districts of the city would have equal value and increase in price in real estate; thus the city center is now more attractive than ever for both commercial and residential property buyers.

On the other hand, when we want to understand the factors that will affect the next five years for the city, we need to consider also what is happening in Istanbul in the big picture.
The third Bosporus Bridge plans, Marmaray Project, new airport which will be the third one of Istanbul, the Channel Istanbul Project and the urban transformation (along the transportation possibilities’ update) models are definitely concrete issues that all investors are following up closely as they shape the silhouette of the city and determine prices of land.

Also it would be of course a big mistake to ignore the rapid growth on the Asian side of Istanbul. The land at Kartal-Maltepe-Tuzla triangle is the area which marks a high rank in the category of residential construction. According to that, Pendik, Kartal and Tuzla are the new candidates for good investment addresses.
The European side is trickier to measure growth capacity and land value increase. The city center as mentioned is already precious; yet continues to increase its value on the price tags. Areas on the west wing of Istanbul draw attention when looking at official numbers of new built properties. With no doubt, prices of downtown Istanbul and the new west side of Istanbul are very different from each other. In 2012 the average cost of downtown property was 2500 to 7000 USD per square meter whereas it was 800 to 1000 USD/m2 at the new developing neighborhoods in the west side of Istanbul.

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