The Effect of New Istanbul Airport on Property Prices

Investment The Effect of New Istanbul Airport on Property Prices

The relocation of New Istanbul Airport is completed. Located at the junction of Arnavutköy-Göktürk-Çatalca roads, Istanbul Airport, one of the world’s largest passenger capacity airports, started its operations. The regions close to the project, which started in 2012, continue to be the center of attention of those who invest in land and housing.

Tayakadın, Yassıören, Baklalı, Yeniköy, Durusu and Karaburun regions, which are connected to Arnavutköy district in terms of land value and converted into neighborhood status from the village, are one step ahead. In these regions, the current square meter prices of the fields, which are sold at 90 to 120 TL per square meter in 2015, have increased from 800 to 900 TL.

With the completing the construction operations in 2019, the lands started to gain value around new airport. Istanbul Airport is close to other major projects such as the North Marmara Highway and Yavuz Sultan Selim Bridge. On the other hand, Istanbul Airport had a positive impact on the surrounding residential areas during the construction period. Especially in the last three years, Istanbul Airport and other important projects have significantly increased the potential of housing projects in these regions.

Effects on Near Districts

In this sense, Göktürk, Kemerburgaz, Bahçeşehir, Ispartakule, Kayaşehir and Arnavutköy are at the beginning of the affected residential areas. For example, in 2015, the current value of the houses sold in the range of 4 thousand to 5 thousand TL per square meter is in the range of 5 thousand 500 to 7 thousand TL. In 2015, the current square meter value of the houses, which are between 4 thousand 400 TL and 5 thousand TL, increased from 6 thousand to 7 thousand 500 TL.

Within this framework, we can say that there are districts with premium potential in the Istanbul Airport and its vicinity. With the Istanbul Airport, it will not be a surprise to see that the staff in the region will want to reside in the region and that the appeal of the northwest of Istanbul will increase despite the increasing employment in the region. In this sense, demand for regions such as Çatalca, Arnavutköy, Başakşehir, Kayaşehir and even Bahçeşehir is expected to increase. In addition to the Kemerburgaz and Göktürk regions, which are among the regions preferred by the housing developers, Bolluca region has increased its interest recently.

According to the latest data, Arnavutköy district, where Istanbul Airport is located, has increased by 25 percent in residential areas and by 23 percent in residential lands. When the price changes in the regions near the airport are examined, the increase in Büyükçekmece is remarkable.

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