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Major Transportation Projects Rises Property Prices in Turkey

: 2018-02-08

Major Transportation Projects Rises Property Prices in Turkey
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The new transport projects began to rise gradually in 2018 with their competitors in 2017. These projects are no longer confined to major cities such as Istanbul, Ankara, and Izmir, but also have reached many Turkish cities, such as Yalova, where the city has witnessed a significant shift due the completion of Othman Ghazi Bridge recently, as well as an increase in the demand for real estate investment and property prices.

In addition, other cities also witnessed a significant rise in real estate rates. Where prices have increased in Canakkale by 123%, Ordu by 108%, Izmir by 100%, and Sakarya by 97%.

Experts attribute the significant increase in the city of Canakkale to the influx of internal migrants into the city, which began right after the start of the Canakkale bridge project. The bridge reflects the importance of large transportation projects and their impact on real estate prices.

As for the city of Ordu, major projects have taken a significant role in the development of the region, such as the organized industrial city and the newly built Giresun Airport in the city.

The situation is similar in other cities such as Izmir and Sakarya in terms of increasing the demand for real estate. This is related either to new investments or to transport projects, which have led to an increase in arrivals to these areas, and led to imbalances in the supply and demand levels of real estate.

Source: Gonash Newspaper 

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