Since the launch of the cultural transformation projects by the Turkish government, years ago, to eliminate slums and ramshackle houses and create areas that are more modern and resistant to the natural disasters such as earthquakes, these project keep playing a major role in the renovation and modernization of a great part of Istanbul, not to mention the creation of great real estate investment opportunities in the region.
we will mention the areas benefited most from the cultural transformation projects:
Bakırköy: Which is considered as one of the most prestigious districts in Istanbul, as it is located outside the walls of the old city. The cultural transformation processes have begun in the region since the beginning of 1999, and these projects contribute to raise the rental and real estate prices dramatically in the region. The transformation processes keep going very fast, and the region today is considered as one of the most expensive districts of the city of Istanbul in terms of the real estate prices, as they have risen by 12%.
Bağcılar: One of the largest and most crowded districts in Istanbul, where there are more than 200 thousand housing units. The district has been witnessing the cultural transformation projects for a long time, where the municipality seeks to ensure the safety of the residents by establishing firm properties, and beautifying the district as Bağcılar is considered one of the important central areas; that is why this region is witnessing today the cultural transformation projects widely, and that is reflected in the rental and real estate prices in the area, which is in a continuous increasing. Over the last year, the region recorded a rise in real estate prices by 21%.
Bayrampaşa: After moving Bayrampaşa Prison to Silivri, many vacant lands appeared within the region, which made the way open for the cultural transformation projects significantly. The municipality planned to establish a number of projects such as hospitals, large yards for parking, metro stations, and new real estate projects in these vacant lands; the thing that contributed to raising the property prices in the region during the last year by 23%.
Esenler: One of the areas experiencing the cultural transformation processes widely. Oruçreis and Turgutreis are considered of the areas most affected by these projects, which contributed to raise the value of the real estate in the region during the last year by 10%.
Sariyer: The cultural transformation processes has begun in the region since 2009, and ranked it among the most areas benefited by the cultural transformation projects within the city of Istanbul, the thing that led to a rise in the real estate prices by more than 18%.