5 November 2012
Turkey: Istanbul third airport fuels land, house prices
(ANSAmed) – ISTANBUL, NOVEMBER 5 – Land and house prices in a northwestern Istanbul region that has been chosen as the future site of a third Istanbul airport are climbing sharply. The airport will be constructed near Terkos Lake covering a large plot in the districts of Eyup and Arnavutkoy, but the exact location has not yet been revealed, as daily Hurriyet reports.
The growth in land speculation is also being fueled by a planned third bridge over the Bosphorus in northern Istanbul. Land prices in and around the region have risen three-fold in the last six months alone, and house prices are on the rise in areas with development permits. According to data compiled from Reidin.com, a real estate information company, average house prices per square-meter in the northern portion of Eyup hit 1,567 Turkish Liras (680 euros), equaling a 16% year-on-year rise. The average price was 1,351 liras (586 euros) last year.
In Arnavutkoy, the average house price per square meter increased 21.27% to 1,015 Turkish Liras (440 euros) compared with last year, while prices in neighboring villages hit 400 liras (173 euros). (ANSAmed).