Real estate prices soar in districts around Istanbuls third airport

new airport in istanbul

Real estate prices soar in districts around Istanbul’s third airport

According to data published last October, real estate prices in Çatalca and Eyüp – districts close to Istanbul’s third airport – rose respectively by 76.46 percent and 29.81 percent. Rent prices also went up. The monthly rate for apartments in Arnavutköy and Çatalca was TL 1,000 ($342), TL 3,000 in Eyüp and TL 4,000 in Sarıyer, according to the Sahibindex’s October 2015 Real Estate Index. The construction of Istanbul’s third airport has four stages. According to the schedule, the first stage of the airport is slated to be completed by the first quarter of 2018. However, real estate prices have already skyrocketed in nearby districts. According to the data, properties for sale in Arnavutköy have increased by 4.58 percent. The latest average price for a house in Arnavutköy was recorded at TL 313,447. The average price per square meter in Arnavutköy rose by 24.46 percent to TL 2,200.

Another district affected by the new airport is Çatalça, which saw average rents soar by 28.29 percent compared to last year. The average monthly rent for October 2015 was TL 1,045. The rise in properties for sale was around 76 percent, with average sale prices rising to TL 456,099. The price per square meter in Çatalca also rose by 28.14 percent to an average of TL 2,124.

Eyüp, Istanbul’s largest district, has also seen prices soar. According to the Sahibindex for October, average rent increased by 5.62 percent to TL 3,277 while real estate sale prices increased by 29.81 percent to TL 682,427. The Sarıyer district also faced similar increases as the average rent in the district was around TL 4,201 in October while average sale prices reached TL 2.2 million.