Canal Istanbul’s Impact on the Real Estate Sector

The channel is the official route of Istanbul project. Then the work began. It is targeted that the work will continue at full speed and the project will be completed as soon as possible. The project started with a big investment. The project started with an investment of TL 65 billion. The prices in the districts of the planned project route are beginning to increase. The real estate prices in these districts have surged. Istanbul house prices seem to have been affected by the Canal Istanbul project.

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State of Kücükcekmece and Basaksehir

The average price per square meter of houses for sale in Kücükcekmece is 3800 Turkish Liras. In this case, the price of a house of 50 square meters is determined around 180 000 Turkish liras. Kucukcekmece, which has an annual increase of 4 percent in residential properties, has an average square meter price of TL 17 for rented houses. Accordingly, the average price of a house is around 300 000 Turkish liras. The average price per square meter of rented houses in Başakşehir, which has a 10 percent annual increase in rented houses, is 13 TL. It seems that the cities where the rents are not cheap are already influenced by the Canal Istanbul.

The longest point of the Canal is ''Arnavutköy''

Square meter price of properties for sale in Arnavutköy is 2 thousand 316 TL. So the price of a house of 100 square meters is about 231 thousand 600 TL. Arnavutköy, which has an annual increase of 5 percent in residential properties, has an average square meter price of 8 TL. Square meter price for residential properties in Esenyurt is 850 Turkish Liras. Thus, the average price per square meter of rental housing has reached 10 TL.

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