The Most Valuable Lands of Istanbul Have Been Revealed!

Mon, Jun 21, 2021 12:00 AM

The land value of Istanbul reached 23.4 trillion liras (2.7 trillion dollars) by the end of 2020. According to the research titled Istanbul's Land Value by the real estate data bank Tapusor.com, the land value of Istanbul continues to increase in terms of both TL and USD.

In Istanbul, which has a total area of ​​5 thousand 343 square kilometers, when the areas that cannot be sold such as roads and lakes that cannot be valued are excluded from the calculation, it is seen that the size of the area subject to the research is 4 thousand 543 square kilometers.

According to the research, which included 39 districts and all neighborhoods throughout the province, the land value of Istanbul, which was measured as 9.4 trillion liras in 2018, reached 23.4 trillion liras with an increase of 149 percent as of the end of 2020.

The said value has reached 2.7 trillion dollars from 2.5 trillion dollars in dollar terms.


THE MOST EXPENSIVE LANDS ARE IN SISLI AND BEYOĞLU

According to the research, Şişli is one of the districts with the highest land value in Istanbul, with an average square meter figure of 28 thousand 270 liras. The value of Şişli, which hosts neighborhoods such as Fulya, Teşvikiye, Mecidiyeköy and Halaskargazi, has increased by more than 35 percent.

Şişli is followed by Beyoğlu with 27 thousand liras, Beşiktaş with 22 thousand 746 liras, Kadıköy with 19 thousand 600 liras, Bakırköy with 18 thousand 400 liras and Zeytinburnu with an average of 15 thousand 326 liras.

In the ranking of the 10 most expensive districts with land prices, Kağıthane ranks seventh with an average of 13 thousand liras, Fatih eighth with 11 thousand 912 liras, Bayrampaşa ninth with 11 thousand 575 liras, Küçükçekmece tenth with 9 thousand 209 liras.


NO LAND LEFT IN GÜNGÖREN AND ESENLER

Kadıköy, which was in the first place in the 2018 results of the aforementioned research, fell behind the price increases in Şişli and Beyoğlu in the meantime, and fell to the fourth place.

Average land values ​​increased by 21 percent in Beyoğlu and around 25 percent in Beşiktaş.

The districts where land trade is intense in Istanbul are listed as Silivri, Çatalca, Arnavutköy, Şile, Büyükçekmece, Beykoz, Tuzla, Ümraniye, Beylikdüzü and Pendik.

It was noteworthy that there was almost no empty land in Esenler and Güngören, which completed the construction.

According to the report, land investments have had a significant impact on the real estate market in the last period. The increase in demand due to the epidemic effect, especially in rural and agricultural land and fields, was reflected in the prices.

This situation came to the fore as the most important factor triggering the upward movement of real estate in the land category.


"PRICES ARE ABOVE THE COUNTRY AVERAGE"

Faruk Akbal, Chairman of the Board of Directors of the Real Estate Overseas Promotion Association (GİGDER) and Nevita, stated that Istanbul has not yet achieved the value it deserves in terms of real estate prices, and said, "Istanbul is still very attractive in terms of real estate investment when compared to the leading cities and metropolises of Europe and the world. " said.

Explaining that the share of Istanbul in the country's GDP is 30.7 percent, that it has a very important position in foreign trade, and that the headquarters and production base of the vast majority of national and international companies are located in this city, Akbal said, "How important is Istanbul for the country's economy. It is known by everyone that the star of Istanbul, which increases its importance day by day, will shine even more thanks to the international financial center." he said.

Noting that the economic, cultural and geographical importance of Istanbul is directly reflected in the real estate prices in this city, Akbal said, "For this reason, Istanbul is one of our provinces where both land and housing prices have the highest average. Although the values ​​are high compared to the country, they continue to increase We think it will.” made a statement.


"MORE ATTRACTIVE THAN WORLD AND EUROPEAN CITIES"

Faruk Akbal stated that the first quarter data of the Global Housing Price Index, which evaluates 56 countries and regions around the world, was published by Knight Frank, a UK-based global real estate consultancy company, and gave the following information:

"As of the end of March 2021, it was seen that Turkey was the country with the highest annual value in housing prices. Our country ranked first in the list with an increase of 32 percent in the 12-month period. According to the report, even after deducting the 16.5 percent inflation, the net value gain in housing is 16 percent "In Europe, the houses were valued at around 8 percent on average. Despite all this, due to the volatility in the exchange rate, it is quite cheap to acquire real estate in our country. We are not even close to European figures yet."

Akbal, while the average square meter price of housing in Istanbul is 462 euros, 11 thousand 613 euros in Paris, 10 thousand 797 euros in London, 8 thousand 442 euros in Munich, 2 thousand 630 euros in Madrid, 3 thousand in Lisbon. He said that it increased to 346 euros and to 3 thousand 41 euros in Bolzano, Italy.

Faruk Akbal, "Therefore, Knight Frank's latest report reveals that buying real estate in Istanbul and Turkey is very attractive for both locals and foreigners." he said.


HIGH DEMAND INCREASES VALUE

Nazmi Durbakyim, Chairman of the Board of the Istanbul Builders Association (IDER) He said that Istanbul is the apple of the world's eye due to its geopolitical position for centuries.

Stating that Istanbul has increased its importance as a result of the developing and changing economy and politics in the globalizing world, Durbakalım made the following assessments:

"Istanbul, which acts as a bridge between eastern and western cultures, is also the capital of finance, culture and tourism. This location of Istanbul inevitably leads to national and international migration. Istanbul does not lose its leadership in domestic and international housing sales. However, Istanbul The law of supply and demand in the economy began to work because the land supply in Turkey was limited. The ever-increasing demand for the limited supply of land, land, buildings and housing increases the value of every square meter in Istanbul. The motto of our ancestors, 'Istanbul's stone, its soil is gold', became reality."

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