How has Istanbul Airport changed Turkey’s real estate market?
Istanbul Airport is one of the largest international airports around the world and one of the most densely packed airports, with a capacity to receive from 150 million to 250 million passengers annually. The area of Istanbul Airport is estimated at 76.5 million square meters.
It was completed in 2019 and is located in the “Arnavutkoy” area, on the European side of Istanbul, and contains three advanced technical buildings, and is equipped with four airport buildings, eight control towers for runways and an aircraft traffic control tower, in addition to a state palace, and stations Electricity generation, water and waste treatment facilities, as well as all amenities from high-end hotels, VIP centers, not to mention hospitals, an emergency center, and a mosque for prayer.
Although the airport is still in the process of being prepared, it has been able to achieve impressive successes at the European level, and according to the air traffic report issued by the European Air Navigation Safety Organization, the airport ranked first in Europe in terms of the number of flights during the period from January to April of the year 2021, and was awarded the title (Five Star Airport) according to the classification of the International Air Transport Organization
The impact of Istanbul Airport on the real estate in Turkey
This airport is considered one of the most important infrastructure projects ever, as the statistical figures give a clear idea of the importance of this project at the level of the entire Turkish state, as the airport will contribute to securing job opportunities for more than 225 thousand people in 2025 and thus contribute to families’ income by approximately 4.2 billion dollars, and a share of 4.9% of the gross national income.
As a result of this project, a series of parallel transportation projects were launched that connect the airport to the city and contribute to solving the transportation crisis and traffic jam in Istanbul, such as the Third Istanbul Bridge, the Istanbul Canal and the Eastern Marmara Roads, in addition to the subway station that connects the airport to the city, all of which will raise the value of the real estate that the metro will pass through. To get to the airport
The areas near Istanbul Airport witnessed a remarkable investment movement, as the figures show that prices of properties in Istanbul within the Arnavutkoy area and the nearby areas increased by 0.22%, in addition to an increase in the rental value of real estate by 3.85%.
The Sisli area also benefited from the construction of the roads connecting to the airport within it, Where the prices of Sisli apartments increased and became about five thousand four hundred and fifty Turkish liras, as for the Eyup Sultan area, the price per square meter in it has reached, to three thousand six hundred Turkish liras.
The largest construction companies in Turkey are currently competing to build and implement quality housing projects so that they are as close as possible to the airport, and are working to attract investors by focusing on the modernity of architectural designs and the aesthetics of facades.
And commercial activities near and in the vicinity of Istanbul International Airport, with unique designs and advanced technology, has made a great leap in the real estate sector, as investors from different countries are flocking to buy real estate in the areas closest to the airport.
