Istanbul’s ready-to-invest land worth $2 trillion
According to a survey conducted by Turkish data processing base TUVIUS, the total value of land of 5.2 billion square meters in Istanbul is worth about $2 trillion.
İshak Kurtuluş Altun, the general manager of TUVIUS operating under Yıldız Technical University Technopark, talked to Anadolu Agency (AA) about the results of their recent survey. Altun noted that they have evaluated all the lands and fields in Istanbul, totaling about 5.2 billion square meters, except for roads, lakes and areas whose values are impossible to set and which cannot be sold.
Pointing out that the average square meter value of the lands is TL 1,250 ($355), Altun said that they have determined the total land and field value of Istanbul as an average of $2 trillion as the result of the studies they have conducted, informing that the sum will amount to $7 billion considering the total land and field value of Istanbul.
Altun said that Şişli leads the way among Istanbul’s most valuable districts, followed by Beyoğlu, Beşiktaş, Zeytinburnu and Fatih, and stressed that the average land square meter value in these districts changed between TL 10,000 and TL 25,000.
Underlining that the most valuable districts are in the European Side, including Bakırköy and Güngören, Altun said that the average square meter value in the Bağcılar, Bayrampaşa, Bahçelievler and Kağıthane districts varies between TL 5,000 and TL 10,000. While the average land and field values in Sarıyer, Gaziosmanpaşa, Eyüp, Sultangazi, Esenler, Küçükçekmece, Avcılar, Esenyurt, other districts in the European side, change between TL 2,500 and TL 5,000, in Başakşehir and Beylikdüzü, this amount varies between TL 1,000 and TL 2,500, Altun added.
Altun said that Kadıköy, Ataşehir and Maltepe lead the way on the Anatolian side with an average square meter value of between TL 5,000 and TL 10,000, followed by Beykoz, Sancaktepe, Tuzla, Suntanbeyli, Pendik and Çekmeköy with an average value between TL 2,500 and TL 5,000 and Üsküdar, Ümraniye and Kartal with an average value between TL 1,000 and TL 2,500. Altun noted that the average square meter value in Büyükçekmece and Arnavutköy ranges from TL 500 to TL 1,000, followed by Çatalca, Şile and Silivri with an average value below TL 500. According to Altun, land prices in Istanbul are not formed according to a single criterion, and a downward trend in land and field values has been a rare sight over the past five years. Suggesting that land has gained significant value in recent years, Altun said the promotion of important project areas, rising demand in their surroundings, trading volumes of foreign investments on real estate, the development of infrastructure and urban services in parallel with the increase in accessibility are important factors in the price hike, emphasizing that the most important and noteworthy point that affects the square meter values of the district land is the projects.
Source: Daily Sabah