The Turkish Ministry of Transport and Infrastructure has announced a groundbreaking mega railway project in Istanbul, set to connect the city’s two major airports via the Yavuz Sultan Selim Bridge. This ambitious 125-kilometer Northern Ring Railway Project has secured 6.75 billion dollars in preliminary financing from six leading international financial institutions, with the tender and construction phases slated to commence this year.
A Game Changer for Istanbul’s Real Estate Market
The project, which will traverse numerous Istanbul districts, is anticipated to profoundly influence property, land, and plot prices. Experts predict significant appreciation in specific areas, transforming them into investment hotspots. The financing agreements were signed with major entities including the World Bank, Asian Infrastructure Investment Bank, Asian Development Bank, Islamic Development Bank, European Bank for Reconstruction and Development, and OPEC Fund for International Development, underscoring the project’s strategic importance and financial robustness.
Which Districts Will Benefit Most?
According to Mustafa Hakan Özelmacıklı, a real estate expert, the project’s route along Istanbul’s northern front will positively impact districts such as Çatalca, Arnavutköy, Sancaktepe, Beykoz, Sarıyer, and Eyüpsultan. He emphasizes that while the line primarily serves cargo transportation, its integration with existing passenger lines like Marmaray and the Çerkezköy train line will enhance accessibility to residential areas.
Özelmacıklı highlights Arnavutköy as one of the most significant beneficiaries due to its large land stock, with average square meter prices currently around 15,000 TL. Other districts are also expected to see substantial gains:
- Çatalca: Approximately 10,000 TL per square meter.
- Gebze (residential): Around 15,000 TL per square meter.
- Beykoz: 25,000 TL per square meter.
- Sarıyer: 45,000 TL per square meter.
- Sultanbeyli: 25,000 TL per square meter.
- Sancaktepe and Pendik: 30,000 TL per square meter.
- Küçükçekmece: 45,000 TL per square meter.
- Eyüp: 50,000 TL per square meter.
For agricultural land, prices are generally lower, averaging between 5,000 TL and 10,000 TL per square meter.
Investment Opportunities and Price Projections
Özelmacıklı suggests that while direct, immediate surges may not occur everywhere, areas near future stations and transfer points will offer significant investment opportunities. He anticipates a 50% to 100% increase in prices for residential zoned plots, spread over time.
High Potential in Transfer and Logistics Hubs
The expert points to areas with intensive transfer stations and logistics centers as having the highest potential for appreciation. These include the airport connections, the Marmaray integration zone in Çayırova, and the Halkalı-Çerkezköy integration points. Districts like Pendik, Sancaktepe, Sultanbeyli, and Eyüp might not experience as dramatic an effect as these key transfer locations.
Strategic Importance for Logistics and Industry
Beyond residential properties, the project holds immense strategic value for logistics and industrial sectors. Özelmacıklı predicts increased demand for logistics warehouse spaces and industrial parcels along the Çayırova-Gebze, Pendik East, Hadımköy, Arnavutköy axis, and Çatalca-Çerkezköy integrations. He considers industrially zoned areas as “hidden opportunities” with the highest appreciation potential.
Residential Market Outlook
While the project is not expected to cause exorbitant increases in residential property prices, it will contribute to the ongoing appreciation in Istanbul’s northern regions. These areas are already favored due to lower earthquake risk and increasing transportation infrastructure. Başakşehir and Arnavutköy, in particular, are expected to benefit significantly from these developments.
The ability to transport materials directly to airport terminals or bring cargo from airports to factories will provide a substantial advantage for businesses, further cementing Istanbul’s position as a critical logistics hub. This mega project is not merely a transportation upgrade; it is a catalyst for economic growth and urban transformation, reshaping the investment landscape of Istanbul for years to come.
Source: https://www.milliyet.com.tr/ekonomi/istanbulun-yeni-mega-projesi-arsa-ve-konut-fiyatlarini-ucuracak-iste-degerine-deger-katacak-bolgeler-7545474
