Branded projects changing the face of Istanbul property
A study by EVA Real Estate Consultancy showed an 18 percent jump in branded residence projects last year, compared to 2013. The study discovered that there are currently 1007 ongoing branded projects and 430,000 branded residences throughout Istanbul.
Up until 16 years ago, most of Istanbul’s residences were comprised of individual apartment buildings, often built with substandard construction materials and methods and lacking parking spaces, gardens and sometimes even safety features like fire escapes.
However, in 1999 a large earthquake struck the region, devastating the residential areas - particularly those that were built without due care and attention. After the earthquake rules were tightened and regulations strengthened. And the branded residence projects, built by large, reputable construction companies, began to rise up in the ashes: safer, sturdier homes for Istanbul’s population.
Population boomIstanbul’s population is rising steadily, at an estimated 1.45 percent each year. The housing shortage is pushing residents into undesirable, dangerous buildings, something that the government is hoping to change. The growth of branded residences means that construction in the city is becoming more regulated, and gradually these risky residences are giving way to secure, durable housing.
From bargain basement to sky highBagdat Avenue is one of Turkey’s most upmarket shopping districts. The survey identified the area as the most expensive residential on the Anatolian side of Istanbul, with an average price of US$6400 per square metre. The eastern-most district of Tuzla, which has only recently begun to experience urbanisation, was found to be the cheapest residential area on the Anatolian side.
Bagdat Avenue, one of Turkey's most prominent upscale shopping districts with good access to recreational facilities and its planned layout, was named the most expensive residential area on Istanbul's Anatolian side at an average price of TL 16,300 ($6,400) per square metre. The eastern-most Tuzla district, a largely industrial area that has urbanised only relatively recently than many of Istanbul's districts, was announced as the least expensive residential area on the Anatolian side, costing an average of $1080 per square metre.
On the European side, the area between Bomonti, Fulya, Sisli and Buyukdere, with its proximity to transport and proximity to some of Turkey’s largest businesses and conglomerates, was announced as the most expensive residential area, with property costing an average of $5700 per metre. Esenyert, a centrally located district which has been bolstered in recent years by redevelopment projects, and Beylikduzu, are two other growing areas. The least expensive area was discovered to be Bahcesehir-Basaksehir on the European side, with residential property costing $914 per square metre.