The opening of the metro line connecting Kadikoy with Sabiha Gokcen Airport has led to a sharp jump (namely, an increase) in real estate prices in remote areas of the metropolis. Earlier, we reported a 20% increase in tariffs; however, according to data collected by Hepsiemlak, the leading Turkish real estate platform, in some quarters that most Istanbul residents had never heard of before, housing prices and rental rates have now soared to 257% compared to last year.
A new fragment of the metro line with a length of 7.4 km and having four stations was put into operation in the fall of 2022; President Recep Tayyip Erdogan personally «opened» it. As stated, with the opening of this metro section (from Tavshantepe), the airport can now be reached in 10 minutes from Pendik, in 12 minutes from Kartal and in 50 minutes from Kadikey.
The range of real estate offered has also increased: the growth in the number of residential premises for sale in Kurtkey amounted to 167%, and the number of rented residential premises – by 233%.
One square meter of housing for sale in Kurtkey (this is one metro station from Sabiha Gokcen Airport), has risen in price from 6731 Turkish lira (TL) in November 2021 to 20,769 TL - in November 2020; and for rent - from 15 to 50 TL.
In this sense, the quarters of Yayalar, Sheikhli and Fevzi Chakmak have also risen in price: for example, housing for sale in Yayalar, where one «square» in November 2021 was estimated at an average of 4,583 TL, has risen to 18,667 TL, or +307%. And, for example, the rate for renting a square meter in Sheikhli has increased in 12 months from 23 to 60 TL. In Fevzi Chakmak, before the advent of the metro, the average cost of 1 sq.m of residential real estate for sale was 2,741 TL, after the opening of the metro to the airport, it was already fixed at 21,692 TL; rent rose from 17 to 61 TL per «square», this is +257%.
Earlier, the Marmaray project similarly «raised» housing prices in Umraniye.