Construction of the tallest building not only within Turkey but also in the whole Europe is successfully approaching completion in the country’s largest megalopolis. The 59-story building located on a 15,960 sq m land plot will accommodate the Finance Center. Its total floor area is 350,000 sq m, the height is 310 m and the height with the antenna, 352 m.
Limak (the developer) is going to spend 2.285 million Turkish Liras (TL) on the shell and basic operations alone. The final cost of building the Finance Center is yet unknown, particularly taking into account that the bidding for interior finishing has not been held yet.
Limak is not the first or only developer aspiring to this project. For instance, in August 2017, İntaş Taahhüt Yapı Sanayi won the bids for construction but was unable to perform under the assumed obligations and quitted the project.
In May 2020, the Central Bank of the Republic of Turkey held another bidding session for the construction, this time a closed one. The lowest bid was offered by Limak that eventually won the bids.
As the labor intensity is high and the project is extremely significant for Turkey as a whole, the construction is supervised by the authorities. Some work involves public procurement.
The demand for purchasing housing, specifically among foreigners, is still the highest in Istanbul compared to all other cities in the country. According to the most up-to-date ratings, the most popular communities are Beşiktaş and Sarıyer.