Istanbul's New International Airport and what it means for the city
Istanbul will soon boast what is believed to be the largest airport in the world. Construction of Turkey’s third airport is well underway and will be located about 35km outside Istanbul and have an ambitious six runaways.
Named Istanbul New Airport, it will be delivered in four phases with the first due to open in 2018. When fully complete, it will have a capacity to serve more than 150 million passengers and more than 150 airline companies.
Like many new buildings in Istanbul, design has played a key part in the construction of the airport. An unusual designed control tower, shaped like a tulip, was the result of an international competition that saw designers battling it out to create a unique structure. An Italian design firm called Pininfarina won the coveted commission and the end result is a rather futuristic take on the classic flower, which is hoped to become an iconic structure in years to come.
Any new development is considered to be good for the local economy but something as significant as a new airport is likely to have a huge benefit as the city enjoys increased tourist numbers and new business openings. With the launch of new routes, there is likely to be new economic ties with countries that can enjoy convenient air travel. This will lead to more hotels being developed such as Radisson, Hilton, Crowne Plaza and Shangri-La as well as more restaurants, shops and leisure facilities. The knock-on effect of this is that property prices will rise as more investors are drawn to this exciting city.
“Developers are already buying up much land in the western suburbs of Istanbul in preparation for the future success of the airport,” says Tolga Ertukel, Founder of Turkey Homes. “Areas such as Bahcesehir, Beylikduzu, Buyukcekmece and Basaksehir were once thought of as Istanbul's forgotten zones due to their inaccessibility to foreigners. But with the building of this third airport, they are now considered to be sought-after investment zones. Furthermore, prices in these areas will have an immediate increase after the opening of the third Bosporus bridges and new tube and train stations.”
There’s plenty of development opportunities already but the opening of Istanbul New Airport will lead to the closure of Ataturk Airport creating an area free for large-scale housing development. “This area will provide much-needed housing for city dwellers of Istanbul,” adds Tolga. “Property experts believe that much of this development will be targeted towards buy-to-let landlords because the area will attract tenants looking for property close to the main commuter links. Investors will see healthy rental yields as well as enjoy a steady rental income. When an area has this much interest from developers, it is clear that the investment opportunity is great.”
Turkey’s property market is growing at a phenomenal speed with Istanbul in the centre of the interest from both locals and overseas buyers. “Within the next few years, Istanbul is set to be one of the most visited cities on the planet,” explains Tolga. “The new development of the airport will bring Istanbul to the attention of more holiday makers and property buyers so now is the time to invest in the dynamic city before prices skyrocket.”
Current property prices in Bahcesehir start around £50,000 but these look set to rise once the airport is completed. The area is a fashionable hub for more affluent Turkish people as well as overseas buyers, many from the Gulf. Bahcesehir is on the European side of Istanbul and is a new and modern suburban town popular with a growing number of city professionals escaping from the hustle and bustle of city life to a more spacious and greener way of living. Bahcesehir has been cited as a top investment area because of its excellent transport links to Istanbul's cultural and business districts.
Beylikduzu is situated 20 minutes’ drive from Ataturk International Airport, making it popular with investors looking to rent out their property. The area has five universities, which also increases rental demands and good transport links such as the metro and the water taxi service gives an easy journey into Istanbul centre. Other highlights include excellent shopping facilities at Marka City, Surmen Center, Beylicium Shopping Centre and the Beylikduzu Migros Shopping Centre as well as
two modern hospitals including the Kolan Hospital and the Medicana Hospital. Both offer cutting edge care as well as providing a steady stream of tenants who want to live close to their place of work.
Büyükçekmece is in the Marmara Region and although it is some distance from the city centre, it is a fast and developing district of Istanbul that looks set to grow even further after the opening of Istanbul New Airport. Located approximately 25 kilometres from Atatürk Airport and 44 kilometres from the city center, transport links are opening up to make it accessible to other areas of the city. Even if you don’t want to travel, you can enjoy new shopping centers, theatres, gyms and a famous water park called Aqua Marine at Büyükçekmece. There are one public and two private hospitals and there are many primary and high schools and a couple of universities around the area as well.
Basaksehir is the fifteenth largest suburb in Istanbul. It’s a modern location and it’s a profitable investment area of the city that is popular with investors from Turkey and overseas. It’s very easy to access the historical old town through the TEM highway and visitors can enjoy the local shopping centres and the glorious Lake of Kucukcekmece.