The urban transformation projects will be the reason for real estate value to increase.
An Istanbul Real Estate Evaluation company researched what effect it will have on the value of the urban transformation projects.
As their pilot region, the real estate company experts choose the Besiktas district, where real estate prices are one of the highest in Istanbul, in order to assess the effect of these applied projects. In a hypothetical scenario, the transformation to a development of a residence project was chosen on a 90,000 m2 plot.
The subject in matter is that, even if the intensity of the planning permission does not increase, the value of real estate will increase 3-fold with an urban transformation.
The Istanbul Real Estate Evaluation company representative and city planner expert stated that, the utopic works done in the neighborhood of Yildiz in the Besiktas district on islands 248, 255 and 514, the prices would increase from 1,800 YTL to 6,500 YTL.
The Turkish Parliament foresees that the long time agenda regarding the urban transformation planning for the real estate before and after values will be determined by experts.
The holder of rights for the urban transformation areas will receive payments, and these payments will be applied according to the evaluation reports, if the planning becomes law.
The physical and economic improvement of the urban transformation projects, certainly reflects on the real estate values, states Urban Transformation expert.
This article is an excerpt from the original article that was written in Turkish.
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