Real estate in Istanbul's western suburbs boosted by Metrobus
Real estate in the already burgeoning suburb of Beylikdüzü on the western side of Istanbul is set to receive a further boost with the announcement of a new Metrobus connection to the city centre.
Due to open in 2011, the Metrobus line will operate between Söðütlüçesme, a neighbourhood on the Asian side, and Beylikdüzü, transporting over 1 million commuters each day according to the city's Mayor, boosting real estate demand and in turn prices due to the increased accessibility.
Istanbul Metropolitan Municipality has set a budget of TL 100 million (£50 million) for completion of the fourth phase of the Metrobus project with the line having 10 new stops, underground stations and the terminal at Beylikdüzü located in a large square which will becoming a focus of the district in its own right.
Steven Worboys, MD of Istanbul property experts, Experience International, comments, "We are delighted to hear that the plans for the new Metrobus line are now in action. Work is to commence in the next few months and within 1 year it will now be even easier for the rapidly growing population of Beylikdüzü, currently at 186,000, to commute into the city centre."
Beylikdüzü is already one of the fastest growing suburbs of Istanbul with the population expected to reach 1 million in the next 5 years. Located within the Büyükçekmece county, Beylikdüzü is popular with middle-income Istanbullians who are keen to benefit from living in a well serviced environment away from the overcrowded CBD.
The nearby seaside resort, only a 10 minute drive away, is one of the most popular day and weekend break locations for the local population and it is close to the two major motorway routes into central Istanbul. Ataturk International Airport is 20 minutes away and the new Silivri International Airport will be only a 10 minute drive. Beylikduzu will also be home to the world's largest car showroom, Autopia Europia, complete with rooftop test drive track. In addition to the new Metrobus line, the metro train system is also due to be completed by 2011 with a number of stations in the Beylikdüzü area.
In response to sustained local demand, development of residential real estate is very much underway in Beylikdüzü with high quality projects such as the Istanbul apartments of No1 Knightsbridge currently under construction.
As Steven Worboys observes, "The western suburbs of Istanbul have become a hotspot for new residential developments. Property prices have been steadily increasing in Beylikdüzü and the news of the increased accessibility combined with the availability of finance has allowed ever more investors to capitalise on this rare of opportunity for significant capital gain as well as rental income."
The 1, 2 and 3 bedroom Istanbul apartments of No1 Knightsbridge are available with an initial investment of only £23,250 with a 2 year 7.5% rental guarantee in place and 70% LTV finance available for EU buyers. Only a few sea view apartments remain. For more information, visit exprience-international.com.