Increasing demand for Princes’ Islands shoots up property prices

ISTANBUL

The prices of the real estate properties in Princes’ Islands jumped by some 51.95 percent in a year, making it to the top of the “Istanbul’s most valuable districts” list, an expert has said.

The Şile district on the Asian side of the metropolis is a runner-up with an increase of 51.83 percent, while the Sarıyer district on the European side is third on the list with 36.97 percent.

“The pandemic is the reason for the huge jump at these districts. People started opting for houses in quiet spaces, far away from the city crowd,” Görken Öğüt, the CEO of Endeksa, an estate assessment company, told daily Hürriyet on Aug. 20.

According to Öğüt, there is also a huge demand for the two other commuter districts on the European side: Büyükçekmece and Avcılar.

“Foreign investors or people living in other cities mostly prefer to buy houses from these two districts,” he noted.

When asked which district will gain monetary value for investors in the next decade, he listed, “Beşiktaş, Bakırköy and Kadıköy.”

According to the expert, districts of Esenyurt, Beylikdüzü, Başakşehir, Pendik and Tuzla may also be enriched.

Sarıyer is also on the list of Cansel Turgut Yazıcı, the general manager of a real estate company, Eva.

Due to the price per square meter, the most valuable districts on the European side are Sarıyer, Beşiktaş and Bakırköy, she said, adding, “Beykoz, Kadıköy and the Princes’ Islands top the list on the Asian side.”

On a question about districts with investment opportunitie in a decade, Yazıcı listed Ataşehir, Sancaktepe, Maltepe, Zeytinburnu, Kağıthane and Güngören.