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Real estate gets boost with Marmaray route
|ISTANBUL - Real estate prices are on the up and up for districts in Istanbul that will benefit from the Marmaray Tube Tunnel and Mass Transit System, which will stretch over 76 miles from Gebze to Halkalı and reduce commute time for many travellers|
|The Marmaray Rail Tube Tunnel and Commuter Rail Mass Transit System in Istanbul slated for completion by 2012 is helping bring up the value of residential development projects near the rail route. The mass transit system will take commuters from Gebze to Halkalı, a 76-mile stretch, in 100 minutes, greatly reducing the commute time for travelers.
Developers have been eyeing the Marmaray project with great interest and investing in areas that are bound to be boosted from the comfort of having easy access to the commuter rail and buyers have been showing interest in developments that are near the commuter rail line.
Istanbul has been host to a variety of large mass transit projects, the most ambitious of which is the Marmaray project. The commuter rail system is upgrading already existing train lines between Halkalı and Kazlıçeşme as well as Söğütlüçeşme and Gebze. In addition to upgrading these existing lines the Marmaray project is adding new underground stations in Yenikapı, Üsküdar and Sirkeci to make the commuter line continuous from one end to the next.
The light rail system being built between Kadıköy and Kartal will be integrated into the Marmaray project. It will also connect with the Istanbul Metro on the European side at Yenikapı creating a rail system between Yenikapı- Taksim- Şişli- 4 Levent- Ayazağa. Marmaray’s completion will reduce the commute time between Halkalı and Gebze from 185 minutes to 100mınutes, and make the commute between Bostancı and Bakırköy 37 minutes, Söğütlüçeşme to Yenikapı 12 minutes and Üsküdar to Sirkeci 4 minutes.
The project, which envisions 76 kilometers of rail infrastructure, will be a boost to the real estate around it. In an area starting from the Anatolian side of Istanbul in Gebze and extending out to Tuzla, Pendik, Kartal, Bostancı and Erenköy, development projects will get a boost from the rail system.
Developments near Marmaray
At the Akse Yaşam Konutları, being developed by Ertaş Ulusoy Construction in Gebze Çayırova, prices range from YTL 96,000 to 390,000. Financing for units at this project is available with 25 percent down and up to 24 months. Homes in the project have one, two, three or four bedroom plus one living room layout options that come in standard or duplex form ranging from 59 square meters to 246 square meters.
Prices for units at the Yeni Nesil Evleri, being developed by PLS4M Construction in Gebze Şekerpınar, range from YTL 136,000 to 342,000. The development is expected to be completed in September 2009. Homes in the project have one, two, three, four, five or six bedrooms plus one living room layout options which come in standard or duplex form ranging from 100 square meters to 372 square meters.
Prices for units at the Çayırova Konakları, being developed by Yenilmez Construction in İzmit Çayırova, range from YTL 99,600 to 124,600. The development is expected to be completed in December 2009. Thirty-six month interest-free financing is available for interested buyers as well as a 5 percent discount for full upfront payments.
Other developments on the Marmaray route include Helenium Sun, Seyba Residence and Eaglepark in Kartal, Gökdeniz Konutları and White Life in Gebze Çayırova, the Orkide Evleri in Maltepe, Galatown in Bayramoğlu, Paradise Park Tuzla and Kafkale Evleri in Tuzla, Bostancı City in Bostancı, Dilman Towers in Erenköy, Dragos Residence in Dragos, İdeal Konakları in İdealtepe, as well as the Residence Martan in Pendik.