Last Updated on 25/11/2023
Fikirtepe started to grab attention as a promising alternative to invest in the Istanbul real estate market. As one of the most sought-after districts in Istanbul, Fikirtepe emerges as a compelling destination for savvy investors looking to capitalize on the city’s robust real estate market. This introduction will guide you through the unique facets of Fikirtepe, exploring the factors that make it a prime location for investment and shedding light on the exciting prospects that await those keen on navigating the Istanbul real estate terrain. Join us as we embark on a journey through the promising opportunities that define the Fikirtepe real estate market.
Fikirtepe: A potential area to invest in Istanbul real estate market
location of Fikirtepe
The Fikirtepe neighborhood is situated on the Asian side of Istanbul belonging to the Kadikoy district, which faces the Marmara Sea. Kadikoy is one of Istanbul’s oldest municipalities. It is special for its glorious historical past, changing present, and brightly foreseeable future in terms of urban value and real estate investment.
Fikirtepe’s strategic position between the Göztepe and ‘Uzun Şair Köprüsü’ bridges, linking the Anatolian and European sides, makes it a pivotal location in Istanbul. Proximity to the Bosphorus Bridge and the European side has led to increased population and irregular settlements, driven by migration patterns related to work and transportation. Construction companies are engaged in fierce competition to develop new residential buildings and luxury apartments, aiming to contribute to the region’s urban transformation. Simultaneously, the project faces challenges related to seismic fault lines, prompting a race against time to construct earthquake-resistant buildings as internal migration to Istanbul continues.
History of Fikirtepe
Istanbul’s urban configuration in the late 1980s and 1990s was chaotic. However, in the last 20 decades, the Turkish government has expanded and renewed Fikirtepe’s whole urban infrastructure as part of a well-organized government plan. This makes it a potential opportunity to invest in Istanbul real estate market.
Fikirtepe, however, was formerly a slum area with subpar services and infrastructure. For both domestic and foreign investors, It was a subpar and unpleasant location.
A thriving model of Urban transformation
Fikirtepe neighborhood was one of the first areas to undergo the operations of urban transformation initiatives in Istanbul among many others such as Bomonti and Kağıthane. Thanks to that, the value and pricing tripled as a result of the well-structured regeneration plan, and twenty thousand properties within opulent residential complexes emmerge in Fikirtepe. These units will be delivered soon. As a result, the newly emerging concept of a refurbished Fikirtepe area has quickly dominated all market assets and driven capital appreciation of the real estate market in both Fikirtepe and Istanbul.
According to the Turkish government’s plan, only 30% of the Fikritepe landscape has been renovated by now. Therefore, by the completion of the regeneration operations, the value of Fikirtepe will increase remarkably and it will be one of the well-structured and advantageous areas in Istanbul which makes it today a beneficial destination to invest in the Istanbul real estate market.
A promising alternative to invest in Istanbul real estate market
The Fikirtepe neighborhood, which is likely to become a new investment hub for the Istanbul Real Estate sector, is home to the largest urban redevelopment project in the city.
Many renowned construction companies have been working on the transformation for the past four years. In fact, Fikirtepe is undergoing a significant transformation. Once the urban regeneration project finishes, it would have a significant impact on Istanbul’s real estate market. It is becoming a new hub for foreign investment in Istanbul.
The available alternatives to invest in Istanbul real estate market differ between resale and leasing. This allows many various properties according to the investors’ different requirements. Therefore, the area started to host many luxurious residential complexes and high-quality towers owned by both local and wealthy foreign investors. But at the same time, Fikirtepe includes several opportunities for resale. It constitutes one of the most suitable destinations to buy a second-hand property.
People who prefer to invest in the resale market on the European side can find further information in the following article.
Consequently, purchasing a property in Fikirtepe constitutes an attractive deal for investors today. Both the pricing and the value have changed over time. It will continue to grow more soon once the urban regeneration completely fnishes. Experts consider It as a buy-and-hold area that will make investors benefit greatly from it in the future.
Take a look at Urban regeneration properties in Fikirtepe.
Challenges and Solutions in Fikirtepe Urban Development
The ambitious project involves demolishing existing houses and replacing them with modern structures, setting the stage for a healthier and improved standard of living.
It has a comprehensive approach, considering cultural, social, and economic factors. Urban development activities are distributed equitably between cities and rural areas, and efforts are made to balance the opening of factories to provide employment opportunities. Moreover, strong partnerships between the public, private sector, and local communities are crucial for successful urban transformations. Additionally, efforts focus on preventing gentrification while increasing the cultural level of slum dwellers. Evaluation and learning from both successes and shortcomings are occuring for the success of the Fikirtepe Urban Transformation Project.
MEO Consultants experts support investors with market analysis, evaluate the options by weighing the pros and cons, and also present an integrated study that illustrates the future of property revenue in Turkey.
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