İstanbul’s outlying districts come to fore with new developments

According to a study conducted by the Turkish Industrial Development Bank (TSKB) Real Estate Evaluation Department, Pendik is among the districts on İstanbul’s Anatolian side that is developing and transforming at the greatest speed. In recent years, the district saw large investments, including new housing projects, shopping centers, a new marina, a technopark and a fairground. Furthermore, several projects are planned for this year, including an underground parking lot with a capacity of 3,000 vehicles, a convention center that will be able to hold 3,000 people and a number of restaurants. A Hilton hotel and the Green Park Pendik Hotel and Convention Center, both currently under construction, are expected to open for business this year. Pendik is also readying to open a state hospital with 540 beds this year.

The survey named Şerifali as another emerging location. The neighborhood is situated close to İstanbul’s Ataşehir neighborhood, which is the site of recently completed large real estate projects. Şerifali, whose real estate values rose shortly after the 1999 İzmit earthquake, draws much attention with its luxury housing, the report states.

On the European side of İstanbul, the TSKB foresees the development of the district of Bayrampaşa. Currently, one of the most buoyant centers of İstanbul’s business and trade life, Bayrampaşa is expected to emerge as a center of culture, art and entertainment. Last year, the Forum İstanbul shopping center, constructed at a cost of 750 million euros, opened its doors despite the global financial crisis. Plans are also in the works to transform the former Bayrampaşa Prison, closed in 2008 and handed over to the İstanbul Metropolitan Municipality, into a culture, art, shopping and entertainment center. The district is also preparing to welcome a new hotel, a convention center and housing projects.

According to the survey, İstanbul’s southwestern district of Silivri has already begun to be rejuvenated because of a planned airport project that is expected to be built in the district’s Gazitepe neighborhood within the next five years. Future projects for the district also cover the construction of a port and marina.