Turkey is situated in an area with numerous fault lines. One of the most active fault lines in the world, the North Anatolian fault line, is the main reason for earthquakes in Turkey. With the Izmit earthquake that occurred in the Marmara region in 1999, the consequences of this seismic line were visible in Istanbul.
In 2004, Turkey passed a new construction law in response to the earthquake of 1999. This regulation established stringent contemporary requirements for all construction standards besides seismic resilience. Istanbul's building standards have undergone an exceptional renovation since 2004.
Since then, attractive urban transformation zones have succeeded in drawing investors' attention annually. So, why is urban transformation necessary in Istanbul? How can you benefit from the advantages of urban transformation for Istanbul? Click for details.
What Are the Necessary Conditions for Urban Transformation?
In Turkey, earthquakes and floods led to disasters and damage, contributing to public awareness of the need to avert them. Better chances for construction include creating new cities by relocating buildings in unsuitable settlement regions and reducing hazards with environmentally friendly structures even though they are situated in an earthquake-prone region of the nation. Another crucial factor is the quality of the construction materials. In this area, Turkey is well-known internationally.
Along with physical change, urbanization also brings about social and human change. Since everything exists for the benefit of people, urban transformation is carried out with model architectural designs that are consistent with the standard of life that people are accustomed to and by upholding social ties.
Which Buildings Are Included in Urban Transformation?
- Old, one-story slums constructed without state approval
- Istanbul's center-area homes that are vacant and slated for demolition
- Areas lacking in infrastructure
- Historical places
How Can You Benefit from the Urban Transformation Advantages of Istanbul?
The following will be a list of the tangible effects and advantages of urban transformation on Istanbul and the Turkish economy:
- Rising living standards
- Many foreign investors are buying real estate in Istanbul or participating in real estate activities as Turkish citizens to contribute to the national economy.
- A growing number of parks and natural areas for kids and families
- Improved national reputation
- Reducing disaster risks by designing earthquake-resistant structures
- Economic indicators are expanding favorably, and the economy is becoming more vibrant.
- More employed people in the service industry
- A rise in tourism industry revenue
- Enforcement of environmental laws
Urban Transformation Projects in Istanbul
Urban transformation begins in the middle and moves outward. While the most central areas of the city provide good infrastructure and cleaner streets, preserving heritage and history by renovating old buildings is still going on in some areas, particularly in historical sites that have historically been a major draw for wealthy investors. Properties in these upscale, central locations fetch millions of dollars from prominent investors.
This run-down neighborhood's appearance will change due to the developments in Gaziosmanpasa. Investors in Gaziosmanpasa have several good prospects thanks to several urban transformations.
With the infrastructure connecting the area to the center being renewed and the streets being renovated one at a time, Kagıthane in Sisli will experience a significant shift over the next three years. Kagıthane will have about 45,000 homes renovated, or about a quarter of all the homes there.
Many of these residences are used to house the area's original residents, but investors are buying the Kagithane projects for as little as $100,000 at the lowest off-plan prices. For an investor, this is an excellent opportunity for real estate investment in Istanbul at an affordable price.
One of Sisli's historic neighborhoods, Bomonti, is one of the best examples of modern development. The devastated area was ignored ten years ago. Bomonti's central location and first-rate transportation options are contributing to its gradual value growth. When Hilton constructed the biggest hotel in the city, Bomonti's future was sealed. Bomonti is a place with a lot of personalities. Due to this, both locals and investors find it quite alluring.
Like in many other areas, investing in Turkey may be very lucrative. For any investor, investing in locations revitalized by urban development is unquestionably a wise choice. The existence of structures that will be resistant to earthquakes and a possible natural disaster is only one of the real estate investment advantages.