New istanbul airport to boost property market

Istanbul has achieved the fastest growth in passenger numbers of all its competitors in Europe according to the latest statistics released on London, Frankfurt, Amsterdam and Paris. As a result, Istanbul's emerging status as a global air travel hub will provide a boost to Istanbul's growing property market for years to come according to property investment consultants Universal21.

Even without the third airport, Istanbul has gained significant ground on its competitors in Europe with passenger numbers rising 14% in 2013. This was far ahead of London Heathrow (3.4%), Charles de Gaulle, Paris (0.7%) and Frankfurt's (0.9%). Istanbul Ataturk overtook Madrid airport and moved to almost level terms with Amsterdam Schiphol.

While airport expansion alone will fuel a property boom, some of the softer and unseen affects will begin to be felt in economic growth and job creation. The more people who pass through the city the more opportunities there are for growth in tourism and demand for second homes. Businesses too will find it easier to travel to and from Istanbul with new routes introduced to satisfy demand.

The cost of the third airport is estimated at $5.6 billion and it will include six runways with the mammoth building itself covering one million square feet. At this size the airport will be able to cater for 130 million passengers a year, which would see it move comfortably ahead of the Hartsfield Jackson Airport in Atlanta.

Adil Yaman, Investment Director of Universal 21, comments: “Now that the plans have been approved for the new airport, development to the west of the city will gather pace. Previously unfashionable districts of Istanbul will benefit hugely from growth in business and trade while the Black Sea Coast will see increasing numbers of tourists."