The Eurasia highway tunnel under
the Bosporus has increased real estate prices in nearby districts long before
its opening date on Dec.20., with rental prices rising by 25 percent and sales
prices rising by 41 percent in a year
The construction work
on the Eurasia highway tunnel, which will connect Istanbul's Asian and European
sides under the Bosporus Strait, has pushed up real estate prices up in nearby
districts. Scheduled to open on Dec. 20, the tunnel will reduce the travel time
between the Kazlıçeşme and Göztepe districts - the former being on the European
side and the latter being on the Asian side - to 15 minutes from 100 minutes.
Like other mega infrastructure projects in Istanbul, the tunnel is expected to
alleviate the heavy traffic load in the city.
A study conducted by the TSKB Real Estate
Appraisal company revealed that the project has led to an augmentation of value
in real estate prices in nearby districts over the past year, with rental
prices rising by 25 percent and sales prices rising by 41 percent. The project
has had the greatest impact on the real estate market in the Acıbadem,
Koşuyolu, Ünalan, Haşanpaşa and Merdivenköy districts on the Asian side and on
the Cankurtaran, Yenikapı and Yedikule and Zeytinburnu districts on the
European side. TSKB Real Estate Appraisal General Manager Makbule Yönel Kaya
said the project has greater effects on the real estate market on the Asian
side than the European side, adding that the Zeytinburnu and Bakırköy
coastlines will also increase in value. The price of branded housing projects,
which are under construction on the two coastlines, have reached TL 25,000 per
square meter. When the ongoing construction work on the Marmaray station,
Eurasia tunnel and coastal road is completed, the number of lanes will increase
to eight - which will lessen the traffic load.
Stressing that housing prices will rise in the
Güngören, Bahçelievler and Merter districts on the European side in the short
term, Kaya stated the project will have a positive effect on the transformation
of industrial sites into housing and mixed-use projects as a result of urban
renewal work in the Merter, Merkezefendi and Davutpaşa districts. He also said
the Eurasia tunnel will boost the efficiency of transportation between
Istanbul's two airports, adding that the tunnel will allow foreign tourists who
do not want to stay in the immediate vicinity of Atatürk Airport to go to the Asian
side easily.
Transport, Maritime Affairs and Communications
Ministry and the General Directorate of Infrastructure Investments authorized
Eurasia Tunnel Operation Construction and Investment A.Ş. (ATAŞ) to design and
construct the tunnel. Buying the right to operate the tunnel for $1.2 billion,
ATAŞ will transfer the tunnel's operation to the state after 24 years and five
months of operation.
It is expected that an average of 90,000
vehicles will pass through the tunnel on a daily basis in the first three years
of operation, and this figure will rise to 130,000 after the first three years.
The tunnel will be used by automobiles and minibuses travelling between
Kazlıçeşme and Göztepe, however, it will not serve heavy vehicles, motorcycles,
bicycles and pedestrians.
Passage fees will be $4 plus VAT and for
automobiles and $6 plus VAT for minibuses in one direction in the first year of
commissioning. The total length of the tunnel will be 14.5 kilometers,
including a 5.4-kilometer section being built under the Bosporus. The tunnel
consists of two storeys, both of which have two lines to be used by automobiles
and minibuses.
The deepest section of the tunnel under the
Bosporus is constructed under 55 meters of the bottom of the sea and 106 meters
below sea level. The project consists of three segments on the European side,
Bosporus strait and Asian side. The U-turn on Kennedy Street, which runs
between Kazlıçeşme and Sarayburnu, will be constructed as an underpass grade
crossing which is accessible to the disabled.
The existing undersea road of nearly 5.4
kilometers, including 2x3 and 3x2 lanes, will be expanded to 2x4 lanes. Two
bridge crossings and a pedestrian overpass, which will also serve the disabled,
will be built on the D100 highway. The existing road of nearly 3.8 kilometers
will be expanded to 2x4 and 2x5 lanes from 2x3 and 2x4 lanes.
By Daily Sabah
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