Real Estate in Istanbul

The World’s Largest Airport is on the way in Istanbul

After yesterday’s competitive bidding, The Cengiz-Kolin-Limak-Mapa-Kalyon Consortium, a joint venture of Turkish companies, has won a tender for the third airport in Istanbul, promising to pay the government 26.1 billion euros (including VAT) for 25 years starting from 2017.

Seventeen groups qualified to enter the tender, but only four TAV, IC-Fraport Consortium, Cengiz-Kolin-Limak-Mapa-Kalyon Consortium and Makyol İnşaat showed up at today’s bidding session. The Cengiz-Kolin-Limak-Mapa-Kalyon Consortium offered the highest figure at the end.

The tender for the build-operate-transfer project, which is to be conducted in four stages, will be for a 25-year lease, with the cooperation of the private and public sectors. The state will guarantee the amount of passengers and tariff levels for a certain amount of time.

Following the finalization of the tender approval, the first phase of construction is set to be after 42 months, in 2017, and will provide an initial capacity of 90 million passengers a year. Once all six of the planned runways are complete, the capacity is expected to increase to 150 million passengers, the world’s largest in terms of the passenger capacity at full capacity. The airport is planned to provide jobs for 100,000 people, the Minister Binali Yıldırım said earlier.

A total of six runways, 16 taxiways, 165 aircraft passenger bridges at all terminals and 6,5 million square meter apron with 500 aircraft parking capacity among other facilities will be constructed.

The new airport is planned to be constructed at the Istanbul’s European side between the Black Sea regions of Yeniköy and Akpınar, on an area of 7,659 hectares. Some 6,172 hectares of this area is forest land.

Expanding and growing fast, Istanbul’s 2 airports (almost handling 80,000,000 passengers yearly) are not enough and the city has needed new capacity for long. Becoming a demanded city by investors and foreigners, Istanbul has increased international habitants in past 5 years.

The new airport is also crucial for Istanbul’s bid for 2020 Olympic Games. And the new airport will be close to Istanbul’s Olympic Stadium.

The new airport will be connected with a high-speed metro system to the city center.