There have not been many changes yet in the property and land prices in Riva compared to last year but the Culture-Toursim-Sports and Health project announced by the Municipal Government of Istanbul for Riva had definitely added value to the region. The land prices in Riva start from $180 - $200.

The projects that will be developed in Riva, a perfect summer getaway and daily visit site for Istanbul residents, started to be announced one after another.  

The countdown for many projects in Riva has started but the construction permits have not been issued yet. The local government and the zoning office are still working on the zoning plans. A project that attracted a lot of attention is the 980,000 square meter compound that will be developed by the UK based Ottoman Fund. The local realtors claim the start of this project will double the property prices in the region. Galatasaray, one of the leading soccer clubs in Turkey, is one of those that will be affected the start of this project. Galatasaray owns land of approximately 850,000 square meters in the same area. The land with is currently valued at around $150,000,000 and this is very likely to increase with the start of the other projects in the area.

The Ottoman Fund acquired their project site for $120,000,000 almost 2 years ago through a subsidiary they formed in Turkey, called Osmanli Yapi. The land is suitable for building around 2,000 houses.

The most valuable region of Riva in terms of property prices is Aritasi with land prices ranging at $300 to $350. Average prices for a 200sqm to 250sqm villa in Riva starts at around $450,000. The maximum height allowed for houses in Riva is limited to two floors. The total constructible land available in Riva is around 16 million square meters. Around 5,500,000 square meters of land were assigned as roads and social properties after the zoning that took place in the 1980’s.  

After declaring the region as a recreational and daily visit site for Istanbul residents, The Municipal Government of Istanbul held an international design competition for Riva. Seven international design groups were invited and the results will be announced soon. Topbas, the president of the municipal government announced that their goal was to convert Riva into a place similar to Bodrum with much better planning and infrastructure.

Riva in Numbers

There is approximately 16,000,000 square meters of land in Riva and Beylik Mandira region. The maximum height for lands is around 106 meters and there are not much changes in the height of lands in close proximity. Zoning plans vary between locations and the allowed construction limit for above ground closed space ranges at 20%, 25%, 30% and 35% of the total land size. The width of roads in the region ranges between 10 to 35 meters.

Alarko Group is the largest investor with 6,000,000 square meters of land. Yapi Kredi Koray Real Estate Investment Group owns land of approximately 900,000 sqm where Galatasaray Football club is the owner of approximately 850,000 square meters. The total size of the smaller lands is around 2,200,000 square meters. With the newly constructed connection road, the distance between Riva and Kavacik on the Tem highway decreased to around 21 kilometers.  

Translated from an article published on Hurriyet