Residential property prices in dollar terms in Istanbul within the last 15 years increased most in the districts of Kadıköy and Ataşehir, a research by Turyap Real Estate Consultancy (Turyap Gayrimenkul Danışmanlığı) has found.

 A standard apartment of 100-120 square meters could be bought at $15,000 in 1991. In 2006 the same apartment cost $179,000. In the last 15 years property prices have increased 1009 percent. In Kadıköy the corresponding figure is 913 percent. An apartment in Kadıköy that sold for $15,000 in 1991 was for sale at $137,000 last year.

Başak Soner, member of Turyap board, said that the increase started with the construction of shopping malls in the 1990's. According to her in the 1950's, Taksim Osmanbey was the commercial center of Istanbul. In the 1980's the value of residential property in the area increased.

Soner pointed out that with the beginning of the construction of shopping malls in the 1990's in Bakırköy, Yeşilköy, Ataköy on the European side and Kadıköy, Bağdat Avenue on the Asian side residential property in these areas became valuable.

Soner, who believes that in places where commercial activity increases, also the proportion of residential properties increases. “The very first example was Galleria [shopping mall]. In the period after 1990s the number of shopping malls increased fast,” she said.

According to her, shopping mall investments tend to select locations like main access roads, prestigious residential areas and important office areas. Galleria was followed by Akmerkez, Capitol and Carousel. Thereafter the number of shopping malls has increased rapidly. “On the Levent-Maslak route there are large plazas, shopping malls and residential homes,” she said.

Commerce and office use has shifted to Altunizade and Kozyatağı. According to Soner strengthening of the Bosporus bridges and roads played a big role in this. With the opening of Carrefour and Bauhaus in 1996, and the construction of Ataşehir residential area, the value of property in the area climbed at once. The trend continued in the districts of Kartal, Pendik and Tuzla as well.