Turkey is confidently moving forward with its plan to make it one of the top ten economies in the world by 2023. It seeks to increase its share of global GDP, develop and increase foreign direct investment in the country, and make Istanbul, which is strategically located, a global financial centre. It is constructing the International Financial District project in Istanbul for this purpose.
The Turkish government has declared that the Istanbul International Financial Centre will open in the first quarter of 2022, according to a statement given to the Anadolu Agency. The project’s work and construction plan was created by the government coordination authority and approved by the Supreme Council for Planning in 2009. The President of the Republic is coordinating the work plan through Presidential Decree No. 27568 of May 2010.
Where is the new financial centre in Istanbul?
The financial centre is constructed on a 3 million and 200 thousand square metre plot of land in Istanbul’s Asian quarter, between the Atasehir and Umraniye neighbourhoods. It is considered a vital site in Istanbul. Check out reasons to invest in Turkish property.
The district of Atasehir is located in Istanbul, Turkey
It is located at the intersection of the O-2 and O-4 highways in Istanbul’s Anatolian district. It is bordered on the north by Umraniye, on the northeast by Sancaktepe, on the east by Maltepe, on the south by Kadikoy, and on the west by Uskudar. Metropol Istanbul Tower 1 (70 storeys, 301m tall, including its twin spires) is the highest skyscraper in Atasehir, Istanbul, and Turkey as of 2020. It is a mixed-use complex with three towers and a shopping centre.
No single-family dwelling types were developed for Atasehir’s residential constructions, unlike in Basaksehir, another satellite city on Istanbul’s west side. Most of the structures in Atasehir are high-rise towers, and some of them (particularly surrounding the district’s main public squares) are among Istanbul’s and Turkey’s tallest skyscrapers.
Who planned this financial hub?
Hawk International planned the financial hub, and its master plan is divided into four different landscapes focusing on culture, commerce, civic jobs, and governance. The project includes housing islands divided into various sizes and indoor playgrounds, commercial areas, and open spaces. As well as green spaces and places, resulting in a new modern structure that outperforms its competitors in the Middle East and Africa region and the general public.
In addition to 45 million square feet of office space and residential units, it will house the primary offices of the parties governing the country’s financial markets, all state and private sector banks, a vast number of hotels, a parking garage, and a conference hall.
Responsibilities of the new financial centre
The financial centre has several responsibilities, including opening the market to potential foreign investment, providing the necessary facilities for obtaining licenses, and pumping information about investment sectors. Thus protecting assets through a set of regulations. In addition to the significant positive impact that the opening of a financial centre in Istanbul will have. In terms of the area’s living standards. Foreign investment will be attracted as a result of this enhancement. It will be beneficial to Turkey’s economy as well as the world economy.
Why choose Istanbul for this venture?
Istanbul is home to most of the Turkish government’s massive economic initiatives, including the Istanbul International Airport and the new Istanbul Canal. It also saw a surge in real estate investments and placed first in real estate sales in Turkey as a whole last year. It’s worth remembering that Istanbul, with 13.5 million people, is the world’s second-most-populated city. As a result of all of this, the city has become one of the most critical worldwide cities, attracting a great deal of attention from around the world. And make it one of the world’s financial hubs.