Tekfen Real Estate Development

Transcription

INVESTOR’S GUIDE TURKEY 2016
EDITORIAL 1
INVESTOR’S GUIDE 2016
Editor-in-chief
Kuyaş Örs
Editor
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Publishing date
March, 2016
Although the current geopolitical environment is bound to affect the macro-economic
balance, the Turkish real estate industry have witnessed a healthy growth over the
last decade. However, the market has attracted mostly medium-to-high-risk private
investors and only a few institutional investors.
Today, political uncertainty and proximity to the conflicts in the Middle East are the
main issues weighing heavily on investors’ minds. According to the Emerging Trends
in Real Estate in Europe 2016 report, “last November’s general election may provide
some political stability in the short term, but it may take longer for the investment
environment to conform to the criteria of institutional investors.” Investors focus on
new-build property because of the often fragmented title of existing buildings and
refurbishments can also provide opportunities, the report has found.
Published in collaboration with GYODER, this guide you’re holding attempts to reveal
current conditions of the Turkish real estate market as well as providing insight for
global investors.
NETWORKING TURKEY
2 CONTENTS
4 OUTLOOK
Assoc. Prof. Dr. ALI HEPŞEN Istanbul University Member
of Center for Strategic Thinking in Real Estate (GISP)
8 Dr. YENER COŞKUN Capital Markets Board of Turkey,
Prof. Dr. ALI ALP TOBB University of Economics &
Technology
10 NEŞECAN ÇEKICI GYODER, Board Member
EPOS Property Consultancy and Valuation, Chairman of
the Board
12 A. FARUK GÖKSU Founding Partner, Kentsel Strateji
4
13 FACTS & FIGURES BY GYODER
36 REAL ESTATE LEADERS
38 AHMET AKBALIK Özak REIT - Ziylan Gayrimenkul Yenigün Inşaat Partnership, Chairman
39 AZIZ TORUN GYODER, Chairman
40 EMIN GÜNAL DE-NAR GROUP, CEO
41 FATIH KERESTECI Özak REIT, General Manager
42 GÖKMEN BAŞPINAR Başpınar & Partners, Partner
43 Prof. Dr. GÜRSEL ÖNGÖREN Öngören Law Office,
Founder Partner / Senior Legal Counsel
45 IHSAN ÇULHALIK Insay Yapı, President of
the Executive Board
46 IHSAN KENDIRLI Sistema, Chairman
47 MAKBULE YÖNEL MAYA TSKB Real Estate Appraisal
Company, General Manager
48 MEHMET ERKTIN Omurga Real Estate Portfolio
Management, Chairman
49 MURAT KURUM Emlak Konut GYO, General Manager
51 MURAT UZUN Projebeyaz International, Chairman of
the Board
52 ÖMER EGESEL Tekfen Real Estate Development,
General Manager
53 ÖZCAN TAHINCIOĞLU Tahincioğlu, Chairman
54 SELÇUK ALTEN Pro^Ge, Founding Partner and
Vice President
56 SERDAR INAN Inanlar Chairman of the Board
57 SERKAN GÜL Hergüner Bilgen Özeke, Corporate Partner
specialized in Real Estate matters
59 SHAMSULLAH MOMAND State Corps Country Manager
60 SIBEL KARAOĞLAN Drees & Sommer Director Turkey
61 SÜLEYMAN ÇETINSAYA Artaş Inşaat, Chairman of the Board
62 VEFA REŞAT MORAL Moral Managing Partner, LL.M
63 FEATURED PROJECTS
70 WHO’S WHO
72 ÆRIUM TURKEY
74 BAŞPINAR & PARTNERS
76 CEFIC
78 DE-NAR GROUP
80 DREES & SOMMER
82 GYODER
84 HERGÜNER BİLGEN ÖZEKE ATTORNEY PARTNERSHIP
86 INANLAR
88 INSAY YAPI
90 MACE GROUP
92 METRO PROPERTIES
94 MORAL
96 OMURGA REAL ESTATE PORTFOLIO MANAGEMENT
98 ÖNGÖREN LAW OFFICE
100 PROJE BEYAZ
102 SISTEMA
104 STATE CORPS
106 TAHINCIOGLU
108 TEKFEN REAL ESTATE DEVELOPMENT
110 VADISTANBUL
112 EVENTS
4 OUTLOOK
US MONETARY POLICY
DETERMINES THE DEVELOPING
COUNTRIES’ FUTURE
Real estate industry is based on the
balance of supply-demand due to the
nature of the real estate sector. Due to
the reasons such as the rapidly increasing
population of Turkey for years, families
which are fragmented as a result of the
cultural changes, urbanization, increasing
income levels and improving life standards,
there is an increasing demand for the
properties on a constant basis. Due to its
connections with land market, building
material, equipment, durable consumer
good and labor markets, the real estate
market and the housing including a major
part thereof is very important also in terms
of the invigorating of national economy.
In 2015, when the growth rate of the
construction sector and the Gross Domestic
Product (GDP) Growth rates were compared,
it was observed that in 2015, the growth
rate of the construction industry was lower
than the growth rate of GDP.
GDP Growth Rate
Q1 2015
Consumer
Confidence
Index
Construction
Sector
Confidence
Index
Jan’15
67.7
81.1
Feb’15
68.1
87.5
Mar’15
64.4
89.9
Apr’15
65.4
88.8
May’15
64.3
89.9
Jun’15
66.4
88.7
Jul’15
64.7
84.1
Aug’15
62.4
82.1
Growth Rate of the Construction Industry
Sep’15
58.5
77.2
2.5%
-2.8%
Oct’15
62.8
73.2
Q2 2015
3.8%
1.9%
Nov’15
77.2
78.2
Q3 2015
4.0%
1.9%
Dec’15
73.6
76.1
Assoc. Prof. Dr. Ali Hepşen
Istanbul University
Member of Center for
Strategic Thinking in
Real Estate (GISP)
The confidence indexes published by
TUIK (Turkish Statistical Institute) may have
values in the range of 0-200 and the index
being larger than 100 shows the optimism
of the sector relating to the current and
future period and the index being smaller
than 100 shows its pessimism. While there
was an increase of 8.71% in consumer
confidence index data between JanuaryDecember 2015, a decrease of 6.16%
was observed in confidence index of the
construction industry.
The point which we reached by the
year of 2015 is that housing loans still
have importance for the banking sector.
Based on the latest announced data of
2015 (December 2015), the total volume of
the housing loans granted by the banking
sector has exceeded TRY 143 billion and
the rate of failures/defaults in pay leading
to enforcement proceedings being less than
1% points out to a healthy growth in terms
of such loans. On the other side, it was
observed that in 2015, the interest rates of
the housing loans varied between 0.90%
and 1.21% within the year.
OUTLOOK 5
Distribution within the sector in general - December 2015
Number of Banks
Sector Shares
Credit Volume Distribution (TRY)
Total Banking Sector
49
100.00%
143,085,638,000
Total Deposit Banks
32
91.65%
131,138,550,000
Public Deposit Money Banks
3
32.48%
46,478,380,000
Private Deposit Money Banks
11
34.52%
49,390,757,000
Foreign Deposit Money Banks
17
24.65%
35,269,413,000
1
*
*
13
0.00%
842,000
4
8.35%
11,946,246,000
Banks transferred to Saving Deposit Insurance Fund
Development and Investment Banks
Participation Banks
THE COMPARISON TABLE OF THE RESIDENTIAL HOUSING PRICES AND
THE RETURNS FROM THE FINANCIAL INVESTMENT INSTRUMENTS (1)
Residential Housing Prices *
Financial Investment Instruments **
EUR
Gold
(Ingot)
Consumer
Price
Index
Turkey
Istanbul
Ankara
Izmir
Interest on
Deposits
(Gross)
2005
8.52%
7.94%
10.46%
8.68%
15.15%
62.30%
-3.20%
10.90%
10.90%
32.48%
2006
10.52%
10.81%
11.52%
8.85%
15.20%
1.40%
5.90%
17.90%
29.80%
34.52%
2007
7.24%
9.20%
0.48%
3.43%
16.99%
41.90%
-17.70%
-9.20%
5.90%
24.65%
2008
-13.97%
-16.19%
-12.80%
-6.81%
15.46%
-53.50%
31.20%
22.50%
34.80%
*
2009
2.68%
0.56%
3.31%
9.17%
15.91%
95.50%
-2.40%
4.60%
33.50%
0.00%
2010
2.67%
5.60%
2.39%
-3.53%
7.93%
31.53%
1.01%
-8.53%
24.77%
8.35%
2011
7.78%
9.07%
8.82%
8.60%
7.37%
-20.19%
22.85%
22.36%
44.76%
100.00%
2012
17.35%
19.65%
14.30%
17.10%
7.10%
45.77%
-4.40%
-4.77%
-1.91%
91.65%
2013
13.63%
17.48%
9.67%
10.23%
6.10%
-7.76%
15.96%
21.06%
-16.14%
32.48%
2014
16.89%
20.97%
11.43%
11.25%
4.95%
18.79%
11.06%
0.36%
9.65%
34.52%
2015
22.26%
24.39%
15.03%
19.90%
4.96%
-12.85%
27.25%
12.37%
13.47%
24.65%
(1) Nominal Increase and Returns
*Source: REIDIN.com
** Source: TUIK
BIST 100
Index
USD
6 OUTLOOK
When the volume forecasts of the
housing loans were assessed in 2016,
Senior Data Analyst of REIDIN Olgun
Aydın stated that, “When the difficulties
which may arise due to Fed (U.S.A. Central
Bank) giving signals of increases in
interest rates and Turkey’s dependence on
foreign financing are considered, it seems
inevitable that the economy of Turkey
would be adversely affected like the other
Fragile 5 countries. Based on this, it is
required to say that the general opinions
are that the sector would be stable during
the first quarter of 2016 and the rate of the
loan increase would decrease relatively
and that the expectations for the first
quarter of 2016 are that a credit increase
of TRY 3 billion may occur”.
When the period between 2005 and
2015 was examined, it was observed that
since the risk return expectation under
BIST 100 Index was high, as of the years
the variance of returns was also high. We
encounter a similar situation in American
Dollar and Euro. Gold which is the most
popular investment instrument during
the recent years suffered from losses in
2012 and 2013. Based on the diminishing
interest rates on bank deposits, which
bring regular return to the investors, in
line with the decreasing interests based
on the economic developments in Turkey
during 2000’s, each year the investors
started to gain less return compared
to the previous year. The residential
investments which can be deemed as the
conventional investment instrument of
Turkish investors have always become a
good alternative especially in the long run
compared to other financial investment
tools. When the increases in residential
building prices were observed, it can be
seen that during the last 4 years, a rate
of increase which is double in the rate of
inflation is maintained and it is possible to
say that especially during the year 2015,
the increase in the prices of the residential
buildings was more than double the rate of
inflation.
By means of the reforms and fiscal
discipline implemented especially during
the years following the financial crisis
in 2001, Turkey became the 18th largest
economy of the world. More important
is that with the effect of global liquidity
abundance and the low financing costs
during the same period, Turkey has
become a country providing significant
outsourcing and directing this to the real
estate markets. However, when we look
at the period subsequent to 2015, it is
possible to say that the significant risks
would also affect the decisions on the
sector. In this direction, the fact that the
monetary tightening expected from FED
becomes a significant turning point for the
markets has a determining status in terms
of shaping the national economy and the
sector in 2016.
8 OUTLOOK
WHAT IS THE MESSAGE OF LOWER
HOUSING CREDIT VOLUME IN
TURKEY?
“Reality is merely an illusion, albeit a very
persistent one.” Einstein
REALITY AND ILLUSION THROUGH
NUMBERS
To explain both facts and “statistical”
lies, one may utilize the numbers. However,
it seems paradoxical, the world of numbers
may equally close both reality and illusion.
For example, you may define the analysis
period to present best part in whole time
series. This might be very good idea to sell
the good news to information users. Or,
if you would like to focus on some worst
cases, you may pick the worst numbers.
So, this approach may also work to stop
selling something. To minimize information
asymmetry in economic analysis, one
may focus on both numbers and the facts
behind these numbers. This opinion article
clarifies the story of housing credit volume
in 2015 in Turkey by also analyzing its’
forthcoming trend.
Dr. Yener Coşkun
Capital Markets Board of
Turkey
Prof. Dr. Ali Alp
TOBB University of
Economics & Technology
FACTS OF TURKISH HOUSING CREDIT
MARKET
Housing credit is one of the critical
barometers of housing market and general
economy. So, analysis of housing credit
market provides both summary information
of recent trends and also gives an idea
of near future. Above figure suggests
several implications for both past and
the near future of the housing (credit)
markets of Turkey. The first observation is
that housing credit has been booming in
Turkey since 2002. According to Banking
Regulation and Supervision Agency (BDDK)
data, housing credit volume has increased
from USD 0.2 billion as of 2002 to
USD 49.4 billion as of 2015. Second
observation is that the interest rates
and housing credit volume have counter
relation, as expected. So, analysis
term generally suggests that the lower
the interest rates results in higher
credit volume (or vice versa). The third
HOUSING LOANS AND RATES IN TURKEY (2002-2015)
6.000.000
50%
5.000.000
4.000.000
30%
3.000.000
20%
2.000.000
10%
0
1.000.000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Housing Loans (million $)
Interest Rates on Housing Credit (%)
Source: Author (by Central Bank of Turkey and Banking Regulation and Supervision Agency data)
0
Total Housing Loans (million $)
Interest Rates on Housing Credit (%)
40%
observation is that negative economic
shocks may result in higher mortgage
rates and eventually affect housing credit
volume negatively. In this respect, negative
impacts of global financial crisis is clear in
2008. The fourth observation is that the
housing credit volume dropped to
49.4 billion USD as of 2015 from
54.1 billion USD as of 2014. This suggests
that nearly 8.7% drop. It is also interesting
to note that annual mortgage rates have
increased from 11.3% to 14.7% in 2015.
NO ONE LOVES THE MESSENGER
Sophocles says in Antigone that no
one loves the messenger who brings bad
news. But, as the academic, we should ask
whether this lower credit volume would be
a new normal and also it represents first
signal of negative market conditions in
Turkish housing markets. However, these
are complicated questions, one may note
following points in his/her analysis. First, it
seems that higher mortgage rates were the
main reasons of the recent drop in housing
credit volume in Turkey. So, if the rates
would not go up further, this picture may
not be a new normal. Second, taken into
account literally booming housing demand,
supply and sales, it is not good idea to think
that Turkish housing market would enter in
a bad market mood.
SHORT-TERM VS. LONG-TERM DYNAMICS
In sum, the facts suggest some bad
news on housing credit volume and
mortgage interest rates for 2015. Moreover,
the market performance will probably
depend on the interactions between
mortgage rates and housing credit volume
in the short term (i.e. in 2016), among other
variables. So, taken into account growing
economic-politic risks in/around Turkey,
one should be careful for 2016, but not
very pessimistic way. What about longterm? We will definitely see good days
thanks to endless dynamism of the country.
OUTLOOK 9
10 OUTLOOK
NATION-WIDE CONSENSUS
IS NECESSARY ON URBAN
TRANSFORMATION POLICIES
Neşecan Çekici
- GYODER, Board Member
- EPOS Property Consultancy
and Valuation, Chairman of
the Board
The endeavors that have been carried
out under the name “urban transformation”
in Turkey, began in early 90’s in Ankara.
By testing new laws and law changes
that include urban transformation and
improvement, problems experienced by
the public and the property owner during
pilot applications through the process
was observed and these experiences were
combined under the law no. 6306. With
the inurement of the law in 2012, urban
transformation activities accelerated.
The process that has started in 2012,
progressed rapidly. Until today, 40 “risky
areas” in 17 districts in Istanbul only have
been determined. The total of these areas
reached up to roughly around 11 million m2.
It is estimated that around 1% of the builtup areas across the province is declared to
be risky.
Through analyses obtained in
accordance with certain assumptions,
it is calculated that the total need for
transformation regarding earthquake
and urban renewal in Istanbul is 870,629
independent units (377,097 [47%]
independent units regarding earthquake
risk, 493,532 [57%] independent units
regarding urban renewal).
CENTRAL ADMINISTRATION AND
TOKI MODEL LEAVE ITS PLACE TO
ADMINISTRATION-OWNER-INVESTOR
COOPERATION
The input of private sector to urban
transformation endeavors increases daily.
Projects underwent through collaboration
of central authority and TOKI leaves its
place to the partnerships that are formed
by local administrations, owners and
TOTAL NEED FOR TRANSFORMATION REGARDING EARTHQUAKE AND
URBAN RENEWAL IN ISTANBUL
43%
INDEPENDENT UNITS
REGARDING URBAN
RENEWAL
INDEPENDENT
UNITS REGARDING
EARTHQUAKE RISK
57%
Source: Epos Istanbul Provincial-Wide Urban Transformation Potential Areas Analysis
investors. This three-party partnership
structure prepared and finalized many
projects to this day. However, certain
problems and conundrums created
by parties in this structure, requiring
solutions, are encountered.
DEVELOPMENT RIGHT TRANSFER AND
SWAPS ARE IMPORTANT TOOLS FOR A NEW
APPROACH
Until now, almost all of the the
projects underwent were either through
expropriation verdicts of the central
authority or TOKİ, or through investors
conducting projects through construction
right in return for flat type of agreements
on areas they find profitable. Neither of
these could create a sustainable urban
transformation system. The procedure
of capital budget renewing millions of
residences and/or private sector operating
urban transformation endeavors only
where they see profitable investment,
fails to satisfy the need for renewal of
risky building stock. Thus the public
and the investors need to develop new
approaches and models to be applied
to urban transformation. Development
right transfers and swaps are thought to
be important tools when developing new
approaches.
AGREEMENT ON LOWEST COMMON TERMS
BRINGS SUCCESS
With regard to the experience we
gained through our previous and current
urban transformation projects, we can
say that resolution efforts are the basis
of urban transformation endeavors. The
endeavors in which parties understand
each other, mutual trust is created, an
unbiased and transparent agreement
platform is formed achieve success rapidly.
Yet projects that an agreement on lowest
common terms could not be accomplished,
do not achieve success and profit however
profitable they are on paper.
Ignoring the fact that urban
transformation is a social phenomenon
would be a big mistake. It would be
erroneous to transform, without preparing
plans that take the dynamics and future
projections of the area into account. The
cooperation of the public, private sector
and civil societies are the primary subjects
and the public should absolutely be in
coordination for these processes to be
managed correctly. Urban transformation
policies should be established through a
nation-wide axis of area utilization and
management, with nation-wide consensus
and around a model concerning nature
and green-fields as well as disaster
management. It should not be forgotten
that while processing the transformation,
if a decision such as increasing the density,
which is incompatible with the overall
development planning system, is made,
transportation and infrastructure problems
are going to be insolvably complicated.
Urban transformation; a new urban
system, a historic opportunity and a
historic responsibility at the same time.
From energy conservation, decrease
in crime rates and unemployment to
aesthetic and health conceptions of cities,
it is a macro reform. To make use of this
opportunity, all parties should look at the
bigger picture and bear the common gain
in mind instead of considering their own
benefits only.
OUTLOOK 11
12 OUTLOOK
ISTANBUL: NEW OPPORTUNITIES,
NEW ECONOMIES
A. Faruk Göksu
Founding Partner, Kentsel
Strateji
Since the 1990’s, the interaction of real
estate and finance industries has brought
about a rapid change and evolution process
for Istanbul. The pace of transformation of
industrial utilizations to service utilizations,
affected the variety of service industries.
Today, Istanbul is advancing its investments
through such themes as culture and tourism,
finance and service.
Marmara is becoming an important
transition region. Large infrastructure
investments such as piers, highways, bullet
train and energy lines, put all the cities in the
region into interaction. Projects on two major
gateways of Marmara Region, the ongoing
construction of Izmit Bay Passage and
planning of Çanakkale Boğazı (Dardanelles)
Passage are to create alternative
opportunities for Marmara to support itself.
As we consider massive projects such as
the two airports that are to be constructed
on the North-South axis of Istanbul and
Marmara Region, Izmit Bay Passage Highway,
Dardanelles Crossing and Eurasia Tunnel;
we may state that cities of the region such
as Çanakkale, Tekirdağ, Istanbul, Çayırova,
Yalova and Bandırma will be affected by
these investments.
Istanbul’s future depends on integration
to the global economy. With its strategic
location and new improvement plans,
Istanbul has taken the role of “leader
city” in Eurasia, Europe and Middle East.
Furthermore, Istanbul is beginning to discuss
the investments to be made in order to
achieve the goal of Turkey to become an
innovation and information center.
The fact that the Istanbul vision is set as
to be the strategic leader city of the Eurasia
region, strengthens the themes of finance,
logistics, tourism and culture.
3 FUNDAMENTAL STRATEGIES FOR
RECONSTRUCTION
Strong collaborations between central
and local governments accelerate the
actualizations of significant investments.
In this context, it is important to make sure
these three fundamental strategies, three
important investments are implemented.
Three Fundamental Strategies:
1- Re-connection
2- Re-generation
3- Re-settlement
Operating on the 1st fundamental
strategy, projects such as the bullet train
Marmaray that connects Asian and European
sides of Istanbul, the Eurasian Tunnel, the 3rd
bridge which is expected to be completed
this year, belt-highways and the 3rd airport
which is expected to be completed in 2018,
equip Istanbul with strong connections,
initiating a rapid transformation process.
To follow the 2nd fundamental strategy,
the industry focused transformation of
10 million m2 capacity of construction sites is
going to make Istanbul economy resilient.
As for the 3rd fundamental strategy, the
two new residential projects on East and
West sides of Istanbul with a potential of
500,000 residences, are going to create new
opportunities for transformation of risky
buildings as well as meeting the demand on
new homes.
In conclusion, Istanbul is actualizing its
potential to be a leader city in its region with
important investments. The added value
these above mentioned investments will
create is quite important particularly for real
estate and finance industries to get stronger.
In addition, in its rapid improvement
and transformation process, Istanbul is
presenting opportunities for investors of
varied industries under themes of design,
innovation and creativity. The social
entrepreneurship hubs that have been
establishing in Istanbul in the past few years,
create new financial areas for young local
and international investors.
When the new opportunities Istanbul
presents for real estate and finance
industries meet new economies, the results
will be exponentially positive.
FACTS &
FIGURES
>>>
BY GYODER
14 FACTS AND FIGURES
FACTS AND FIGURES 15
MEMBER OF RLB EURO ALLIANCE
ATAKULE ALIŞVERİŞ MERKEZİ
15 YEARS
IN PROJECT & CONSTRUCTION
MANAGEMENT SERVICES
WEST SIDE İSTANBUL KONUTLARI
KARPAZ HILLSIDE TATİL KÖYÜ
ATLASPARK İŞ VE ALIŞVERİŞ MERKEZİ
ODTÜ TEKNOKENT KULUÇKA MERKEZİ
FORUM KAYSERİ ALIŞVERİŞ MERKEZİ
MARMARA FORUM ALIŞVERİŞ MERKEZİ
DOHA KORNİŞ PROJESİ
FORUM İSTANBUL ALIŞVERİŞ MERKEZİ
AXA SİGORTA GENEL MÜDÜRLÜĞÜ
TAURUS ALIŞVERİŞ MERKEZİ
ORTAKÖY OTEL PROJESİ
SANTRAL İSTANBUL
TERRACITY ALIŞVERIŞ MERKEZI
[email protected]
P: +90 212 352 2021
RADISSON BLU ÇEŞME
FORUM MERSİN ALIŞVERİŞ MERKEZİ
PARK HYATT MAÇKA PALAS
KARTAL KENTSEL TASARIM YÖNETİMİ
SARIKONAKLAR İŞ MERKEZİ
ROKETSAN SANAYİ YAPILARI
İŞBANK KONSER SALONU
AL-TAHADY ÜNİVERSİTESİ, LİBYA
BÜYÜK TARABYA (YAPIM ÖNCESI DÖNEM)
HOLLANDA BÜYÜKELÇİLİĞİ
FORUM İSTANBUL ALTYAPI İŞLERİ
MAÇKA OTELİ (YAPIM ÖNCESİ DÖNEM)
BÜYÜK EFES (YAPIM ÖNCESI DÖNEM)
FORUM TRABZON ALIŞVERİŞ MERKEZİ
BİLKENT KONUTLARI
ÇELİK PALAS (YAPIM ÖNCESİ DÖNEM)
RADISSONBLU ANKARA
ATATÜRK HAVALİMANI DIŞ HATLAR
T. İŞBANK GENEL MERKEZİ
SARIKONAKLAR İSTANBUL
REAL
ESTATE
LEADERS
>>>
AHMET AKBALIK: “WE WILL
CONSERVE THE HISTORICAL
TEXTURE OF ISTANBUL BY
TRANSFORMING UNIQUE
HISTORICAL BUILDINGS INTO
LIVING SPACES AGAIN.”
Do you think that the investments have
reached the point of saturation in big
cities such as Istanbul? 2015 was a “year
of investment” for the real estate market.
We believe that the market will continue
to grow in 2016 and will develop various
projects according to the needs and
expectations of the investors.
Özak REIT - Ziylan
Gayrimenkul - Yenigün
Inşaat Partnership
Chairman
How would you summarize the yearly
performance of the firm/corporation
you are in charge of? Did 2015 met
your expectations? What are your
goals considering 2016? As Özak REIT,
Ziylan Gayrimenkul, and Yenigün
Inşaat, we joined our forces in 2014
with the aim of creating a brand new
value worthy of Istanbul. We won the
tender issued by Emlak Konut GYO for a
land of approximately 111,000 m2, and
undersigned the contract that has the
highest total sales revenue* in the history
of Emlak Konut.
We designed our project together with
the architectural firm Chapman Taylor,
which has created world-class projects.
We brought together the infinite blue of
the sea, each tone of green, the historical
texture, unique flavors and a warm
neighborhood life at Büyükyalı, reflecting
the timeless soul of Istanbul. Near the
Historical Peninsula, we will conserve
the historical texture of Istanbul by
transforming unique historical buildings
into living spaces again at Büyükyalı, with
an architectural design that blends the
past with the future.
*Based on the contract of “Istanbul Zeytinburnu Kazlıçeşme
Revenue Sharing Work in Return for Land Sale” that was signed
on 08-Apr-2014.
AZIZ TORUN: “INDIVIDUAL
FOREIGN INVESTORS IN
TURKEY ARE INTERESTED IN
THE RESIDENTIAL SECTOR.”
GYODER
Chairman
How do you expect the recent macroeconomic developments in Turkey and the
world will affect the real estate industry in
Turkey? The year 2015 was a difficult one
in terms of various issues. Unfortunately,
it was a year shadowed by the political
ambiguity caused by the elections in
Turkey, the fluctuations in exchange rates
and sad events taking place in our country,
in our region and in the whole world. On
a different note, 2015 was a year in which
the Turkish real estate market proved
its attractiveness and once again the
investments in real estate demonstrated
the sector’s reliability as it resisted the
fluctuations in the market.
Over the last decade, Turkey’s real
estate market has been continuously
growing. Despite concerns of stagnation
which persisted in 2015, Turkish real
estate sustained its growth and expanded,
gained depth, increased its product
quality and continued to launch numerous
projects with high architectural standards
which have won many international
awards. Major investors did not alter their
strategies, and investments and sales
continued while the interest of foreign
investors increased. The strength of US
Dollar against the weaker Turkish Lira
has created attractive opportunities for
foreign investors. Additionally, domestic
investors who wished to increase the
standards of their residences or offices or
regarded real estate properties as reliable
investment tools continued to make
purchases.
Due to the elections some investors
had halted their investments, but with
the re-establishment of the political
stability in the last two months of
the previous year, we observed that
investors accelerated their investments
in properties. We presume that the total
REAL ESTATE LEADERS 39
amount of sales will increase 5% by the
end of the year compared with the figures
of the previous year.
What will be the new trends for the real
estate market in the upcoming period?
The Turkish real estate market offers
reliable, attractive and lucrative projects
for foreign investors. The Reciprocity Law
should be considered as an important
incentive in this sense. As the diversity
in real estate properties increases in
addition to the residential offering,
offices and shopping centers, structures
such as logistics and entertainment
centers will gain increased impetus.
Individual foreign investors in Turkey
are primarily interested in the residential
sector. One of the most important
reasons for this are the recent significant
accomplishments of the Turkish real estate
sector in bringing high-quality real estate
projects to the market.
Moreover, investments in the hotel
sector surged in recent years. On the
other hand, the healthcare and dormitory
sectors do not quite draw the attention of
investors yet as they are still unfamiliar
with these sectors. As developers of the
Turkish real estate sector, we need to
diversify the types of properties in the
upcoming period.
cities such as Istanbul? How do you assess
the potential of Anatolian cities? Istanbul
being in the first place, we observe
that foreign investors are particularly
interested in cities such as Yalova,
Bursa, Trabzon and Antalya. Weather
conditions, climates and greenfield
sites play important roles in foreign
buyers’ investment decisions. Cities in
Turkey which are considered as bases of
production and industry, such as Bursa,
Denizli, Manisa and Konya, have their own
institutional foreign investors as well.
These cities should be on the radar of
individual investors too. Moreover, there is
also a considerable demand for real estate
in cities such as Izmir and Muğla which are
developing in terms of tourism.
EMIN GÜNAL: “OUR FOCUS
IS ON THE EDUCATION
DEVELOPMENT MARKET
WHICH CONTINUES TO GROW
RAPIDLY.”
How do you expect the recent
macroeconomic developments in Turkey
and the world will affect the real estate
market in Turkey? It looks like there will
be some major changes within the Turkish
real estate industry. State policy was very
decisive and it will be decisive in the
future too. Our focus is on the education
development market which continues
to grow rapidly. However, considering
the office and residential markets, sales
volume is more than demand due to the
general shortage. And it seems to be less
than previous years.
DE-NAR GROUP
CEO
What is the most important development
for the sector in the last year? What sort
of impact do you expect this development
will have today and in the future? We
are managing, upgrading and improving
the property portfolios of our investors.
The demand is continually increasing
within the private school sector.
Closure of the private training centers
in Turkey has effected the construction
volume positively within the education
market and our business volume has
been increased as well. The education
development market is expected to
expand across the country within the next
decade.
In fact, there is a strong demand
for private school developments and
operational investments from Arabic
countries already. Private school
investments seem to be the best option
regarding ROIs and corporate social
responsibility practices.
From an investor’s point of view,
school buildings, in general, return the
investment cost between 10 and 12 years.
But, of course, this depends on the land
value and amount of the lease contract.
Generally, for a full campus (k12), the
construction area should be around 8,00012,000 m2 with maximum 4 floors above
and 4 floors below the ground to serve
between 800 and 1,200 students.
How does the market get affected by the
changes brought by the information age?
Educational property will continue to
be the most popular trend in the market
with creating many advantages in this
market which has still has not reached
the attention of investors. Especially,
REIT portfolios should involve this type
of property. We are expecting that the
market share will be three times more
in the next five years which represents
only 5-6%. Thus, there is an incredible
opportunity for real estate investors
and REITs.
your expectations? What are your goals
considering 2016? During 2015, we
displayed a high business performance
and met all our targets. The company
started as an incorporated company and
it is now a group of companies including
the services of project development
and investment, architecture, and
construction.
In 2015, DE-NAR extended its
capabilities with different services
and finished 14 k1-school projects
successfully and awarded with “the best
school design of 2015” by tutors.
We are now working on new projects
and we have also started to manage
our own investments in educational
property market. As a development
company specialized on educational
real estate projects, we will continue to
help investors which are actively looking
for 10-12 years of ROIs. Our aim to be
acting as a development company for
educational real estate projects and
work for our investors whom are actively
looking for 10-12 years of ROIs.
FATIH KERESTECI: “WE WILL
CONTINUE TO ADD VALUE TO
LIFE WITH OUR PROJECTS AT
THE IMPORTANT LOCATIONS
OF TURKEY.”
Özak REIT
General Manager
considering 2016? As Özak REIT, last
year we aimed at supplying the financing
of our company by selling almost all
of the Hayat Tepe residences, getting
full occupancy, and maintaining our
fixed rental income at our real estates
intended for investment, such as Bulvar
216, Iş Istanbul 34, 34 Portal, Metro
Grossmarket; and we achieved all these
objectives. As one of the leading real
estate companies of Turkey, we have
crowned this achievement by ranking
57th on Forbes list of top-100 Turkish
companies. In 2016, we raise our targets
even higher and say that we will be in
the top 3 in 5 years within the real estate
market. In addition to the Büyükyalı
project, undersigning the contract that
has the highest total sales revenue* in
the history of Emlak Konut REIT, we will
continue to add value to life with our
projects at the important locations of
Turkey such as Balmumcu, Göktürk, and
Mahmutbey in Istanbul, Alsancak in Izmir,
Didim in Aydın, Demre in Antalya.
* Based on the contract of “Istanbul Zeytinburnu Kazlıçeşme
Revenue Sharing Work in Return for Land Sale” that was signed
on April 8, 2014.
GÖKMEN BAŞPINAR:
“TURKEY’S ECONOMY IS
GROWING FASTER THAN THE
REST OF THE WORLD.”
Başpınar & Partners
Partner
How do you expect the recent
macroeconomic developments in
Turkey and the world will affect the real
estate market in Turkey? After a modest
expansion in 2015, the global economy
is expected to grow next year at 3.6%
and Turkey at around 3%. Turkey’s
economy is growing faster than the rest
of the world. According to OECD, Turkey
is expected to be the fastest growing
economy in 2017 with a growth rate of
4.1%. Despite the geopolitical crisis and
political uncertainties, Turkey has shown a
remarkable rate of growth. Hence in 2014,
investments have slowed down, yet after
the November 2015 elections, foreign
and local investors started over to show
interest in real estate market.
Turkey’s strategic location between
Europe, the Middle East and Central Asia
and almost 78 million population let
the country to have access to 1.5 billion
consumers. As a result, Turkey had a
profound economic transformation over
the past decade.
In light of these facts, despite the
change in oil prices, FED policies, recession
of Russian economy, regression of Chinese
economy and high inflation rate in the
country, Turkey’s economy and related to
this its real estate market are still expected
to grow and stay attractive for the
investors.
will have today and in the future? Turkey
has made improvements and amendments
to certain legal regulations pursuant to
reciprocity law in the recent years. As a
result, urban renewal and mega projects
were the new trends of 2015. A revival is
observed in residential market. Istanbul-
Izmir highway, Marmaray, Canal Istanbul,
the third bridge and the third airport will
lead the market to invest in new locations.
Oxford Economics’ forecasts indicate a
3.2% growth in retail sales between 2014
and 2018, higher than any mature European
markets. There has been a 7% increase in
leasable areas in the retail sector, from
9.49 million m2 to 10.24 million m2. At the
end of 2014, there were 350 operational
shopping centers in Turkey. The number of
shopping centers, including the projects
that have already been announced, is
expected to exceed 400 by 2017.
In a nutshell, we expect a faster
development in Turkey than we had in
previous years. The market is diversified
with residential real estates, office places,
hotels and shopping centers. Even if some
thinks that this growth is a sign of housing
bubble, OECD and World Bank reports
expect Turkey to be one of the fastest
growing and promising economies in the
world.
reached the point of saturation in big cities
such as Istanbul? How do you assess the
potential of Anatolian cities? We believe
that despite the high level of investment in
Istanbul, there are still many opportunities
to invest in. As mentioned before, new
mega projects and urban renewal projects
are on the verge of changing the silhouette
of the market, as well as of Istanbul. We
observe that especially the areas around
the new projects Marmaray, third airport
etc. will satisfy the expectations of foreign
and local investors.
Aegean region and Black Sea region
are the emerging areas following Marmara
region where Istanbul is located, and which
has the biggest share in real estate market.
Aegean region has been always popular
amongst foreign investors by virtue of
its landscapes, favorable weather during
the year and its nature. However, since
the completion of Ordu-Giresun airport
and future plans of the major logistics
and energy investments in the region,
Black Sea region is becoming a rising
star. Together with the depreciation
of the Turkish Lira, these changes in
transportation and infrastructure are
expected to boost investment activity
in the region not limited to this sector.
Trabzon and Samsun are expected to be
the fastest growing cities.
Istanbul is expected to be always
the top destination for all sorts of
investments. However, we believe that
cities such as Ankara, Izmir, Antalya
will not remain behind Istanbul. Bursa,
Kocaeli, Ankara and Erzurum are favorable
locations to invest in retail and real estate
sectors due to the future large-scale
projects.
Turkey’s real estate market is recording
a certain rate of growth each year, since
November 2015 elections, the political
uncertainties have been eliminated,
investors and consumers seem to have
a higher appetite to invest in Turkey. In
terms of the annual price growth index,
with an 18.5% rate of increase, Turkey
emerged as the best-performing housing
market in Europe. Housing demand
is higher than housing supply which
indicates growth potential, in compliance
with the earthquake regulations high
quality housing systems are expected
to be needed. Especially in Istanbul, the
need of residences and plaza buildings
is increasing. Consumer demands on
new constructions completed under
restructuring process concerning the
urban renewal revealed that high-tech
housing systems will be required in
upcoming years.
performance of the firm/corporation you
are in charge of? Did 2015 meet your
expectations? What are your goals for
2016? Even though the interest of some
foreign investors were kind of on hold
until the political situation of Turkey got
clear, we can say that 2015 was a good
year for our firm. We were right at our
expectations and we believe 2016 will be
a better year.
PROF. DR. GÜRSEL ÖNGÖREN:
“WE WILL EXTEND OUR
REVENUES IN THE NEXT
DECADE.”
Öngören Law Office
Founder Partner /
Senior Legal Counsel
How do you expect the recent macroeconomic developments in Turkey and
the world will affect the real estate
industry in Turkey? The investments
made within the last decade in the
real estate sector of Turkey provided
significant profits to investors as well as
consumers, buyers of houses and offices.
I assume that, in the next decade, we will
extend our revenues and our industry by
doing more work and completing many
projects.
We entered the real estate
development sector with zoning law
cases at the end of the 1990s and now
we are proudly watching our real estate
investors, contractors and architects
collecting awards worldwide who
carried out successful projects and we
are proud of the many projects that we
were involved within the frame of
legal works.
As a result of our 20 years of
experience in the real estate sector,
we can say some additional legislative
regulations will be introduced and
the initiated tax incentives will be
continued for even greater success.
We have seen that as a result of our
experience in hundreds of litigation
cases in cancellation of zoning plan,
building permits and zoning plan
changes; especially in zoning field,
the implementation of “acquired
right based building permit” principle
and, if necessary the amendments in
the Turkish Constitution, and giving
assurance to the international real
estate investors will be on the agenda
of the government during the coming
days. By these developments, we believe
that the State Council or administrative
courts will not be able to stop projects.
estate market in the upcoming
period? The new trend in the real estate
market is urban transformation. Turkey
has decided to renew the house stock
amounting to 7 million most of which
were made of non-standard and not
earthquake resistance building as a
result of the 1999 earthquake which
caused 20,000 deaths and 200,000
building became inhabitable. Nearly 10
years, financial and legal infrastructure
and strategies have been prepared
for urban transformation. In urban
transformation some building to be
demolished and rebuild, some will be
improved and some quarters as 100,000200,000 m2 will be demolished and
reconstructed step by step.
Urban transformation is being
promoted by the state. If houses
produced under urban transformation
scope have an area under 150 m2,
they are subjected to only 1% of VAT.
Normally the VAT rate is between 8-18%.
In addition to that there are not land
registry charges if the housing and
offices produced and sold for the first
time. For housing produced in other
areas is subject to 4% of charges. Also,
in the scope of urban transformation,
municipalities do not charge building
permit fees. (This fee is about 2%
of construction done on normal
land). Moreover, within the scope of
agreements signed with the owners of
land for construction and housing presale agreements which are not subject
to notary fees that amounting to 1%
of the land value. As a result of that,
the State incentive is almost 25% in
urban transformation. However, such an
incentive does not apply in other vacant
land. In short, the investors are beginning
to gain 25% in urban transformation.
While providing legal consultancy
to public institutions, municipalities,
investors and construction companies,
building sites we found opportunities
to share deficiencies, defects and
our propose solutions in urban
transformation with the Ministry
and bureaucrats. We can say that in
accordance with our solutions, Urban
Transformation Act will be amended in
the coming months. The dense urban
centers where old buildings take place
will be divided into 30,000-40,000 m2
parts with the new legislative changes.
After that, construction and real estate
investment companies will be reached an
agreement with owners of the buildings
with the purpose of quality office and
mixed projects in the city center. The
agreement of 2/3 majority of building
owners in the area will be sufficient
and if the other building owners has not
reached an agreement then their building
will be sold by auction to the other
lived there or to be nationalized by the
state. By this way, new project and urban
transformation cannot be prevented by
owners of old buildings. As a result of
it, we have both earthquake-resistant
buildings and modern living and working
areas. In these areas, for the moment,
sales price per m2 is approximately
USD 1,500-2,000, but new price for the
project realized is expected to be 7,00010,000 USD.
As a result of the experience, we
have gained in real estate projects and
industry organization as GYODER; we
believe that our profitability and our
success over the past decade in the real
estate sector will be doubled in the next
decade.
IHSAN ÇULHALIK:
“DEVELOPMENTS IN THE REAL
ESTATE FINANCING METHODS
WILL BE THE DRIVER OF THE
INDUSTRY.”
Insay Yapı
President of the
Executive Board
world will affect the real estate industry
in Turkey? Political stability, after two
elections held in 2015, is extremely
important in overcoming the problems
regarding the economic environment.
We believe that although Turkish Lira
depreciation against the developed
countries currencies and the increased
interest rates slowed the economic
growth, in 2016 Turkish economy will
be better off compared to many other
emerging economies and Turkey’s
demographic structure, geographical
features; and economic activities will
continue to be decisive in the region.
will have today and in the future? The
Turkish real estate market has experienced
significant growth in recent years,
achieving prominence in the international
arena. Urban transformation and mega
projects dominate the agenda, particularly
in Istanbul with projects such as Marmaray,
Canal Istanbul, the third Bosphorus bridge,
and Istanbul’s third airport. Likewise,
we believe that construction and real
estate will continue to be the decisive
role in the coming period, thanks to the
powerful performance of the economy.
With half of the Turkish population under
30-years old, low unemployment and the
strong economic performance, domestic
property demand also looks set to grow.
Additionally, half the country’s housing
stock needs to be replaced or renewed
then the construction boom continues
to expand.
Especially, the developments in urban
renewal areas was a major topic of the
real estate sector last year. Poor quality
construction and lack of supply in city
centers across the country, especially for
the near future will on the agenda for
urban transformation.
cities such as Istanbul? How do you
assess the potential of Anatolian cities?
With its population of 15 million, Istanbul
is the main driver of the Turkish economy.
Housing demand and housing prices
in Istanbul are expected to increase
continuously and the commercial life will
reach the higher level. These conditions
naturally will create an increased
momentum for office and rental projects.
Istanbul also still offers niche zones
for e-retailing warehouse, healthcare
buildings, student housing, automated
car park buildings. On the other hand,
the capital of Turkey, Ankara, continues
to be the center of politic, economic and
social life. With increasing population
and increasing commercial life, housing
demand in Ankara also will increase the
demand for rental space.
goals considering 2016? In 2015,
our company continued to complete
the corporate structuring. Moreover,
significant progress has been achieved
towards completion of the several land
development process. In the coming
period, construction, sales and marketing
process will begin for 8 projects. We got
our building permits for Pendik housing
project. We have two mixed-use projects
in Pendik and four residential projects
in Sarıyer. Beykoz and Yenisahra urban
renewal projects are also underway,
where we are completing the agreements
with landowners.
IHSAN KENDIRLI: “THE
MARKET PENETRATION
BECOMES MULTIDIMENSIONAL.”
Sistema
Chairman
Real estate investments in Turkey are in
a big continuing progress. The market
penetration becomes multi-dimensional,
as where new and corporate developers
are taking place and existing developers
become more agile and corporate.
Big cities, mainly Istanbul and Ankara,
are becoming massive development
projects, and the tendance of the projects
is heading city centers and upper scale
developments. Primary locations are
never going to be saturated, secondary
areas are in need of careful development
methodology.
Surveys show clearly, Anatolian cities
are not going to be saturated easily,
nevertheless the profit margins and the
volume for development and conversion
are low. Most of the market leader
developers are heading rather abroad
than Anatolian cities.
considering 2016? Sistema Teknolojik
Yapı, as the premium multinational
office fitout projects market leader in
Turkey, was very active in the medium
to large-scaled projects in 2015 and
ongoing. 2015 helped us to challenge the
activities and different fields to consider.
Therefore, keeping up the market leader
position in multinational office fitout
projects, Sistema has concentrated to
hotel construction and fitout projects
on the upper to medium segment
including 3 major projects ongoing.
Furthermore, Sistema becomes an active
player for the residential development
and construction projects at primary
locations on the Asian side of Istanbul.
For 2016 forecast, Sistema will track
and observe the market dynamics, and
proceed to keep up the office fitout
market leader position with a massive
and aggressive market coverage,
furthermore balance the residential
project developments in a scale,
and finalize existing hotel contracts
successfully for the coming season.
Sistema financially will act more
conservative in 2016, and consider
the regional political and economical
challenges carefully.
MAKBULE YÖNEL MAYA:
“2016 WILL BE A YEAR IN
WHICH FASTER DEVELOPMENT
WILL OCCUR IN TERMS OF
URBAN TRANSFORMATION.”
TSKB Real Estate
Appraisal Company
General Manager
will have today and in the future? In 2015,
several factors, such as the increase in
foreign exchange rate, two elections,
changes in housing loan interest rates and
urban transformation, seriously affected
the demand. The average price of a
residential unit in Istanbul has increased
by 40% in the last 5 years. The increase
was around 25% last year.
One of the important factors affecting
the growth in housing sales, “urban
renewal” is a new term that we got
acquainted through the law on Renovation
of Disaster Risk Buildings, numbered
6306. The term refers to the practice
of demolishing the buildings that were
determined to be old and vulnerable
to earthquake and constructing new
ones with the support given by state,
inclusing housing benefits and fee and tax
advantages. In the scope of the law, areas
in need of renewal can be determined by
the Ministry or determination can be made
at the request of the right owners within
the area.
Even though the areas that the
buildings are on, are not declared to
be “urban transformation zones”, if the
buildings are determined to be at risk
or demanded to be reconstructed by its
owners, they can get a renewal within the
scope of this law. This is usually exercised
through agreements between owners and
contractors by signing a contract on flatfor-land basis. The sharing ratio between
right owners and contractor varies by the
project area, the housing condition of the
parcel, the location, and the revenue to be
derived from the project.
Firstly, an agreement is made with the
flat owners and then a license is obtained
for the project following the preparation
of the architectural project and obtaining
the legal permits. When the period which
has passed since the Urban Transformation
Law of 2012 took effect was evaluated,
it is seen that the whole sector is
experiencing the difficulties and troubles
of the above-mentioned procedure.
In fact, the urban transformation has
not been implemented yet within the
scope of the law in 2012. We’ve only been
able to perform some implementations
in the base of sections and parcels in
the last 3 years. The areas of highest
unearned income have been decisive in
this implementations. The best example to
this is Bağdat Street and its surroundings.
The dynamism of urban transformation in
Bağdat Street pleased the rental housings
around the street as well. The residents
of Bağdat Street, who are demanding
to live in the immediate area, triggered
an increase of around 35% in rents, for
some by using rent allowances when
they can not normally afford to do so. The
residents who don’t want to move off from
the neighborhood they have resided for
years, thinking that they will have to move
their own home after 1,5-2 years, have
been seeking for flats for rent in the same
location in order not to drift away from
their familiar surroundings, as a result, the
demand for rental housing is increasing in
proportion to the renovated houses.
The developments in exchange
rates inevitably affected the real estate
market over the past year. Although these
developments, from time to time, have
constituted an attractive atmosphere for
exchanging foreign currency to purchase
real estates, it has especially caused the
foreign exchange transaction platforms,
to have come to standstill. However, 2015
ended with a yearly growth of 11% in the
total housing sales.
Considering the legal processes
which were delayed due to the effect
of the elections of 2015 we can foresee
that 2016 will be a year in which faster
development will occur in terms of urban
transformation.
MEHMET ERKTIN: “REIFs
WILL GIVE BOTH THE
MEDIUM SIZED INVESTORS
AND OUTSIDERS TO THE
REAL ESTATE INDUSTRY THE
OPPORTUNITY TO INVEST IN
LARGE SCALE PRODUCTS.”
Omurga Real Estate
Portfolio Management
Chairman
them access to higher yields, and
providing the developers/owners with a
much larger customer base.
In the long run, it will limit the strata
sales especially in the office segment,
increasing both value and marketability
of the products. Depending on the
success of the first batch of funds to be
launched, the Turkish REIF sector may
grow to a significant size in the coming
years.
industry in Turkey? The global slowdown
will surely continue to have an impact
on the emerging economies. Thanks to
the relatively large size of the Turkish
real estate market and its own dynamics,
such as the low level of leverage, so far
adverse effects have been minimal. If
such conditions in the global economy
last longer, we may expect the local
market to be affected. A steady increase
in US interest rates, which we do not
foresee, a slowdown in Europe and
consistently low oil prices may affect
the inflow of FDI to Turkey, suppressing
the speed of development. This is not
necessarily a bad thing for the Turkish
real estate market.
Do you think that the investments
have reached the point of saturation
in big cities such as Istanbul? How do
you assess the potential of Anatolian
cities? We have to consider different
segments. In shopping malls, I do think
that Istanbul is saturated. In street
shopping on the other hand, we have
a long way to go. Instead of isolated
projects at the heart of the city, we
need to develop “walkable places”. This
requires an important paradigm shift in
development.
In offices, the speed of construction
is well above the absorption rate.
In figures, the take up is roughly
250,000 m2 per year, but we have
been developing 700,000. The total is
approaching 5 million, which is fairly
modest for a city of Istanbul’s size and
economy.
Housing is similar to office. In the
alternative segments however, Istanbul
is way underdeveloped.
What is the most important
development for the sector in the
last year? What sort of impact do you
expect this development will have
today and in the future? The most
important development has been the
introduction of real estate investment
funds to the market. This will have many
positive impacts. For one thing, it will
commercialize the products, taking a
big burden from the shoulders of the
developers.
Moreover, REIFs will give both the
medium sized investors and outsiders to
the real estate industry the opportunity
to invest in large scale products, giving
How does the market gets affected by the
We can examine the new trends in two
categories; the alternative segments and
the IT related developments. They will
both dominate the market in the coming
years. Senior facilities, student housing,
data centers will be important segments.
In the coming years quality of
management or service will be at
least as important as the design and
construction quality of real estate.
Advancement in IT will make sharing
much easier, in fact this trend is already
snowballing. Although it might require
a small cultural change in the Turkish
market, I am sure most households and
businesses will adopt the system to
reduce their own costs.
considering 2016? We have spent the
previous year setting up our portfolio
management company, Omurga Capital,
and getting our licenses from the Capital
Markets Board. 2016 will be the year
to start investing, but we intend to
complete most of our transactions in
2017 and 2018. In fact, we expect to
have a buyers’ market in real estate
in the upcoming couple of years. We
hope to realize the profits from our
investments 2018 onwards.
MURAT KURUM: “BUSINESS
OPPORTUNITIES HAVE RISEN
AND NUMBER OF INDUSTRIAL
ZONES HAVE INCREASED IN
ANATOLIAN CITIES.”
Emlak Konut GYO
General Manager
industry in Turkey? Housing demand in
Turkey is mostly sourced from population
growth and request of citizens to move
houses which are earthquake resistant,
modern and suitable for new regulations.
Therefore, this point of view has a
significant effect on their decision to
buy a house. The housing industry mostly
depends on increase in GDP. Rest of the
economic developments are related with
investors which are using real estate as an
investment tool.
However, there is an obvious reality
that cost increase of housing loan is the
reason of rise in interest rates. In the
meantime, by the reason of comparatively
higher increase in housing price index
than interest costs, Turkish housing
industry has not been affected remarkably
yet. Also demographic dynamics have still
a positive and sustainable influence on
the industry.
will have today and in the future? Last year
there was no notable positive or negative
development that has effected the market.
We haven’t seen any adverse effects on
the market after two general elections
held in 2015. If we need to mention about
one of the issues, we have experienced an
increasing countrywide dynamism in sales
to foreign citizens. Approximately 19,000
units were sold in 2014 but this number
has reached around 23,000 in 2015 which
means 20% increase in a year.
cities? The city of Istanbul is as large
as a country with a population of
around 15 million. Housing stock in
Istanbul is almost 4 million and there
is an earthquake risk for half of them
because of insufficient quality stock.
Regeneration for them is an obligation.
From this point of view, it would take
time to meet the housing need of
Istanbul.
As long as GDP of Turkey increases,
we won’t be experiencing any trouble
on both supply and demand side.
Especially, economical stability that we
have for more than 10 years and rapid
development of Anatolian cities in all
aspects enhanced their attractiveness.
The issue of migration to the large cities
has changed its direction to the reverse
side. Business opportunities have risen
and number of industrial zones have
increased in Anatolian cities. These have
enhanced tangible welfare in more recent
years. Many industries including real
estate have taken its advantages. From
this point of view, we, REIC, have started
to generate our projects in an attractive
central locations of Anatolian cities for
carrying Emlak Konut brand name there.
We are quite pleased with all the process
and demand so far.
How does the market gets affected by
the changes brought by the information
age? In many recent residential projects,
we have observed that the concept of
those projects evolved into “mixeduse type” particularly during the latest
years. Residents can meet most of their
daily needs in the borders of mixed-use
projects without having any struggle
in city traffic. And this provides a much
comfort and time in social life.
This concept has become a popular
trend in large cities and we can foresee
that it will continue in the long run.
Tangible progress has been realized
in energy efficiency together with the
improved materials and information
technologies. The topic of sustainability
always holds a great potential; so further
steps will be taken. For instance, we
can say that smart home & automation
technology will become a much more
common standard in the upcoming years.
considering 2016? 2015 was a dynamic
year with the sales of 10,453 units and
TRY 6.32 billion total revenue which are
%20 higher in revenue and %5 higher
in units compared to the previous year.
If we handle the results with a gross
sales square meters which we started
to publish from the last period; by the
sale of 1,43 million m2 of total area, we
have achieved a satisfying trend which is
above %15 from the year of 2014.
We have also reached a highest sales
number ever to foreign citizens this year.
And this year has let us to experience
more and diversified foreign interest to
our projects. We have sold 1,307 units,
which equals to TRY 1,051,000,000 (VAT
exclusive) in our total revenue, only to
foreign citizens. This is a significant
value which is nearly %20 of our total
sales. Considering from the country
perspective, not only Istanbul also Bursa,
Antalya, Yalova, Trabzon, Sakarya were
popular cities among foreign citizens,
especially from the Gulf countries. A
total space of 170,000 m2 sold to foreign
citizens. This was a remarkable result.
MURAT UZUN: “ANY NEW
LOCAL OR GENERAL ELECTION
IS NOT EXPECTED IN AT LEAST
FOUR YEARS, IS POSITIVE.”
Projebeyaz
International Chairman
of the Board
in Turkey? Nowadays communication
is fast and unlimited, we live in an age
where the international interaction is at
its peak due to economic developments.
Consequently, it should be considered
that Turkey by itself is not the only source
of the macroeconomic developments in
the country. The international monetary
policies, the political developments,
the entirety of economic and political
developments experienced in the Middle
East affected Turkey, as well as the whole
world. This is predictable. Therefore, if
we think of it to be specific to Turkey, the
past 5 years and next 4 years should be
evaluated under different subjects.
Turkey performed several elections,
a local election, a presidential election
and two referendums in the past five
years, and the reaction to the political
developments in the country reflected
on the economic data of the past period
negatively. The effect of the information
that any new local or general election
is not expected in at least four years, is
positive.
In the last decade, we think that
the real estate production in Turkey
was incapable as the comprehension
distance disappeared for the real estate
investment in the world, which is of
interest to the real estate market in
Turkey due to the abroad investors. Yearly
20,000-22,000 pieces of residences
are sold to the foreign and every year it
continues to grow with an increase of 1015% in proportion to the previous year.
Foreign investors consider the
interest of the Middle Eastern people
in Turkey due to the negative political
developments experienced in the region
and the changes in the mutualism code.
Besides this as a great advantage.
In summary, when we consider the
countries all around the world and their
investment opportunities, we can see
the fact that Turkey will always be far
ahead of the competing countries in real
estate, which is the most valid investment
instrument, regardless of the macro
economic developments.
What is the greatest development / event
affected the sector in the last year?
What are the affects of this case today
and in future? There are three subjects
that I cannot disconnect as the greatest
events affecting the sector in the year
2015. Firstly, the fact that we had two
general elections which got us wondering
if its results become negative, affecting
the interior dynamics of Turkey and
consequently how it is observed from the
outside. When we evaluate the general
election results independently regardless
of the political ideas, it is really surprising
that the economy of Turkey is affected at
a much lower level than what is expected
from the outside, even though the results
are complicated.
Secondly, the political disorders in our
neighbour Syria. The sector was affected
by the uncontrolled immigration actions
and that the developments experienced
in Syria and closely followed by the whole
world are felt as if they were experienced
in the middle of Istanbul.
Finally, the tension experienced
between Russia and us caused hesitations
particularly among the foreign investors.
In your opinion did the investments
reach at the saturation point in the
metropolitans such as Istanbul? How do
you see/What do you thing about the
potentials of the Anatolian cities? The
first rule of the free market economy
is that “the market determines the
price”. This is the phrase taught in the
economics courses and determined to be
the definition of capitalism. Therefore,
it shows that there is no satiety as the
new construction projects are continued
to be built in Istanbul and an increase
around 10-15% in average is ensured
every year yet the demand continues
regardless. Istanbul sustains its charm
with governmental investments such as
3rd bridge, the new airport and health
cities, and it will continue sustaining.
The fast global population increase and
the developing travelling opportunities
shall increase the charm of Istanbul
in the following years, an important
geographical location in the world. As
Napoleon Bonaparte said, “If the World
was only one country, Istanbul would be
its capital city.”
ÖMER EGESEL: “WE BELIEVE
THAT THE SUCCESSFUL
PERFORMANCE OF THE
HEP ISTANBUL PROJECT IS
BASED ON TEKFEN’S 60 YEAR
EXPERIENCE.”
What shall the new trends be in the next
period? How will the technological age’s
yields affect the sector? The combined
projects that can ease our lives with more
rationalist solutions in more minimal
areas shall be the reason of preference as
the new trend in the upcoming period. It
shall direct the sector’s demands towards
shopping malls, the concierge system,
gym, pool, spa, as well as offices to be
in our living areas including smart units
equipped with technology, in the same
building.
How do you evaluate your firm’s
performance in last year? Did your targets
for 2015 come true? What are your
targets for the year 2016? As Projebeyaz,
2015 was a year of new advances and
new investments as it was in the previous
years. We continued growing with the
projects consulted and sold by us in
Turkey and around world. We introduced
the project Helis More Residence & Office
actualized in Istanbul by Helis Yapı, one
of our group’s real estate investment
companies. The preparations of our
project in Bursa were made in the same
way and its first stage was put up for
sale. We opened offices in Germany and
England and additionally our activity in
the Middle East was increased. Briefly,
we may tell that we reached our goals
for 2015. There are more countries to be
discovered, customers to access, tens of
destinations to be introduced to the real
estate service for the country in the year
2016 and we continue working on them.
Tekfen Real Estate
Development
General Manager
for the sector in the last year? How would
you summarize the yearly performance
of the firm/corporation you are in charge
of? Did 2015 met your expectations?
What are your goals considering 2016?
Real estate continues to be a major
investment vehicle in Turkey. Demand
for housing is set to rise over the next
few years under the combined pressures
of population growth, urbanization,
a reduction in the size of urban
households, and migration. Meanwhile,
urban renewal projects are revitalizing
the sector. The use of mortgages, which
started in 2006 with the passage of the
Mortgage Home Financing Law, is rapidly
increasing in Turkey. Public and privatesector projects in 2015 gave impetus to
the sector.
Tekfen has a strong and positive
brand image countrywide. Tekfen is
determined to move forward and deliver
top quality work that we can be proud
of in the future as it has done in the
past. We believe that the successful
performance of the HEP İstanbul project
is based on Tekfen’s 60 year experience.
HEP İstanbul housing project in Esenyurt,
İstanbul was highly significant for Tekfen
Real Estate Development in 2015. HEP
İstanbul project was launched with
the motto “The Home of My Life”. HEP
İstanbul is going up in the most valuable
location in Esenyurt, one of İstanbul’s
most rapidly developing districts. Valued
at TRY 600 million, the Project, designed
by CM Design and Architecture, is Tekfen
Real Estate Development’s biggest
project. HEP İstanbul will consist of 11
high-rise blocks, 14 rows of low-rise
building and 1,424 apartments. While
the real estate sector did well in 2015,
approximately 60 percentage of 1,424
apartments was sold. From the beginning,
the house prices in HEP İstanbul have
been increasing nearly 30 per cent.
HEP İstanbul targets the middle
income customer. It is the first time that
HEP İstanbul is projected the middle
income customer by Tekfen Real Estate
Development. It seeks to offer a living
space that is well planned down to the
smallest details and environmentally
friendly. Like in Tekfen Real Estate
Development’s previous projects, this
one will possess the LEED Green Building
Certificate. The construction of the
project began in January 2015, with
delivery to homeowners slated for April
2017.
The İzmir Mixed-Use Project is
another large investment project Tekfen
Real Estate Development scheduled to
start in 2016. The project is situated at
the intersection of Bayraklı, Konak and
Bornova in İzmir, one of Turkey’s most
rapidly developing urban areas. The
project will be one of the first examples
of mixed use project in which shopping
center, A+ offices, residences and home
offices are all together combined in
İzmir region. Designed by Emre Arolat
Architects, the project will become a
major landmark on the city skyline and an
important meeting point for Izmir.
In order to raise our growth target,
Tekfen Real Estate Development plans to
make a joint venture with Amstar Global
Partners, real estate investment fund that
acquires, develops and manages all major
property types in the United States and in
select international markets.
Tekfen Real Estate Development, with
ongoing and and new projects, aims to
carry its yearly revenue to TRY 1 billion
level.
ÖZCAN TAHINCIOĞLU:
“WE HAVE EXCEEDED OUR
SALES TARGETS IN ALL ASSET
CLASSES.”
Tahincioğlu
Chairman
industry in Turkey? Turkish economy
has strong dynamics that can withstand
volatile times. The current geopolitical
environment is bound to affect the
market and the macro-economic balance,
however, despite everything we have
witnessed a healthy growth in the real
estate industry. The anticipated interest
rate hike by the Fed, the volatility in
the commodities market as well as the
falling oil prices have, and will continue
to affect the Turkish market as well,
however Turkey has been flexible and
strong enough to deal with these issues
in the past. The internal dynamics of
the Turkish real estate market and the
banking industry that supports it is
so strong that despite everything, we
expect the growth to continue.
cities? I do not believe that the big
cities in Turkey, specifically Istanbul has
reached a point of saturation as far as
real estate investments are concerned.
However, there are areas of Istanbul that
may be considered saturated for some
asset classes. The population growth,
migration, as well as the generational
cultural changes still continue to fuel
growth in Istanbul. Having invested
in Anatolian cities, I can say that I do
not see as big a potential and value in
Anatolian cities as in Istanbul. On the
other hand, there are still favorable
investment opportunities in Anatolian
cities as well.
The information age is affecting the real
estate market in various ways. The new
smart buildings are changing the way we
live and work. As in any other industry,
information technology coupled with big
data is getting rid of the inefficiencies
in the market and new trends are being
formed by these changes even in a
market which is defined as ‘bricks and
mortar’.
considering 2016? 2015 was a very
good year for us. We have exceeded our
sales targets in all asset classes. We are
also quite hopeful about 2016. We are
planning on launching three new project
this year that we hope will generate in
excess of USD 2.2 billion of new sales.
SELÇUK ALTEN: “SUCH
DRAMATIC CHANGE WE ARE
EXPERIENCING IN THE REAL
ESTATE GAINS MEANING ONLY
AFTER CONSIDERING THE NEW
CIRCUMSTANCES PRODUCED
BY THE NEW WORLD ORDER
SHAPED BY GLOBALIZATION.”
Pro^Ge
Founding Partner and
Vice President
in Turkey? Real estate industry in Turkey
in general and especially in big cities like
Istanbul, Ankara, Izmir, Antalya is currently
experiencing high velocity construction
activities conducted under particular
approaches.
Such ongoing high velocity of
construction activities brought questions
like “… who will live in these residences,
who will work in these office towers;
how many shopping centers more will
be constructed; is the city not saturated
with shopping malls yet?” A reasonable
explanation is not possible under a simple
approach considering residences as
residences, offices as offices and shopping
centers as shopping centers with their sole
functions; because these have become
investment tools beyond their functions,
far beyond being our homes, or offices.
What is the most important recent
development for the sector? What sort of
impact do you expect this development
will have today and in the future? Real
estate investment trusts have entered
among essential components of the
finance world. Such institutions, shares
of which are issued in the stock exchange
market, give their services to not only local
investors but to foreign investors at a great
extent as well.
Such dramatic change we are
experiencing in the real estate gains
meaning only after considering the new
circumstances produced by the new world
order shaped by globalization. In our
days we are yet familiar to rapid money
movements in the finance markets. It is
an obvious fact that the total amount of
money flowing through notably stock
markets, banks and also the virtual world
via secondary finance markets today is far
beyond being normal.
Every finance institution having depth is
at the tendency of knowing the real value
of the stocks presented and assuring
their customers for keeping them away
from speculative risks. It is inevitable for
notable real estate investment trusts or
large scale building contractors as well
as the banking sector, to follow similar
approach for buildings treated as a
trade tool.
Looking at today’s real estate
investments, we are witnessing that
project management services are not
given the required importance. However,
considering all of the above, signs of
which we already can realize, construction
methods of real estate investments in
Turkey will rapidly get closer to the global
examples and we have no doubt that
project management services will be
given the required importance.
How would you summarize the
performance of the corporation you
are in charge of? Did 2015 meet
goals considering 2016? Pro^Ge, one
of the oldest project management
establishments in the sector having
completed 15 years, has entered into a
new structuring during last five years
as conscious of the above mentioned
course; for accommodating to such
inevitable change. We have concentrated
our services on two main focuses
highly influential on these trade tools
as construction cost as well as quality,
constituting the value of the building.
In other words, while enhancing the
sense of quality conditions that will
increase the value of the building, we
improved our “design management”
and “construction management”
abilities aiming to minimize the waste
of resources and brought forward the
contemporary norms comprising energy
saving and operational convenience,
together with quality increasing
technological innovations.
On the other hand, through focusing
on “design management” activities,
we put into practice cost decreasing
approaches by eliminating factors
which actually do not practically have
any contribution to the value of the
building, because we know that project
management cannot be performed only
relying on technical precision.
Within this context, Pro^Ge carries on
performing feasibility and cost modeling
services in international projects as the
Turkish member of RLB Euro Alliance, an
international institution with their head
office based in London.
SERDAR INAN: “I THINK THAT
THE FLUCTUATION ON THE
EXCHANGE AND INTEREST
RATES OF THE FINAL QUARTER
WILL DECREASE.”
Inanlar
Chairman of the Board
How do you expect the recent macroeconomic developments in Turkey
and the world will affect the real
estate industry in Turkey? The course
of economy, mortgage interest rates,
stability and peace in the streets, they all
are important for the real estate market.
This will affect directly both domestic
purchases, the recent foreign purchases
and the interest of foreigners that
recently turned towards the Turkish real
estate market. I think that the fluctuation
on the exchange and interest rates of the
final quarter will decrease and this will
have a positive affect on the purchase
inclination in the sector.
for the sector in the last year? What
sort of impact do you expect this
development will have today and in
the future? Even though it went in
effect towards the end of 2014, The
New Consumers Protection Law and the
Prepaid Real Estate Sales regulations
influenced the purchasing habits of
the real estate target group in 2015.
While I believe these regulations are
accurate steps taken to ensure consumer
investment safety, I also think that they
have some aspects that are vulnerable
to misuse. To give an example, the
consumer can return the real estate that
he/she purchased with a 2% penalty at
the end of the work. This is an area open
to misuse and can create ambivalence. In
a possible nation-wide crisis, it may have
an escalating effect on the crisis. Also in
the regulation, there is an obligation to
get the remaining construction insured.
However, no insurance company grants
insurance for remaining constructions
because international reassurers do not
warrant that. The elimination of certain
practices and deficiencies that create
an environment of mistrust and have
negative affects on sales will encourage
investments in real estates. However,
corporations that carry out their business
without straying, that are honest,
respectable and powerful will not be
affected by these regulations; on the
contrary they will benefit from them. As
these regulations aim to solve problems
that our clients never encounter and
target issues about practices that are
never seen in Inanlar, new regulations
and practices will not make any
significant difference to us.
cities? There is a big demand in terms of
housing in İstanbul but the production
doesn’t meet the demand. With the
high migration rates added to the
demands of the current population, we
calculate the annual housing demand
potential somewhere around 200,000
independent units. Let alone reaching
the saturation point, Istanbul needs
more than 3 million modern and
livable residences. Most of the present
houses are old and bound to collapse
in an earthquake. First of all, I think the
demands of the increasing population
must be met.
Our area of expertise as Inanlar and the
never changing address of our projects
for 51 years - the city of Istanbul witness the change in real estate trends
in direct proportion with the city’s
development. While the mega projects
in İstanbul that are rapidly being applied
speed up the city’s expansion, urban
renewal process creates a brand new
İstanbul and brand new investment
opportunities.
It is very important to understand how
İstanbul is going to be in 5 years. On one
hand, the world’s biggest airport with its
150 million-passenger capacity is being
built in İstanbul. Large-scale projects
such as the 3rd Airport of İstanbul and the
3rd Bosphorus Bridge that is approaching
completion not only add value to the city
but also make life easier. Regions that are
near these projects such as Zekeriyaköy,
are turning into a world wide center of
attraction. We are following closely the
city’s new life and investment trends,
taking part in them before everyone else
and bring them to investors who have
trust in the name of Inanlar.
you are in charge of? Did 2015 meet
goals considering 2016? Despite the
negativities that took place in 2015,
for Inanlar it was a year where we
put our signature under significant
achievements. By being listed as the
305th company in the Fortune’s “Top
500 Biggest Companies in Turkey” list
and 5th among “the companies whose
sales increased most” we are among the
most successful corporations of 2014.
And at the end of 2015, according to the
evaluation report of December 2015 by
one of the most prestigious credit rating
institutions, JCR Eurasia Rating, we have
increased our credit. These achievements
being a source of motivation, they added
speed to our speed, and strength to our
strength.
In the year 2016 that began with the
motivation drawn from these valuable
achievements, we will live up to the trust
our brand receives and will continue with
projects that reflect the quality of our
experience of more than a half century.
Also we will again be offering proper
living spaces that will add quality and
profit to life in İstanbul in the locations
we identify through meticulous and long
research.
SERKAN GÜL: “THERE IS STILL
ROOM FOR INVESTMENT IN
AFFORDABLE RESIDENTIAL
PROJECTS.”
Hergüner Bilgen Özeke
Corporate Partner
specialized in Real Estate
matters
industry in Turkey? The recent political
conflicts in Southeastern Turkey and
the so-called Russia crisis will likely
have a negative impact on the real
estate industry. As an example, Turkey’s
Mediterranean coast, which was beloved
by Russian investors and tourists, is now
struggling due to the Russians’ loss of
interest.
While China is considered to be the
world’s second largest economy, in
2015 the Chinese economy achieved
its lowest growth rate in the last 25
years. China’s low growth rate and the
dramatic decrease in oil prices are signs
of a global recession to be expected in
2016. It appears that local investors and
developers will be driving the real estate
industry in 2016, as foreign investments
will tend to maintain a slower pace.
development will have today and in the
future? We believe that progressing
urban regeneration projects and the
introduction of real estate investment
funds were the most important
developments in the market last year.
Urban regeneration projects,
undertaken by small and medium-sized
developers, have created a positive
synergy in the market. We expect this
synergy to continue since Istanbul is
under threat of a large-scale earthquake
in the near future, and thousands of
buildings are expected to undergo
regeneration in the upcoming years.
The positive effects of the regeneration
projects on local investors may also draw
the interest of international investors,
at least where projects of larger scale,
covering hectares of land, are concerned.
Besides, local authorities as well as
the central government are expected
to introduce incentives to accelerate
the processes and realize a successful
regeneration project.
In another recent major development,
the Capital Markets Board’s revisions to
its regulations now allow real estate to
be considered an investment instrument
in Turkey, expected to attract more
foreign investors to the market.
Our experience in the real estate industry
indicates that the saturation point has
likely been reached for investments in
shopping centers, offices and luxury
residences. However, it must be noted
that there is still room for investment
in affordable residential projects. As
an example, while investors are eager
to building residences in Istanbul, such
residences do not seem affordable to
the average middle class citizen. Unlike
big cities like Istanbul, Izmir and Ankara,
Anatolian cities are very welcoming of
any kind of investment.
How does the market gets affected by
the changes brought by the information
age? The concept of mixed-use projects is
highly popular in the Turkish real estate
industry at the moment, and we are
expecting it to be even more popular in
the near future. The mixed-use project
concept combines various types of stores,
restaurants, coffee shops, a gym, a movie
theatre etc. and residences, and forms a
living space which aims to satisfy every
need of its residents and guests. Next,
the intelligent residence concept appears
to catch the interest of the millennials.
As the whole world is going digital,
people in these generations are in search
of residences that integrate the newest
technology. These generations are also
very environmentally conscious, and seek
out residences built in a “green concept”.
The fact that Turkey has a younger
population compared to other European
countries becomes highly relevant in this
regard.
We believe that shopping centers that
include more space for entertainment
purposes and less retail space will be
more popular in 2016. Shopping centers
should be more than places to visit just
for shopping in the information age - a
person may just as easily go online on
their mobile phone and order almost
everything online that they could buy
from a retail store.
considering 2016? Although 2015 was
not that a bright a year for the global
economy, we have managed to maintain
our clients and reach out targets. 2016 is
expected to be a year in which investors
will feel the stress of the expected global
recession. In this regard, as Hergüner
Bilgen Özeke Attorney Partnership,
our goal is to continue to maintain
professional relations with our clients as
their trusted advisor, and to provide legal
support of the highest quality.
SHAMSULLAH MOMAND: “NEW
CAR-PARK TECHNOLOGIES
WILL PLAY A MAJOR ROLE FOR
THE FUTURE OF REAL ESTATE
MARKET”
State Corps
Country Manager
in Turkey? Following the long-lasting
stability of Turkish economy, a variety
of foreign investors from the GCC region
entered the real-estate market of Turkey.
Knowing that the real-estate industry is
one of the triggering factor in the recent
development of the economy, we will
continue our investments accordingly.
Right now, a large portion of investors
from GCC countries are looking to divest
completely from oil related investments,
and/or divest from the region - and we
understand there are some great real
estate opportunities on the real estate
market, which are heavily discounted
because of the current market conditions.
These investors are seeking specific
regional opportunities.
Historically, real estate has been
the most attractive asset class to Arab
investors - particularly real estate in
Europe. In 2015, Middle Eastern investors
spent USD 8.45 billion on real estate in
the UK alone. This year, because of the
massive divestment from the Middle East,
we expect even more money to be taken
out of the region and invested into Turkish
and European real estate.
most important development for the
sector last year was an exam undertaken
by the foreign investors of Turkey. This
exam was testing the power of investors
in real estate market of Turkey. Political
and economical instability was the
results of elections and terroristic attacks
happened in 2015. There were so many
unknowns and nobody wanted to take any
risk by investing the products of Turkish
real-estate market. Fortunately, all the
problems sourcing from this instability
are overcome and still the investors of
Turkish real estate market are still here
and believe in the Turkish economy.
We are hoping that Turkey will continue
its regional leadership and the number of
real-estate investors from all around the
world will increase year-by-year.
the potential of Anatolian cities? Istanbul
is a unique city that have great potential
for real estate investors. Whatever you
invest in Istanbul, no doubt that you
will have profit at the end. As Turks
said: Even stone, even soil is golden in
Istanbul. But as we all observe, Istanbul
reached its limits from population point
of view. Serious infrastructure problems
may occur in the future resulting from
high population and traffic jam. Lack
of recreational areas and city parks
makes people depressed. So, investment
opportunities should change its direction
rather than capital cities as it happens in
the developed countries. Every Anatolian
region should have its leader city such
as Bursa, Eskişehir, Adana, Trabzon,
Diyarbakır, Gaziantep, etc.
for 2016? State Corps Turkey has been
established by the mid-2015 in Istanbul,
Turkey. Thus, for 2015 we had no company
goals to be achieved. But as for 2016,
we already made our business plan and
shaped the company goals. We are aiming
to finish the development of 4 residential
projects and begin the construction of
them before the end of 2016. This way,
we are trusting the potential of Turkish
Economy which is the main reason of our
presence in Turkish real-estate market.
SIBEL KARAOĞLAN: “SMART
CITY DEVELOPMENTS
INCLUDING DIGITALIZATION
AND SMART INFRASTRUCTURE
WILL HAVE A MAJOR IMPACT.”
in Turkey? The international investors
are currently cautious. They observe the
Turkish market. As soon as the situation is
stable, they will make new investments.
Turkey is very important due to the
geographical location and economic
power. In the long term, the investment
in Turkey is necessary. FDI will decrease
significantly, except the industry sectors.
Drees & Sommer
Director Turkey
development will have today and
in the future? The development
of infrastructure (airport, metro,
underground, highways, ports etc.) is
immense. Furthermore, the restructuring
of the health sector will go on for years.
All these activities will not be suspended.
Turkey will be more isolated from an
economic point of view, but Turkish
companies will use the chance to divers
their activities outside Turkey.
The point of saturation of building
activities even in Istanbul is not reached
yet. There is still a high demand,
especially in the transformation of
existing structures to the state of the
art – in residential, office, industry,
cultural buildings and infrastructure as
well. But on the other hand investment
opportunities will be less than expected
for such a country, the transactions will
be more local - local without foreign
investments.
Smart city developments including
digitalization and smart infrastructure
will have a major impact. The public
sector and as well as the governmental
investments should use the opportunity
to support the next level as much as
they can. In the private sector we do not
expect real changes in the next years,
the basic demand is still too high, real
innovation are not expected.
goals considering 2016? We restarted
our business development activities
mid 2015. We are not satisfied with
the political circumstances as well the
currently weak investment climate. We
can only achieve our targets in 2016 with
more foreign investments in Turkey. We
are optimistic for the local business and
pessimistic for the global business in
Turkey.
SÜLEYMAN ÇETINSAYA: “STILL
HOLDING A GREAT POTENTIAL
FOR INVESTMENTS, TURKEY
HAS A NEED OF ~450,000
HOUSES EACH YEAR.”
Artaş Inşaat
Chairman of the Board
you are in charge of? Did 2015 met your
expectations? What are your goals for
2016? First of all, I think that international
realty fairs are very important for
construction industry. MIPIM is one
of the most impressive gatherings for
international players such as leading
contracting companies or investment
funds of the global real estate industry.
We consider MIPIM as a global stage
where Turkish construction sector could
make an appearance. The Turkish economy
and the construction sector of the country
are very strong. With new projects, we
think that Turkish contractors should
represent Turkey in the international
arena. This year, very successful projects
will participate in the fair from Turkey.
Our contracting companies succeed in
so many projects. Advantages of Turkey
attract many investors from European
and Gulf Countries recently. In this sense,
companies which contributes to the
presentation of investment advantages in
Turkey will have a crucial role in the fair.
Still holding a great potential for
investments, Turkey has a need of
~450,000 houses each year. Existing
housing stock can not be sufficient to
meet the demand. Thus, construction
market in Turkey should keep working
in the quickest way. In line with the
economic growth, the Turkish construction
market has grown steadily in the last
decade. Mega projects, such as major
urban transformation practices, the Canal
Istanbul, the 3rd Orbital Road or the 3rd
Airport will determine our future. I believe,
Turkey will continue to be a safe haven for
global investors in the upcoming years.
VEFA REŞAT MORAL: “REAL
ESTATE INVESTMENT FUNDS
SEEM TO BE THE NEW TREND
FOR THE REAL ESTATE
MARKET.”
Moral
Managing Partner, LL.M.
most important development for the
sector in Turkey last year was urban
transformation projects which have
dominated the local real estate sector
particularly the metropolitan areas such
as Istanbul, Ankara, and Izmir. As the real
estate sectors’ trend setter in Turkey,
Istanbul had again a head start on both the
urban renewal projects and infrastructure
and construction projects such as
Marmaray, Istanbul’s third airport project
and the third Bosphorus Bridge project.
As a result of such developments, it seems
that urban renewal projects will not stay
limited to metropolitan areas and will be
put into practice throughout Turkey.
the potential of Anatolian cities? At this
point, it is not possible for investments
in big cities such as Istanbul to reach at
a point of saturation due to the ongoing
migration, growth in population and
rapid urbanization as these factors play a
huge role in the volume of urban renewal
projects. Additionally, aforementioned
infrastructure projects positively affect
expansion of residential and commercial
zonings on relevant regions where
the project is located. Therefore, new
playgrounds rise for new construction
projects. On the other hand, young
working population is also a strong factor
for continuous consumption. There is still
a huge potential especially in the urban
renewal, mass housing and shopping
center investments. Considering the
Anatolian cities, specifically the Aegean
and Mediterranean regions, the potential
for both the local and foreign investors
in relation to mass housing projects and
shopping center projects are massive as
there are still untouched areas that are
open to improvement.
Real Estate Investment Funds (“REIFs”)
seem to be the new trend for the real
estate market as they are worldwide
popular and valued as strong investment
instruments at the time being. From July
2014 the legislation permits REIFs to be
founded in Turkey. From then on Real
Estate Portfolio Management Companies
started to be established in Turkey to
manage REIFs. Via REIFs, qualified
investors can specifically make real estate
investments.
considering 2016? Real estate market
experienced a successful year in Turkey in
2015 and 2016 will be a productive year
as well in terms of local and international
real estate investments. As Moral Law
Firm with a dynamic and hands on team
we are ready to provide legal services for
valuable real estate investment projects
like we did in 2015. Moral advised two
major shopping center projects located in
Izmir with 56,000 m2 GLA and Iskenderun
with 30,000 m2 GLA while a hotel project
in Karaköy, Istanbul. Moral has been
active on project finance cases of some
leading real estate development projects
and urban transformation projects on
significant regions of Istanbul such as
Kağıthane, Beykoz, Göztepe, Eyüp and
also Izmir. In 2016, we are expecting a
higher intensity of real estate projects
and we are planning to strengthen our
market presence hand in hand with client
investors.
FEATURED
PROJECTS
>>>
TERRACE SU
Developer: Inanlar Construction Inc.
Investor: Inanlar Construction Inc.
Architect: Inanlar Construction Inc.
Project Manager: Inanlar Construction Inc.
Type: Mixed-use (residential & commercial)
Location: Halkalı, Istanbul
Land Size: 12,600 m2
Land Use: 7,700 m2
Residential & Office Space: 15,000 m2
Commercial Units: 8,000 m2
Hotel Rooms: N/A
Max Floors: TBA
Total Cost: USD 20 million
Date of Start: July 2016
Date of Completion: July 2017
Website: terracesu.com
Terrace Su will be built on 7,663 sqm landplot, situated in a
unique location at Halkalı main street, 5 minutes to Atatürk
Airport & D-100, in the midway of TEM highway connection.
The project is at design stage for now, and it will consist of
185 residential, 1 hypermarket and 5 commercial units with
2 market storeys and 2 basements.The construction area
will be 32,000 sqm and total sales area will be 24,000 sqm.
Estimated project completion is 18 months.
FEATURED PROJECTS 65
TERRACE LOTUS
Developer: Inanlar Construction Inc.
Investor: Inanlar Construction Inc.
Architect: Inanlar Construction Inc.
Project Manager: Inanlar Construction Inc.
Type: Mixed-use (residential & commercial)
Location: Beylikdüzü, Istanbul
Land Size: 15,000 m2
Land Use: 10,000 m2
Residential & Office Space: 21,000 m2
Commercial Units: 9,000 m2
Max Floors: 37
Total Cost: USD 25 million
Date Started: Dec 2015
Date of Completion: December 2017
Website: terracelotus.com
Terrace Lotus is located in Beylikduzu region, directly on
D-100 (E-5) highway at Haramidere Intersection. (connection
between D-100 and TEM highways). Torium shopping mall,
3rd largest mall in Istanbul, is right next to TerraceLotus, and
there is a demand for quality structures in all around the
region. Actually, the zone is extensively condensed with
residential and industrial properties. Torium Shopping Mall,
Carrefour AVM, Marmara Park AVM, Haramidere Industrial
zone, Birlik Industrial Zone, Koctas DIY, Hilton Double Tree
Hotel and Tuyap Fair Center are all nearby.
Consisting of 195 single spaces, Terrace Lotus is a high rise
building located on E-5, Beylikdüzü with approximately
57.465 sqm construction area. Excavation work still
continues and deliveries are planned to start in 2 years in
our project. The license is obtained in 2015. Consisting of
44 stores, 2 offices and 149 residential units, our project
is designed to be the most important icon building of the
district and of the the region with its prestigious concept.
HELIS MORE
Developer: Proje Beyaz International Real Estate
Investor: Helis Yapı
Architect: Efekta Architect
Project Manager: Cemal Kurtoğlu
Interior Architecture: Atelier Levent Penso
Type: Residence & Office
Location: Kartal, Istanbul
Land Size: 7, 000 m2
Land Use: 4,500 m2
Residential Units: 231
Office Units: 52
Total Cost: 49,000,000 USD
Date Started: June 2015
Date of Completion: December 2017
Website: www.helismore.com
With a unique landscape and awe-inspiring design, Helis
More offers you the living standards its region. The highreturn investment provides you a complete office space to
focus on your business as well as a pleasant living space with
5-star hotel comfort. The project also includes commercial
units for shopping, a 2,500-m2 recreational facility,
a 15,000 m2 parking area, and storage spaces allocated to
each residence and office. Additionally, for a healthy and
peaceful life in the city, enjoy the great view of Prince’
Islands of Marmara Sea and fresh air of Aydos Forest, run on
a tartan track, or swim in the indoor or outdoor pools.
NIDAKULE
ATAŞEHIR WEST
Location: Ataşehir, Istanbul
Project architect: Aukett Swanke Group
Usage: Office
Construction area: 45,000 m2
Leasable office area: 25,000 m2
Leasable social activities area: 5,000 m2
Completion date: 2017, Q1
Project Web Site: www.tahincioglu.com
Nidakule Ataşehir West is an A+ office project, situated at the
very heart of the emerging business center and alongside
the Istanbul Financial Center. Balcony and terraces found
on each floor, a ceiling height above 4 meters, operable
windows, daylight penetration and carefully designed
amenity spaces provide a spacious working environment.
The project offers a pleasant green area with its terrace
gardens and convenient inner city transportation options
with its immediacy to the subway and both of the bridges
crossing the Bosphorus.
NIDAKULE
FINANCIAL CENTER
Location: Ataşehir, Istanbul
Project architect: Kreatif Architects
Usage: Office + commercial activities
Construction area: 85,000 m2
Leasable area: 45,000 m2
Completion date: 2017, Q4
Project Web Site: www.tahincioglu.com
Located within the Istanbul Financial Center, the project is
capable of becoming an epicenter of the business world.
Financial regulatory authorities, all state banks and certain
private banks are expected to relocate their headquarters to
the Istanbul Financial Center by 2019.
WHO’S
WHO
>>>
72 WHO’S WHO
ÆRIUM TURKEY
Anthony Khoi
President &
CEO
Yağmur Yaşar
CFO
ÆRIUM Turkey
A: Terrace Fulya Center 2 D: 40 Hakkı Yeten Caddesi
Teşvikiye 34365 Şişli Istanbul, Turkey
P: +90 212 215 50 95
ÆRIUM Luxembourg
A: 6A, route de Treves L – 2633 Senningerberg,
Luxembourg
P: +352 26 94 81 1
ÆRIUM United Kingdom
A: 49 Grosvenor Street W1K 3HP London, UK
P: +44 (0) 207 838 79 00
www.aerium.com
Founded in 2003, ÆRIUM is an independent pan-European real
estate investment manager, headquartered in Luxembourg, with
offices in London, Paris, Geneva, Dusseldorf, Stockholm and Istanbul.
With over €6.4 billion under management throughout Europe and
Turkey, ÆRIUM ranks amongst the leading independent platforms in
Europe.
ÆRIUM has launched 16 closed-ended funds since 2003, and
also manages separate account mandates for long-term institutional
investors.
Acquisitions to date total over 660 assets across Europe and
Turkey, with a typical asset size of between €20 million and
€100 million.
In 2005, Ærium became one of the first foreign investors to
purchase Turkish commercial properties. In 2015, Ærium Turkey’s
asset value represents over €720 million in property, with an
additional €2.7 billion under development.
During the last decade, Ærium has achieved an exceptional track
record and has found unrivalled success in managing and developing
its portfolio of properties through proactive asset management
strategies.
Ærium has proven it is not only a market pioneer, but also a
leader and expert in Turkey’s shopping center sector.
74 WHO’S WHO
BAŞPINAR & PARTNERS
Gökmen
Başpınar
Partner
Ali Ceylan
Partner
Kaan Gök
Partner
İstiklal Cad. No:163 Mısır Apartmanı Kat 6 No:23-24
Beyoğlu 34433 Istanbul, Turkey
P: +90 212 465 66 99
F: +90 212 465 36 99
www.baspinar.av.tr
At Başpınar & Partners, we believe that the quality of our work
enables us to meet the needs of our clients efficiently and with the
success that they are accustomed to. We offer multi-lingual services
for vast array of clients given that each one of our attorneys are
fluent in at least one foreign language.
Our mission is to create value for our clients. We are proud of the
recognition we have received from our clients for our commitment
to service, and we value their satisfaction as the best measure of
our success. Our firm’s culture is characterized by teamwork, mutual
respect and a commitment to excellence in everything we do. Our
legal experts do not solve problems merely by replicating historical
approaches, but also test alternative approaches and invent unique
solutions.
Başpınar & Partners has remarkable experience in real estate,
litigation, corporate law, M&A, international arbitration, energy,
privatization and intellectual property.
Most of Başpınar & Partners’ clients are international corporations
investing in Turkey. Başpınar & Partners has clients from the US,
Europe, Central Asia and the Gulf countries. Başpınar & Partners
currently advises one of the largest real estate project developments
in the west coast of Turkey, with a multibillion-dollar value. The Firm
is also advising various urban transformation projects in important
locations of Istanbul such as Etiler, Bagdat Street, etc.
Başpınar & Partners is among recommended firms by IFLR1000
2014, 2015 and 2016.
Başpınar & Partners is a ranked firm by Chambers & Partners under
the real estate section in 2015.
Başpınar & Partners is among recommended firms by Legal 500
under the real estate section 2014 and 2015.
The firm is a member of the British Chamber of Commerce, the
German Chamber of Commerce, the Swedish Chamber of Commerce,
the Dutch Business Association, the Kuwait Business Association, the
Ethics and Reputation Society.
Başpınar & Partners contributed the Turkey chapter of ICLG
(International Comparative Legal Guide) to Real Estate 2015
published by Global Legal Group
Başpınar & Partners contributed the Commercial Real Estate in
Turkey: Overview chapter of Practical Law, Thomson Reuters.
Başpınar & Partners is one of the sponsors of GRI (Global Real
Estate Institute) 2015 Turkey event and our Partners Mr. Gökmen
Başpınar and Mr. Ali Ceylan will lead a workshop on Doing Business
in Turkey.
WHO’S WHO 75
URBAN TRANSFORMATION IN TURKEY
The Law on the Transformation
of Areas under the Risk of Natural
Disaster, No.6306 (the “Law”) has been
accepted on 16 May 2012 and has
come into force on 31 May 2012 by the
announcement in the Official Gazette
No. 28309. Following the enforcement
of the Law, the Regulation concerning
the application of the Law (the
“Regulation”) has come into force on
15 December 2012.
“Risky Buildings” are defined as
the buildings economical life of which
has expired, within or outside of a risky
area, whose risk of demolition or heavy
damage is determined by scientific and
technical proof.
The issue that has the utmost
importance is the determination
of risky buildings. The Law shows
the procedure to determine the
risky buildings. The request for
determination of risky buildings may be
made by an application of one or more
apartment owners to the Directorate
of the Ministry of Environment and
Urbanization (the “Directorate”)
pursuant to the Regulation or may
be requested directly from the
municipalities as well.
In practice, the determination is
conducted by a licensed company in
accordance with related procedures and
principles, if the request has been made
by an owner. Following the request,
the licensed company takes samples
from each floor of the building for the
examination.
THE PROCESS CHART
The report of the licensed company
must be presented to the related
Directorate within 10 days following
the determination pursuant to Article
No.7 of the Regulation. The report
does not include any comment of the
licensed company but determines the
technical status of the building.
The Directorate is the main
responsible authority to decide
whether a building is risky. If the
Directorate determines that the
building is risky, then it notifies
related municipality and directorate
of land registry. After the notice of
the Directorate, the information about
the building shall be registered to the
land registry records of the building.
Following the registration, a notice is
sent to the owners. The owners can
object to the decision of the Directorate
within 15 days following the service.
A committee decides whether
the objection is appropriate. If the
objection is accepted, in this case the
Directorate notifies municipality and
directorate of land registry accordingly.
If the objections are dismissed, the
owners are given minimum 60 days
to evacuate the risky building. If the
owners fail to comply, they are given
additional 30 days for evacuation.
In case of failure to comply with the
demolition requirements, the building
shall be demolished by related
municipality and district governorship.
The owners are responsible to
cover all demolition expenses. If
the demolition is made by related
administrations, the Directorate
registers a mortgage on the shares of
the owners to secure the expenditure.
The Law and the Regulation
encourage owners on making shared
decision to determine how to assess
the land after demolition. In accordance
with article 6 of the Law, the 2/3
majority is sufficient to take decisions.
If any owner fails to comply with the
decision, its shares shall be sold firstly
to other owners. If the shares cannot
be sold, the Treasury shall purchase the
shares and register per pro.
ADVANTAGES & DISADVANTAGES FOR
FOREIGN INVESTORS
The advantages of the Urban
Transformation Projects in Turkey are;
Tax exemptions: especially on the
VAT application and also notary charges
and stamp duty (which is almost 1% of
the agreement value), and
Zoning incentives (depending on
the location of the project): Since the
Turkish Government is supporting
Urban Transformation Projects,
Municipalities can grant zoning
incentives to promote the contractors.
The disadvantages of the Urban
Transformation Projects are;
Communication with the landlords:
since there are numerous landlords and
each landlord has different demands,
its is very hard to and it takes to much
effort and time to reach a mutual
agreement with all the landlords,
Litigation processes: in case of a
law suit against any step of the Urban
Transformation process, the length
of litigation processes (due to the
workload of Turkish Courts) might be
too long.
76 WHO’S WHO
CEFIC
Yağmur Yaşar
General
Manager
Thierry
Antonetti
COO
CEFIC
Ihlamur Yıldız Cad. No:8 Toprak Center A Blok 4.Kat
Beşiktaş / İstanbul / TURKEY
P: +90 212 327 11 40
www.ceficturkey.com
[email protected]
LEADER IN TURKEY WITH OVER 22 YEARS OF
EXPERIENCE AND SUCCESS
CEFIC consulting company is operating in Europe since 1986
and in Turkey since 1994. The company is active in investment,
development, design, leasing, property and facility management,
as well as sales, marketing & promotion of shopping centers and
commercial properties.
CEFIC is providing service with an international know-how and
tailored solutions to strongly support investors, developers and
tenants for the most efficient results in growth and added value.
With its team of 85 professionals, CEFIC manages almost 500,000 sqm
GBA of shopping centers and commercial properties in Turkey. Its
deep market knowledge and experience have established CEFIC as
the leading expert in its field in Turkey.
CEFIC is highly recognized by the industry with one of the best
track records for accomplished achievement during the past 22 years
in the Turkish market.
CEFIC continues to strive for excellence and performance in the
art of shopping center leasing and management.
78 WHO’S WHO
DE-NAR GROUP
Emin Günal
CEO
Kavacık Mahallesi Ekinciler Caddesi Ertürk Sokak, No:5
Beykoz, Istanbul, Turkey
P: +90 216 465 75 88
[email protected]
www.denargroup.com
DE-NAR GROUP has three companies at different branch of real
estate sectors,
DE-NAR Real Estate Development & Investment Company
DE-NAR Architectural & Design Company
DE-NAR Construction Company
Our group of companies has an extensive capability and
experience in Private Education Real Estate Development to
serve our clients in the best way. De-Nar is dedicated to provide
complementary services including real estate development,
architectural design and construction.
DE-NAR Real Estate Development Company works on
niche projects such as private schools, K12s, universities and
dormitories, etc.
Mr. Emin Günal, the founder of DE-NAR Group, has an extensive
knowledge and experience in real estate market. Previously, he
was Head of Board and General Manager of Doğa Real Estate
Dev & Investment Company that supported school management,
specializing in all the processes which included finding investors,
analyzing areas and lands, construction management according to all
requirements given by Ministry of Education and other authorities.
During this period, he personally managed the development of
numerous schools for Doğa College Group. Now, in his own company,
he and his team share all this knowledge and experience with
various school chains, such as Mektebim, Bilfen, Okyanus, Yönder,
VEGA, Uğur, ERA, Kavram, etc.
Our firm is dedicated to providing comprehensive service
and achieving optimum results through efficiency and open
communication. Time and budget considerations are incorporated
into our design and planning process to producing creative and costeffective solutions.
Please visit our web page denargroup.com for further
information or call our office.
80 WHO’S WHO
DREES & SOMMER
Sibel
Karaoğlan
Director Turkey
Sascha
Hempel
General
Manager
Turkey
Inönü cad. Saadet Apt. 29/3
34427 Gümüssuyu / Istanbul / Turkey
P: +90 212 292 84 04
P: +49 69 758077 8764
F: +90 212 292 84 10
Mobile: +90 532 627 73 39
[email protected]
www.dreso.com
YOUR INNOVATIVE PARTNER FOR CONSULTING, PLANNING,
CONSTRUCTION AND OPERATION
For more than 45 years, Drees & Sommer has supported public
and private sector owners and investors in all aspects of real
estate. Managed by partners and headquartered in Stuttgart, the
company has 38 offices worldwide and sets the standard in the
areas of development consulting, infrastructure consulting, project
management, real estate consulting and engineering. The focus is
always on profitability, whereby we promote sustainable building to
the greatest possible degree. We call this approach “the blue way”.
The construction and real estate experts always have the goal of
producing measurable added value for the client. This could mean,
for example, streamlining the implementation of a construction
project, making the operation of a property more economical, or
cutting energy costs through innovative concepts. Currently, the
company with its approximately 2,000 employees is acting as an
independent project manager for more than 920 construction and
real estate projects.
The company started operations in Turkey in 2006 with a twopronged approach. On the one hand, Drees & Sommer supported
German and international customers entering the Turkish market.
After only a short time, the team had established a number of
excellent reference projects following the realization of shopping
centers. On the other hand, Drees & Sommer supported Turkish
cooperation partners with major local projects, particularly in the
public sector. These included hospital projects, A-grade office
buildings and hotels, as well as infrastructure projects. In the
meantime, banks and financial services are also benefiting from the
expertise of the German-Turkish team. A new focus is supporting
Turkish companies with their international activities.
Ready to step up the quality
of your construction projects?
Our international teams of engineers
and experts can support you in taking
that next step up in building design and
construction in Turkey – from project
setup, management and engineering to
on-site quality assurance and operations consulting.
– Development Consulting
– Project Management
– Engineering
– Real Estate Consulting
Sibel Karaoglan +90 532 6277339, [email protected]
82 WHO’S WHO
GYODER
(THE ASSOCIATION OF REAL ESTATE AND REAL ESTATE INVESTMENT COMPANIES)
Aziz Torun
Chairman
Cumhuriyet Caddesi Pegasus Evi No: 48 Zemin Kat C
Harbiye, Istanbul / Turkey
P: +90 212 282 53 65
www.gyoder.org.tr
[email protected]
GYODER, was established in 1999 for the purpose of encouraging
the development of the real estate market in Turkey. As “The Real
Estate Platform of Turkey” that collects all sub-sectors under the
same roof, GYODER added “Real Estate” definition to its brand name
in April 2013 and became “The Association of Real Estate and Real
Estate Investment Companies”.
Today, GYODER has nearly 250 corporate members ranging from
project developers, consulting companies, REICs to appraisers,
constructing companies. GYODER works to foster real estate
standards and generating cooperation between all local authorities,
relevant state bodies, private institutions, academics and NGOs, in
shaping quality environments and exchange of information among
them. As a common voice of the real estate industry, it contributes to
the improvement of the legislation regulating the real estate sector.
Aiming to make real estate more institutional by creating reliable
data and knowhow, GYODER releases quarterly and annually reports
on Turkish real estate market and monthly new home price indices.
Turkish Real Estate Summit, organized annually by GYODER
since 2000, have become the market’s traditional meeting and
idea-sharing event with its international participants. Since 2009,
GYODER has been organizing Turkey’s primary regional real estate
and investment fair. GYODER also organizes “Developing Cities
Summit” in order to present investment opportunities in developing
cities in Turkey to sector representatives and national and
international real estate investors.
84 WHO’S WHO
HERGÜNER BİLGEN ÖZEKE
ATTORNEY PARTNERSHIP
Serkan Gül
Partner
H. Tolga
Danışman
Partner
Nazım Olcay
Kurt
Managing
Associate
Büyükdere Caddesi 199, Levent 34394 İstanbul, Turkey
P: +90 212 310 1800
www.herguner.av.tr
General: [email protected]
Newsletter: [email protected]
Serkan Gül
P: +90 (555) 685 18 28
[email protected]
Tolga Danışman
P: +90 (555) 685 18 49
[email protected]
Nazım Kurt
P: +90 (555) 685 18 82
[email protected]
Hergüner Bilgen Özeke is Turkey’s premier independent
business law firm. Hergüner’s international reach, wealth of
practical experience, and over 30 years of developing close personal
relationships with top industry leaders, allow us to serve as a onestop shop for our clients, whether they are multinational corporations,
international financial institutions, government agencies, or private
individuals. Speaking over five languages and licensed in several
jurisdictions, our 86-member legal team, 13 of whom are partners,
are as at home in international law as they are in Turkish. For a truly
independent Turkish law firm, our size allows us to tailor our team to
meet the needs of the client, no matter how large or small, serving as
a trusted advisor through every phase of a transaction.
OUR REAL ESTATE EXPERTS
Serkan Gül, Tolga Danışman, and Nazım Kurt head up the Hergüner
real estate team, working closely with the Corporate/M&A, Dispute
Resolution, and Projects and Finance practice areas to apply their
unique expertise to situations where others might miss the very
serious real estate issues present, often in cases that could appear on
the surface to be boilerplate corporate matters. They would be happy
to discuss market developments in person, and they will be attending
the MIPIM event, so please feel free to contact them directly anytime
during or after the fair.
“Sources offer effusive praise for market-leading lawyer Serkan Gül:
“He is one of the best real estate lawyers in Turkey. He has extensive
expertise, and the ability to create innovative solutions for complex
problems, as well as impressive negotiation skills.” He recently assisted
Metro Properties Gayrimenkul with various legal aspects of a multipurpose development….” - Chambers & Partners
“Hergüner Bilgen Özeke has been active in private equity real
estate, advising BlackRock on the financing of its acquisition of a major
healthcare development in Istanbul, and its pedigree is also demonstrated
by work for clients such as Tesco and Metro Properties. Team head Serkan
Gül is ‘motivated, hardworking and inspires confidence’.” - Legal 500
OUR REAL ESTATE PRACTICE INCLUDES:
Commercial Leases
Airports and Ports
Real Estate Investment Trusts (REIT) Construction Licenses
Real Estate Investment Funds
Energy Projects
Structuring
Mining/Extractive Ind.
Restructuring
Zoning Legislation
Building Permits
Highways, Bridges, and Tunnels
Retail Centers
Investment Funds
Sale and Lease-Back
Pipelines
Residential Projects
Urban Regeneration Projects
Inheritance Matters
Tourism Facilities
WHO’S WHO 85
REGULATIONS IN THE TURKISH REAL ESTATE
MARKET ARE PROGRESSIVELY HAVING A
FAVORABLE EFFECT ON ALL MARKET PLAYERS
TURKEY WELCOMES REIT LIKE REAL
ESTATE FUNDS
We believe that the introduction
of real estate investment funds (the
“Funds”) was the one of the most
important developments in the real
estate market last year. The Funds
were introduced into Turkish law
at the beginning of 2014, with a
communique issued by the Capital
Markets Board. Even though there
was legal background, the Funds were
not established for a long period
of time due to several requests by
market players. As a result of the
Capital Markets Board’s revisions to
its regulations, to date several funds
have been established ready to invest
in real estate. It is now expected that
this new investment instrument
will attract more foreign investors
to the market.
A MORE REGULATED RETAIL SECTOR
TO ATTRACT FOREIGN INVESTORS
Regulation on Shopping Centers
(“Regulation”) also entered into force
in February 2016. The Retail Trade
Law was the first act of law regulating
the retail sector and particularly the
shopping center business. Before
the passage of secondary legislation
however, it was unclear how the
rules set forth in the Retail Trade Law
would be applied. The Regulation
stipulates in detail the rules and
procedures governing, among others,
the establishment, activities and
inspection of shopping centers.
The most important change brought
by the Regulation is that the
metropolitan municipalities became
authorized to issue, amend, and
renew construction permits, building
utilization permits, and workplace
opening and operating licenses for
shopping centers situated within
the boundaries of metropolitan
municipalities. The Regulation also
regulates the use of common areas,
distribution of common expenses,
and the allocation of certain areas for
specific professions.
As the legislation related to
shopping centers is now more
regulated, and there are specific
sanctions for violation of the rules
set forth by the Regulation so diligent
management and low property risk
should comfort foreign investors
looking to invest in shopping centers.
ACTION PLAN OF THE GOVERNMENT
FOR THE YEAR 2016 IS PROMISING
FOR REAL ESTATE
The action plan of the government
for the year 2016 was announced at
the end of 2015. It is understood from
the action plan that the government
intends to make many new regulations
with regards to the real estate sector.
The most important ones are as
follows;
The government will create new real
estate related financial instruments.
For this purpose, the legal basis of
real estate certificates will be formed
as a derivative. This derivative will
provide a security for the landowners
as these certificates will be traded
on the stock exchange and the
landowners will have opportunity to
cash in these certificates at any time.
By providing this kind of security to
the landowners, it is aimed to ease
the urban regeneration over the lands
announced as “risky areas” which
generally consists of hectors of land to
develop in one move.
The bureaucracy in the investment
process shall be reduced. The
government shall make necessary
regulations in order to prevent
administrative and technical obstacles
before the investment process. It is
stated in the action plan that there
are some obstacles with regards to
procurement and allocation of lands
for real estate development projects
which will create opportunities to find
land particularly in attractive cities
like Istanbul.
86 WHO’S WHO
INANLAR
Serdar Inan
Chairman of
the Board
Teşvikiye Mahallesi Hakkı Yeten Caddesi No:11
Terrace Fulya Center 1 Blok M4 Kat 34365 Şişli
Istanbul, Turkey
P: +90 444 2 002 +90 212 215 54 54
F: +90 212 215 54 56
www.inanlar.com
Inanlar Coanstruction was founded in 1965 in Istanbul.
Throughout our experience of more than half a century, “design
for human” has been our indispensable principle. We have been
a pioneering name in property development and construction,
marking numerous firsts with over 220 projects in Istanbul, and
offering highest quality living spaces for our worldwide investors
and clients. With professional and expert approach to project
development, we have achieved aesthetic designs and superior
quality in our projects reaching high investment values, and to
fulfill our commitment; we deliver smart and exclusive residential
properties that exceed clients’ expectations. We oversee all aspects
of property development and construction including; developing
only the most suitable sites, formulating budgets, analyzing project
feasibilities, permanent financing, marketing for-sale and/or rental
units and managing property operation after sales.
Inanlar stands out as a company for buyers who seek uniqueness,
confidence and prestige. We are highly focused on delivering
qualified residential properties in a timely manner with utmost
perfection and high returns. We continue to develop exclusive,
functional and sustainable projects at strategic locations through
innovation and planning, and proceed to reinforce our position in
project development by launching new and exceptional projects in
Istanbul.
88 WHO’S WHO
INSAY YAPI
İhsan Çulhalık
President of
the Executive
Board
Vekalet Kaba
General
Manager
K.Serdar
Yılmaz
Vice General
Manager
Çayır Caddesi No:7 Kat:9 Üçgen Plaza 34752 Içerenköy,
Ataşehir / Istanbul / Turkey
P: +90 216 411 12 13
F: +90 216 411 55 96
[email protected]
The foundation of our group has been set with the start of Ihsan
Boya in 1979, which supplied paint, varnish, thinner, and polyester
materials on a wholesale basis predominantly to the furniture sector.
In 1994, with our flagship company Kolsuzlar Kimya, the group
invested on providing import and export, storage and logistics
services for more than 50 chemical substances which are considered
to be the main inputs of many industrial plants.
With its liquid and packaged chemicals storage facilities which
include 41 tanks with 9,000 m3 capacity and an indoor area of
4,200 m2 on a 43,000 m2 of land, and with its import and export,
storage, logistics services our company has earned its place among
the leading companies in its market. In 1997, our manufacturer
company Ihsan Kimya was established and industrial and synthetic
thinners started to be manufactured. In 2011, in line with the
decisions on the policy to use our current experience and capital
in alternative sectors, Insay Yapı was established to start to
operate in the real estate investment, construction and contracting
industries. Our company started with the construction of projects for
warehouses, factories, office buildings and houses on the company’s
own lands and then the company has aimed to expand its operations
and constructed premium houses and offices by buying more land or
making special deals with land owners.
90 WHO’S WHO
MACE GROUP
Ryan McIvor
Country
Director,
Turkey
Jyldyza
Sydykova
Business
Development
Manager,
Turkey
Mace is an international consultancy and construction company
working across the entire property and infrastructure life cycle and
has been operating in Turkey since 2010.
Since its foundation in 1990, Mace has believed that every space,
every structure and every city is a chance to deliver in a better way
for clients and the communities in which we work.
We currently operate across 70 countries, and employ over
4,657 people with a current turnover in excess of GBP 1.49 billion.
Since our establishment in Turkey we have delivered projects for
a range of local and international clients in the market. We employ
a highly experienced team to bring benefit to our clients’ projects
at the key stages of design and construction. We employ locally and
bring global expertise through the wider Mace group.
Our services include:
Programme management
Project management
Construction management
Cost, procurement and contract consultancy
Due diligence
Fit out
Whether commissioned to provide a specific discipline or
offering our unique integrated service, we believe it is our relentless
passion for finding a better way that helps us to deliver the best
projects safely and efficiently, while delivering best value for our
clients.
Maçka Caddesi Tuncer Building.No:29 D.13
Maçka, Istanbul, Turkey
P: +90 212 236 16 46
[email protected]
[email protected]
www.macegroup.com
Imagine better
For Mace, every project is an
opportunity to think and do differently.
Our experience in Turkey ranges from a combined project management
and main contractor role in the commercial office sector to the due
diligence, planning and project management of a number of 5 star hotel
and leisure developments.
Whether commissioned to provide a specific discipline or our unique
integrated service offer, Mace delivers projects safely and efficiently, while
defining industry best practice.
Top L to R: Mandarin Oriental, Bodrum, Turkey. Hilton Bomonti Hotel and Conference Centre, Istanubul, Turkey.
Bottom L to R: Al Jazerra, London, UK. The Shard, London, UK. Abu Dhabi National Exhibitions Company, Abu Dhabi, UAE.
For further information please contact:
Jyldyza Sydykova
Business Development Manager
t +90 549 524 6911
e [email protected]
92 WHO’S WHO
METRO PROPERTIES
Gündüz Bayer
Managing
Director
Region Asia /
Turkey
Martin Wetjen
CFO
Osman Koçak
COO
METRO PROPERTIES is METRO GROUP’s real estate company.
The company combines comprehensive retail competence, highly
developed real estate expertise and implementation capability.
METRO PROPERTIES is a partner for investments as well as for the
development and support of modern wholesale and retail stores.
At both the national and international level, METRO PROPERTIES
pursues active and value-enhancing property management.
Investors, leasing partners and customers receive competent
support at METRO GROUP worldwide. Apart from its headquarters
in Germany, the company operates through offices in Poland, Russia
and Turkey. In other countries, the company is represented by
regional managements.
METRO PROPERTIES TURKEY PORTFOLIO
A total land of 1,092,256 m²
A total leasable area of 419,894 m²
Total car park area for 19,901 vehicles
8 shopping Centers in Adana, Ankara, Antalya, Bursa, Gaziantep,
Izmit, Konya, Istanbul.
20 Metro Cash & Carry stores
Osmaniye Mahallesi Marmara Forum Garden Office
34146 N:3 K:3 Bakırköy - Istanbul - Turkey
P: +90 212 454 43 00
www.metro-properties.com.tr/
[email protected]
94 WHO’S WHO
MORAL
Vefa Reşat
Moral
Managing
Partner, LL.M.
Efe Kınıkoğlu
Partner
Bilge Binay
Kanat
Associate
Founded in 1968, Moral is a full-service law firm providing legal
services to local and international clients under three categories,
namely Corporate, Dispute Resolution and Projects. Our fundamental
aim is to help our clients minimise commercial and legal risks by
providing focused, efficient and solution oriented legal advice and
assistance.
Our team provides professional legal advice and assistance in
real estate law, as well as legal consultancy services to local and
international investors within the context of real estate investments
and real estate development projects.
Moral’s Real Estate practice covers the following areas;
Sale and purchase agreements,
Registry proceedings,
Real estate development projects,
Shopping malls, residences, tourism and hotels projects,
Corporate operation systems practices,
Lease agreements,
Zoning and structuring,
Commercial lease and mortgage finance,
Joint ventures,
Urban renewal,
Renovations,
Waste management,
Real estate tax bills,
Security, mortgage, landlord / renter relations, rental,
Building permits and regulations,
Construction agreements, tenders, acquisitions,
Innovative constructions,
Real estate acquiring of foreigners.
HONORS AND REPUTATION
2014: Recognized in Who’s Who Legal.
2015: Ranked in Legal 500 as a Recommended Firm.
2016: Awarded as a Corporate Law Firm of the Year in Turkey by
Corporate INTL.
Rumeli Cad. No.42 D:9 Nişantaşı/Istanbul/Turkey
P: +90 212 232 35 95
F: +90 212 232 38 50
www.moral.av.tr
[email protected]
WHO’S WHO 95
CURRENT ISSUES REGARDING
SHOPPING CENTERS
CURRENT ISSUES REGARDING
SHOPPING CENTERS
Shopping centers, as is known,
are the rising stars of the Turkish
real estate market. Starting from the
metropolitan areas in Turkey shopping
center investments are now in the
spotlight for Anatolian cities as well.
Naturally, these investments raise
certain legal issues that shopping
center managements (“Management”)
have to be sensitive about.
USE OF CIGARETTE AND TOBACCO IN
THE OPEN AND COLLAPSIBLE AREAS
Use of cigarette and tobacco is one
of the issues that requires particular
attention of the Management, which
can be seriously problematic. The
relevant legislative regulations permit
guests to smoke only in the centers
which have collapsible or established
rooftops on condition that at least
two sides (walls) of such mall are
open at all times. Smoking and use of
tobacco 5 meters around the entrance
of the center is by law prohibited.
Accordingly, Management is expected
to pay attention to the application of
such prohibitions and are expected to
display warnings visible to everyone
regarding criminal sanctions that
may be applied for disobedience to
such rules as well as health risks that
might arise due to the use of tobacco.
One time fines stipulated in relation
to permitting smoking in the centers
are applied an extra time in the initial
repetition and applied twice in the
event of second repetition. In case of
violation of the relevant prohibition
for a third time in the same period, the
center will be closed for a time period
from ten days to a month.
LEGAL AND CRIMINAL LIABILITY OF
MANAGEMENTS REGARDING
GUESTS’ SHUTTLE FACILITIES
(“SHUTTLE”) IN TRAFFIC
Management is obliged to provide
the security of the guests during their
usage of shuttles. Thus, Management
is responsible for the compensation
of damages occurring due to traffic
accidents of their shuttles unless
required duty of care is ensured.
Hereof, it is predicted that the
court will make an assessment on
a case by case basis regarding the
determination of Management’s duty
of care. Moreover, Management shall
also be legally responsible together
with the service providing company to
the shuttle personnel as well as being
responsible from the actions of the
shuttle personnel in case the contract
between the Management and the
service provider is deemed to be an
employer-subcontractor relationship.
SECURITY
The security of shopping centers
is a crucial subject which interests
more than one party and can raise
severe liabilities. Thus, it’s important
to approach this subject by examining
various legislations. Moreover,
the scope of the aforementioned
liability may differ due to several
legal and business relationship
possibilities. In order to decrease
or if possible remove the liability
of the Management/Owner, below
provided theoretical and hypothetical
precautions can be taken in the
contract signed between the Security
Company (“Company”) and the
Management; such as avoiding a
perception of subcontractor-primary
employer relationship by regulating
that this is not a sub-contractual
relationship, procuring the acceptance
of the Company that all the possible
responsibilities which might arise
from the contract shall be borne by
the Company, defining clearly that
there is no contractual relationship
between the security personnel of the
Company/Owner and the Management
and the security personnel of the
Company shall not be understood or
interpreted as the Management’s/
Owner’s employee.
This article is published to share current developments in
real estate market. Any explanation provided by this article
cannot be considered as legal advice.
96 WHO’S WHO
OMURGA REAL ESTATE PORTFOLIO
MANAGEMENT
Mehmet Erktin
Chairman
Tamar Demir
Yazgül
Investment
& Research
Associate
Tolga Kabataş
Vice Chairman
Oğuz Kösebay
General
Manager
Birhan Yıldız
Investment
& Research
Associate
Harman Sokak 4/5 Levent 34396 Istanbul/Turkey
P: +90 212 325 32 50
F: +90 212 325 37 20
[email protected]
Omurga Real Estate was founded in November 2011 as a multistrategy real estate investment company dedicated to the Turkish
market, by Mehmet Erktin, Tolga Kabataş, Burak Divanlıoğlu, Serkan
Borançılı and Aydonat Atasever, the latter four being the founders of
gittigidiyor.com, one of the most successful e-commerce companies
in Turkey.
The company is active in real estate development, real estate
investments, project management and consulting since 2011 with an
impressive customer base.
In terms of investments, Omurga realized three investments in
seven tranches with a total asset value of USD 52.5 million over the
previous three years, and exited most with very high IRRs.
Following the newly established REIF regulation in Turkey,
Omurga founded Omurga Capital (Omurga Gayrimenkul Portföy
Yönetimi A.Ş), received the required licensing from the Capital
Markets Board of Turkey.
Omurga plans to launch its first fund in the second half of 2016.
REAL ESTATE INVESTMENT FUNDS IN TURKEY (“REIFs”),
COMPARABLE TO EUROPEAN ALTERNATIVE INVESTMENT FUNDS
Turkish Real Estate Investment Funds (REIFs) are onshore real
estate investment vehicles regulated and licensed by the Turkish
Capital Markets Board.
Established and managed by Capital Markets Board licensed Real
Estate Portfolio Management Companies & Portfolio Management
Companies
Simple and easy way to participate in a diversified real estate
portfolio
Exclusively invest in Real Estate. Restricts all forms of real estate
development, including revenue share. No development risk
exposure
In addition to CMB regulation, all fund assets kept by independent
custodian (Top Tier Turkish Bank) and all fund units are registered
with Central Securities Depository.
Despite onshore status, full exemption from corporate/
withholding tax, no income tax for non-residents (non-Turkish
investors)
www.omurgacap.com
Harman Sokak No:4/5 39394 Levent, Istanbul/Turkey
P: +90 212 325 32 50 F: +90 212 325 37 20
98 WHO’S WHO
ÖNGÖREN LAW OFFICE
Prof. Dr. Gürsel
Öngören
Founder Partner/
Senior Legal
Counsel
Meşrutiyet Cd. Ersoy Han No:102/11-12 Beyoğlu /
Istanbul / Turkey
P: +90 212 292 56 23
F: +90 212 244 51 93
[email protected]
Öngören Law Office was founded by Prof. Dr. Gürsel Öngören
in 1998. Prof. Dr. Gürsel Öngören contributes to several
nongovernmental organizations such as the Board Member of
GYODER (The Association of Real Estate Investment Companies), the
Vice President of AYIDER (The Association of Anatolian Side Building
Contractors) and the President of “The Urban Transformation
and Law Platform” in addition to his scientific researches in the
university.
Öngören Law Office provides legal consultancy and advocacy
services to real estate investors, real estate owners and construction
companies within the scope of zoning, structuring and purchase of
real property transactions with associate expertise lawyers.
Our office has a 15-year experience in zoning plan chances,
zoning plan cancellation suits and building license cancellation
suits and the related litigation procedures are being followed up
by a team of expert lawyers in the light of scientific perspectives
constituted by an academic staff on zoning plans and zoning law.
Our office started to work in the field of urban transformation
in 2005 at Fikirtepe, Istanbul, and with the Law number 6306 which
became effective in 2012; we obtained the most experienced
team of lawyers in this field to provide legal consultancy regarding
“risky buildings” and “risky areas” to several public enterprises,
municipalities, investment and construction companies, housing
estates and apartment buildings.
Our office does not only offer legal consultancy services to
foreign investors on real estate purchasing-selling and leasing
processes but also offers debt collection services in a quick and
efficient way in addition to compensation cases.
Öngören Law Office provides legal services in an efficient
and result-oriented way using the experience from hundreds of
projects regarding the fields of real estate development, urban
transformation, zoning and construction which it took part in.
WHO’S WHO 99
NEW OPPORTUNITY = URBAN TRANSFORMATION
Real estate investments require
economic stability. The political
stability obtained as a result of the
elections in 2015 which will lead us
to economic stability as well. This
improvement shows us that Turkey
will continue to attract real estate
investments in the near future.
Especially the instability in the
Middle East render Turkey a safe
harbour. The families of middle
income level living in these countries
prefer Turkey for the education of
their children or health services.
Religion and cultural closeness are
the basic reasons for this choice. We
have been hosting many investors in
Turkey during the recent five years
due to these reasons. Giving residence
permits and citizenships to these
investor families are advantages each.
Urban transformation has been the
most important subject for the last
three years. Within the scope of urban
transformation, 7 million houses and
workplaces will be renewed. Since
Turkish people have such spending
power, urban transformation income
is very important for the investors.
Turkish investors have noticed this
opportunity and they constantly make
investment into this area. This area
is also very attractive for foreign
investors. Especially for the investors
who make their investments in long
term durations such as 10 years, urban
transformation seems to be very
profitable.
Especially the population density
of younger people keeps the need
for more residential housing on the
agenda. Every year, there is a need
for 700,000 new housing units. The
saving and using bank loan habits of
Turkish people facilitate the financing
of these new houses. This is why
domestic and foreign construction
companies continue making
investments into this area. Since 1/5
of this need is in Istanbul, Istanbul is a
major attraction for foreign investors.
However the people who are planning
to make investments to Istanbul
should produce houses for middle and
low income families. The need of the
high income families for new housing
is not as high as before. The foreign
investors should also know that
there are many opportunities outside
Istanbul. Especially Bursa, Antalya
and Izmir have interesting statistics.
These cities should also be studied for
investment.
The new trends in real estate
develop towards the use of common
areas within the real estate industry.
The younger population has
significant interest for building with
rooms of general and joint-use such
as guest room, gym, cinema room.
We recommend the new investors to
investigate and study these areas.
As a result of the studies we made
during the last two years, we can
say that the urban transformation
projects are predominantly are most
intense area of study. We also had
the opportunity to work on lawsuits
such as development plans or building
license cancellations. In order to
ensure that such lawsuits diminish, the
recommendations such as “building
license being adopted as an earned
right “ attract the attention from the
government as well. We can state that
we will make a legal arrangement in
this regard soon. Especially the plans
planned with reputable law firms
eliminate any surprises. Investments
take place under safer conditions
under the predictions of the legal
experts.
As a result, the regional
developments and savings of
Turkish people show that the real
estate investments in Turkey will
be profitable for both foreign and
domestic investors.
100 WHO’S WHO
PROJE BEYAZ
Murat Uzun
Chairman of
the Board
Tolga Han
Vice Chairman
Derya Deniz
Board Member
Deniz Derelli
General
Manager
Istanbul Europe Office
Kempinski Residences Astoria A Kule 1506 Şişli
Istanbul / Turkey
P: +90 444 89 13
Esentepe Mh, Büyükdere Caddesi No: 127 Astoria
Residence B Kule 127/1802, 34200 Şişli
Istanbul/Turkey
P: +90 212 215 20 87
[email protected]
Proje Beyaz was established in 2006 with a young and dynamic
team strongly focused on innovation. Named as the “the company
that embellished the industry” by market players, the company has
completely transformed the old-fashioned real estate marketing and
brought new products and services.
Until now, Proje Beyaz has undertaken the project management
processes of more than 30 large-scaled projects with a volume of
USD 2 billion covering a construction area of 1,5 million m2. The
company offers the services of concept consultancy, sales and
marketing, after sales and facility management for land owners, real
estate owners, investors, lease holders in collaboration with the
leading construction, architecture and interior design firms.
The business adventure of Proje Beyaz has started in Turkey,
and now it’s spread to Europe and Gulf countries. Istanbul has been
covered with two offices in European and Asian sides while the firm
expanded in Izmir, England, Germany, and Kuwait. Additionally, an
office in the USA is coming soon.
Proje Beyaz will continue to embellish the industry with
passionate business practices on successful new projects. The firm is
also a member of to GYODER and FIABCI since 2013.
102 WHO’S WHO
SISTEMA
Ihsan Kendirli
Chairman
Nisbetiye Cad. Birlik Sok. No:29
1.Levent - Istanbul - Turkey
P: +90 212 324 50 02
F: +90 212 324 50 04
www.sistema-tr.com
[email protected]
Founded in 2001, SISTEMA TEKNOLOJIK YAPI is a full-service
organization, active in middle and large scale contracts, contractual
sub-contract, delicate design workmanship and architectural
contract, conceptual design, electric - electronic - automation
- data processing - mechanical projects design, installation and
commisioning, operation and service fields as well as import
transactions and integrations of various products in relation to the
general scope.
SISTEMA serves its customers with a well skilled, young and
dynamic operational core staff of 100+ people, highly educated and
technically expert on their fields ensuring every project has access
to the best of talent and resources. The wide span of field force is
approximately 1200+ team members.
SISTEMA righteously prides itself on ability to carry out medium
and large-scale “office” project desing & construction contracts
as the market leader in Turkey, in the shortest application time
smoothly and easily thanks to its flexible organization and strong
pre-financing structure.
Furthermore, contractual relations with countries such as Turkish
Republics, Russia, Germany and U.A.E are carried out in means
of direct and indirect material / service export and technological
construction projects.
Rendering service on a wide scale, the design and build
contracts of SISTEMA are mainly offices and general management
buildings, call centers, high level IT and data processing centers,
educational facilities and campus buildings, hotels, chain shops,
bank headquarters / branches and financial institution buildings
and branches, projects and planning, control, follow up, design and
concept development services, application, operation and services
in relation to these contracts.
WHO’S WHO 103
104 WHO’S WHO
STATE CORPS
State Corps is an engineering and construction firm registered
with US Government Virginia State, with operational office in
Afghanistan (registered with Afghanistan government) and with
active branches at Dubai, Turkey and Qatar.
The company has experiences of implementing huge
construction and power projects in Afghanistan and Middle
East. SC has implemented more than 42 design/build and
site-adapt construction projects funded by USACE, AFCEE and
other international agencies. State Corps is actively working in
Uluç Ali Önder
Shamsullah
Afghanistan since last one decade and has proven performance
Assistant
Momand
record of Executing above USD 250 million worth of work with US
General
Country
Army Corps of Engineers throughout Afghanistan and Middle East
Manager
Manager
districts. We believe our successful performance on these projects
demonstrates that we have effective project management plane
processes in place, with superior strengths and merits. The company
has received 2010 and 2011’s “Excellence in Construction and
Safety” award from USACE.
State Corps Turkey
The company’s overall strategy is based on setting objectives,
Buyaka2 Sitesi, Kule-3 Daire No: 114 - Ümraniye
measuring results, and providing feedback to facilitate further
Istanbul, Turkey
growth of its staff, efficiency in project management and
[email protected]
satisfaction of its clients.
www.statecorps.com.tr
State Corps Turkey has been established in 2015 as a branch
P: +90 216 466 32 55
office of State Corps. We are mainly focused on real-estate
F: +90 216 466 32 65
development and project-basis joint venture opportunities with
reliable partners. Our aim is to realize the development projects in
State Corps Dubai
2301, Jumeirah Business Center 2, Cluster V, JLT, Dubai, U.A.E. the shortest time and become a key player in real estate market
of Turkey.
[email protected]
State Corps U.S.A
6412 Brandon Ave #341 Springfield, VA 22150 U.S.A.
[email protected]
P: +1 919 348 0850
State Corps Afghanistan
Behind Suriya High School, Karte Char, Kabul, Afghanistan
[email protected]
State Corps Qatar
Sharq Capital Bldg, 311, C-Ring Road
P.O. Box: 6029, Doha, Qatar
[email protected]
106 WHO’S WHO
TAHINCIOĞLU
Özcan
Tahincioğlu
Chairman
Alpaslan
Çalım
General
Maganer
Palladium Tower, Kardelen Sok. No: 2 Kat: 41
Ataşehir - Istanbul 34746 Turkey
P: +90 216 687 30 40
F: +90 216 687 30 65
www.tahincioglu.com
Tahincioğlu Real Estate is a Tahincioğlu Holding group company,
operating in the real estate development and investment.
Tahincioğlu Real Estate, one of Turkey’s leading trademarks in the
real estate industry, undertakes premium retail, office, residence
and shopping center projects as well as the construction and
development of luxury hotels.
In addition to these projects, the company also actively manages
its extensive portfolio comprised of revenue-generating real
estate assets. The total construction area of projects completed by
Tahincioğlu covers over 2 million m2 to date.
Tahincioğlu’s construction company Nida Construction is the
general contractor for all these projects. Among the projects that
have become synonymous with the company are Palladium Tower,
Palladium Ataşehir Shopping Center and Residence, Palladium
Antakya Shopping Center, Nidakule Kozyatağı, Nidakule Göztepe and
Swissôtel Grand Efes and Convention Center.
The constructions of LEED Gold Certificate candidates Nidakule
Financial Center, Nidakule Ataşehir and Nidakule Levent as well
as the residential projects Nidapark Başakşehir and Nidapark
Seyrantepe are in progress.
Having completed and delivered Nidapark Beşiktaş in 2015,
Tahincioğlu continues to undertake urban transformation projects.
Tahincioğlu Real Estate also has several projects in the planning
stage in Istinye, Bomonti, Kayaşehir, Zeytinburnu, Çengelköy,
Kozyatağı, Beykoz and Yenisahra.
108 WHO’S WHO
TEKFEN REAL ESTATE DEVELOPMENT
Ömer Egesel
General
Manager
Ayşe Turalı
Asst. General
Manager,
Finance &
Admin
Emre Ülger
Business
Development,
Sales And
Marketing
Coordinator
Tekfen Holding, one of the leading conglomerates in Turkey with
its 60 year experience, established Tekfen Real Estate Development
Group in 2000 with the goal of developing high quality and
innovative projects built to international standards. Since its
inception, Tekfen Real Estate Development has completed Akmerkez,
Tekfen Tower, Taksim Residences, Tekfen Yalıkavak Homes, Levent
Office, Bodrum Gümüşlük Houses, Kağıthane OfficePark and Tekfen
Bomonti Apartments, landmark projects that reflect the achievement
of this goal. In addition to Tekfen Real Estate Development‘s current
portfolio, HEP İstanbul Residential Project and İzmir Mixed-Use
Project currently underway stand out as projects that are capitalizing
on its experience and vision from design to operation.
Tekfen Real Estate Development attaches great importance
to design and always works with the best architects, considering
environmental responsibilities just as highly as customer
satisfaction. Its projects to date are all distinctive not only for their
design and construction quality, but also for their originality.
With its high quality, environmentally-friendly projects, it offers
living and working spaces that enhance their inhabitant’s quality
of life. Tekfen focused on meeting Green Building certification
standards in its develeopment projects as exemplified by its
residentail and commercial projects.
Utilising its experience and vision Tekfen Real Estate
Development has stepped forward to develop unique residential
and commercial real estate projects and continues to be a reference
point in the sector.
COMPLETED PROJECTS
Akmerkez, Istanbul 1993
Tekfen Tower, Istanbul 2003
Taksim Residences, Istanbul 2006
Tekfen Yalıkavak Homes, Bodrum 2008
Levent Office, Istanbul 2010
Bodrum Gümüşlük Houses, Bodrum 2010
Kağıthane OfficePark, Istanbul 2011
Tekfen Bomonti Apartments, Istanbul 2012
Kültür Mahallesi Tekfen Sitesi Budak Sokak D Blok No. 2
34340 Beşiktaş/Istanbul-Turkey
P: +90 212 359 37 00
[email protected]
www.tekfenemlak.com
ONGOING PROJECTS
HEP İstanbul Residential Project, Istanbul 2017
İzmir Mixed-Use Project, Izmir 2018
110 WHO’S WHO
VADISTANBUL
Süleyman
Çetinsaya
Chairman
Ayazağa Mah Kemerburgaz Cad No:1/A
Sarıyer-Istanbul -Turkey
P: +90 444 53 35
www.vadistanbul.com
[email protected]
Vadistanbul is the first horizontally large mixed-use project
in Turkey. It has been developed by Artas, Aydınlı and Invest,
successfully combining all functions required for 21st century
living. The heavily-invested architecture of the project has been
designed by Iki Design, Turkey’s award-winning architects, and SOM
Architecture, an American firm with world-famous projects bearing
its signature.
Composed of three different stages: Terrace, Boulevard and Park.
Vadistanbul will include 1,900 residences, a shopping center of
103,000 m2, 760-meter long shopping street featuring several world
famous brands, 300,000 m2 fully-equipped office area and a fivestar hotel of 25,500 m2. In addition, 212,000 m2 of land is left for use
as public parks, roads and recreation areas. The project will be the
new city center of Istanbul with 1,350,000 m2 of total built up area
and 42,000 residents working and living within it.
Developed on a previous industrial area, Vadistanbul is in a prime
location next to a ring road. This area was previously on the outskirts
of Istanbul but is now at the center of the city with direct access
to every part. Located right next to the conjunction of three ring
roads, Vadistanbul is also connected to the main metro system by a
935-meter high-rail which has been constructed by the developers.
This high-rail connection will be the first private metro in the whole
of Istanbul and provides further ease of access.
112 EVENTS
CITYSCAPE TURKEY
Istanbul Congress Center
24-26 March
Cityscape Turkey is the latest addition to Cityscape’s world
renowned portfolio of events, and is set to be THE meeting
place for real estate developers, private and institutional
investors, home buyers, architects, consultants and other
real estate service providers to network and do business.
INTERNATIONAL SMART CITIES
CONFERENCE
Rixos Grand, Ankara
4-5 May 2016
International Smart Cities Conference, instead of simply
explaining the “Smart City” concept to municipalities, offers
a pilot project within the scope of its “Smart City Transition
Movement” that includes the transition of an area receiving
public-private sector investments, and provides a significant
opportunity for shared experiences, inspirations and cooperations.
15TH TURKISH REAL ESTATE
SUMMIT
Raffles Hotel Istanbul
10 May 2016
The Turkish Real Estate Summit 15, will gather top-level
executives from leading companies and experts in the real
estate sector from Turkey and worldwide. The conferences,
meetings, seminars, panels and education programs GYODER
has organized are seen as major meeting platforms for the
players in the sector.
MAPIC
Palais des Festivals, Cannes, France
16-18 November
Celebrating its 20th anniversary in 2014, MAPIC has
become a major industry event gathering in 2015 8,000+
international participants, including over 2,000 retailers
for 3 days of exhibition, conferences and networking
eventstargeting all types of retail property: city and
shopping centres, factory outlets, leisure areas and
transit zones.

Tekfen Real Estate Development

Transcription

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