REAL PROPERTY APPRAISAL REPORT

Transcription

REAL PROPERTY APPRAISAL REPORT
SAF GAYRİMENKUL YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ
ISTANBUL CITY, ARNAVUTKÖY TOWN, ÖMERLİ NEIGHBORHOOD
MAP SECTION F21D13B4D, BLOCK 113, LOT 8
OCTOBER 2015
2015_400_123_04
TABLE OF CONTENTS
1.
REPORT DETAILS
3
2.
COMPANY - CUSTOMER DETAILS
3
3.
LEGAL DEFINITION OF REAL PROPERTY AND EXAMINATIONS
4
3.1.
TITLE DEED RECORD DETAILS OF REAL PROPERTY
3.2.
ENCUMBRANCE DETAILS OF REAL PROPERTY
3.3.
CHANGES IN OWNERSHIP RIGHT OF REAL PROPERTY IN THE RECENT THREE YEARS
3.4.
ZONING DETAILS OF REAL PROPERTY
3.5.
LEGAL PERMISSIONS AND DOCUMENTS OBTAINED FOR REAL PROPERTY
3.6.
WHETHER LEGAL REQUIREMENTS ARE FULFILLED OR NOT
3.7.
CHANGES IN LEGAL STATUS OF REAL PROPERTY IN THE LAST THREE YEARS (CHANGES IN ZONING
PLAN, CONFISACTIONS PROCEDURES ETC.)
3.8.
WHETHER ANY OBSTACLES EXISTED WHICH HINDER INCLUSION OF REAL PROPERTY/PROJECT IN
AN PORTFOLIO OF REAL PROPERTY INVESTMENT PARTNERSHIP UNDER THE PROVISIONS OF CAPITAL
MARKET LEGISLATION
4
4
4
5
5
5
6
4.
7
4.1.
4.2.
4.3.
GENERAL DATA AND REGIONAL DATA
DEMOGRAPHIC DATA
ECONOMIC DATA
REGIONAL DATA
6
7
8
14
5.
APPRAISAL METHODS
15
6.
LOCATION OF AND PHYSICAL SURVEY ON REAL PROPERTY
19
6.1.
6.2.
7.
7.1.
7.2.
7.3.
8.
LOCATION, ACCESS AND ENVIRONMENTAL CHARACTERISTICS OF REAL PROPERTY
DESCRIPTION OF REAL PROPERTY
19
21
ANALYSIS OF DATA ABOUT REAL PROPERTY AND VALUATION CONCLUSIONS
26
FACTORS INFLUENCING VALUE OF REAL PROPERTY (SWOT ANALYSIS)
ANALYSIS ON THE MOST EFFECTIVE AND EFFICIENT USE
METHODS APPLIED IN THE APPRAISAL AND THEIR REASONS
26
26
27
ASSESSMENT OF THE RESULTS OF ANALYSIS ON REAL PROPERTY
30
8.1.
HARMONIZATION OF ANALYSIS RESULTS
8.2.
WHETHER OBSTACLES EXIST WHICH HINDER INCLUSION OF IT IN REAL PROPERTY INVESTMENT
PARTNERSHIP
30
30
9.
31
FINAL VALUE APPRAISAL AND CONCLUSION
10. REPORT ANNEXES
32
11. CERTIFICATIONS
40
HARMONİ GAYRİMENKUL
DEĞERLENDİRME DANIŞMANLIK A.Ş
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1.
REPORT DETAILS
REPORT TYPE
SCOPE OF REPORT
DATE AND NUMBER OF
SUPPORTING AGREEMENT
APPRAISAL DATE
REPORT DATE
REPORT NO
ADVERSE FACTORS ON APPRAISAL
REPORT
DETAILS OF THE LAST THREE
APPRAISALS CONDUCTED ON
SUBJECT PROPERTY BEFORE THE
DATE OF THIS APPRAISAL REPORT
VALUATION METHODS USED
SALES VALUE APPRAISED
RENT VALUE APPRAISED
AUTHOR(S)
2.
: This report is a real property appraisal report issued in accordance
with "Minimum Requirements For Contents of Appraisal Report"
promulgated in Resolution No 27/781 dated 20.07.2007 of Capital
Market Board.
: The determination of sales value as of July 31, 2015 of real
property "B.A.K. TWO-FLOOR FACTORY BUILDING" registered on
Map Section F21D13B4D, Lot 113, Parcel 8, Ömerli Neighborhood,
Arnavutköy Town, Istanbul City under the Capital Market
Legislation.
: 08.18.2015
: 10.01.2015
: 10.05.2015
: 2015_400_123_04
: No adverse factors has been identified, which may negatively
influence the appraisal work.
: In the appraisal report about subject property no 12_400_111
dated 01.17.2013 issued by our company, its value is appraised as
TRY 17.700.000.- (excluding VAT) and TRY 19.500.000.- (excluding
VAT) in the report No 13_400_137 dated 12.31.2013 (excluding
VAT.
"Cost Analysis" and "Direct Income Capitalization" methods are
used in the value appraisal. The final value is appraised by
harmonizing values calculated with these methods in favor of the
value calculated with "Cost Analysis Method".
: TRY 22.000.000.- (Excl. VAT)
: TRY 150.000.: Berkay OKÇUOĞLU
Aysel AKTAN
Urban Planner
Urban Planner - Map Engineer
Appraisal Expert
Appraisal Expert in Charge CMB
CMB License No: 402578
License No: 400241
COMPANY - CUSTOMER DETAILS
COMPANY TITLE
: HARMONİ GAYRİMENKUL DEĞERLEME VE DANIŞMANLIK A.Ş.
COMPANY ADDRESS
: İdealtepe Mah. Rıfkı Tongsir Cad. Demirhan Plaza No:93/4 -34841
Maltepe / ISTANBUL
Phone: +90 (216) 388 05 09 Fax: +90 (212) 258 78 84
www.harmonigd.com.tr e-mail: [email protected]
CUSTOMER TITLE
: Saf Gayrimenkul Yatırım Ortaklığı Anonim Şirketi
CUSTOMER ADDRESS
: Acıbadem Mahallesi, Ankara Devlet Yolu, Haydarpaşa Yönü 4.km, Çeçen Sokak,
34660, Üsküdar/ISTANBUL
SCOPE OF CUSTOMER
ORDER AND
: The appraisal report is about the determination of sales value as of July 31,
2015 of real property "B.A.K. TWO-FLOOR FACTORY BUILDING" registered on
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RESTRICTIONS APPLIED
3.
Map Section F21D13B4D, Lot 113, Parcel 8, Ömerli Neighborhood, Arnavutköy
Town, Istanbul City under the Capital Market Legislation.
LEGAL DEFINITION OF REAL PROPERTY AND EXAMINATIONS
Real Property's Title Deed Records, Zoning Status and Details of the Last Three Years
2
Subject property is "B.A.K. TWO-FLOOR FACTORY BUILDING" property with an area of 10.187,00 m and its land, which
is registered on Map Section F21D13B4D, Lot 113, Parcel 8, Ömerli Neighborhood, Arnavutköy Town, Istanbul City
under the Capital Market Legislation
Detailed information about property will be defined in the sub-sections.
3.1.
Details about Title Deed Records of the Property
Details about title deed records of the subject property is provided in the following table.
Table. 1 Title Deed Details about Subject Property
MAIN PROPERTY DETAILS
PROVINCE
ISTANBUL
TOWN
ARNAVUTKÖY
NEIGHBORHOOD/ VILLAGE
ÖMERLİ
LOCATION
MALTEPE
MAP SECTION NO
F21D13B4D
LOT NO
113
PARCEL NO
8
SURFACE AREA
10,187.00 sq.
FEATURE
B.A.K. TWO-FLOOR FACTORY BUILDING
VOLUME/PAGE NO
12/1165
JOURNAL NO
10669
TITLE DEED DATE
07.13.2012
OWNERS/SHARE RATIO
SAF GAYRİMENKUL YATIRIM ORTAKLIĞI ANONİM ŞİRKETİ / FULL
3.2.
Encumbrance Details of Property
On the basis of Takbis (Title Deed Info System) document retrieved from Title Deed Information System, encumbrance
details about the property is as follows. Encumbrance document dated 08.28.2015 is provided in report annexes.
Annotations:
- Rent out in favor of Boğaziçi Electricity Distribution Inc Head Office for 99 years for TRY.1- per year.
Statements :
- Rent out for TRY 13.571.117,2- with date 11.06.2007 and journal no 9654. (Effective on: 09.26.2007 Term: 5
Years, Owner/Beneficiary: Yıldız Holding Inc)
- Included in zoning arrangement: date 05.28.2013, journal no 10481
- Included in zoning arrangement: date 08.07.2015, journal no 18045
3.3.
Changes in Ownership Right of Real Property in the Last Three Years
The property, which was registered to the name of FFK Fon Finansal Kiralama A.Ş. was registered to the name of Saf
Gayrimenkul Yatırım Ortaklığı A.Ş. on 07.13.2012 and no ownership changes has been recorded since said date.
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3.4.
Zoning Details of Property
The subject property is located on the map section F21D13B4D, lot 113, parcel 8 (the lot/parcel number of the subject
property is changed as lot 247, parcel 1 after zoning application, but not yet registered in the title office), Industrial
Area in the route of underground railway under the Hadımköy Industrial Zone, 2nd Phase Zoning Plan, 1/1000 scale,
attested on 08.05.2011, pursuant to the zoning status letter no 4286/298541 dated 28.08.2015 of the Arnavutköy
Municipality Zoning and Urban Directorate. TAKS: 0.60, Precedent: 1.50, Max Floor: 3, H: Free Building conditions are
satisfied.
Since railway line is passing through the parcel route in the applicable plan dated 08.05.2011, it is advised that opinion
of the State Railways should be sought during the application. As per oral information provided by Arnavutköy
Municipality Real Estate-Expropriation Directorate, we are informed that the railway line indicated on the application
zoning plan, scale 1/1000, dated 08.05.2011 located on the appraised parcel is actually passing through underground.
We are informed that in case of destruction and then reconstruction of the building on the parcel, advice should be
sought from State Railways, however, since it is currently a zoned building, this situation has not consequences on the
legitimacy of the building.
As per oral information provided by Arnavutköy Municipality Real Estate-Expropriation Directorate, the zoning
application has been completed on the parcel and parcel area is changed as 10.289,71 sq. We are informed that
parcel area is not reduced since it has a zoned building; however, ownership of 1.826,57 sq part is transferred to the
State Railways. However, no change has been registered in the title records. Zoning status document is provided in
the annexes.
3.5.
Legal Permissions and Documents Obtained for Real Property
Information about whether all required permissions for the subject projects pursuant to the applicable legislation or not; whether
its project exists and is approved or not; whether all documents legally required for initiation of the construction available or not;
about audits conducted on the subject property by construction audit firm (title, address etc.) which conducted said audit pursuant
to Construction Audit Code No 4708 dated 6/29/2001;
The archival file of the subject project in the Zoning Archive of Arnavutköy Municipality is examined. "New Building
License" No 992 dated 09.11.1998 and "Certificate of Occupancy" No 13/16 dated 06.10.2003 issued for Factory with
an area of 19.836 sq and its Architectural Project attested on 09.11.1998, all of which belongs to subject property are
examined.
It is observed in the administrative building section of the property that a floor with an area of 534,36 sq is
constructed which is contrary to the project. However, there was not in the archive file any adverse report/minute in
relation with the issue.
3.6.
Whether Legal Requirements are Fulfilled or not
Opinion about whether legal requirements are fulfilled or not and whether the legally mandatory license and documents are full
and complete.
Project, building license and zoning certificate belonging to subject property are issued. It is observed in the
administrative building section of the property that a floor with an area of 534,36 sq is constructed which is contrary
to the project. However, there was not in the archive file any adverse report/minute in relation with the issue. In the
appraisal, areas excluding zoning are not taken into account.
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3.7.
Changes in Legal Status of Real Property in the Last Three Years (Changes in Zoning Plan,
Confiscation Procedures Etc.)
The subject property is located on the map section F21D13B4D, lot 113, parcel 8 (the lot/parcel number of the subject
property is changed as lot 247, parcel 1 after zoning application) Industrial Area in the route of underground railway
under the Hadımköy Industrial Zone, 2nd Phase Zoning Plan, 1/1000 scale, attested on 08.05.2011. TAKS: 0.60,
Precedent: 1.50, Max Floor: 3, H: Free Building conditions are satisfied. No changes occurred on its zoning plan and
settlement conditions in the last three years. However, the zoning application is completed on the parcel and parcel
area is changed as 10.289,71 sq. We are informed that parcel area is not reduced since it has a zoned building;
however, ownership of 1.826,57 sq part is transferred to the State Railways. However said changes are yet not
registered in the title records.
3.8.
Whether any Obstacles Exist which Hinder Inclusion of Real Property/Project in a Portfolio of
Real Property Investment Partnership under the Provisions of Capital Market Legislation
Opinion about that whether any encumbrances are imposed on the subject property (any limitations on its transferability), if so,
then whether it prevent subject property from being included in a portfolio of real property investment partnerships under the
provisions of Capital Market Legislation
We concluded that no obstacles exists, which prevents it being included under the "Building" title in Real
Property Investment Partnership under the Capital Market Legislation.
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4.
GENERAL DATA AND REGIONAL DATA
4.1.
Demographic Data
As per the data retrieved from Address-Based Population Registry System (ADNKS) updated as of December 31, 2014
by Ministry of Internal Affairs Population and Citizenship Affairs General Directorate (NVİGM), the Turkish population
is recorded as 77.695.904. Turkish population has grown in 2014 by 1.028.040 comparing to last year. Male population
is rated at 50.2% (38.984.302) and female population at 49.8% (38.711.602). The population growth rate of Turkey
slowed down in 2014 to 13.3% comparing to 13.7% in 2013.
Rate of Residents in Cities and town centers rose up to 91,8% in 2014 comparing to 91.3% in 2013. Rate of village
inhabitants is recorded as 8.2%. Istanbul which houses 18,5% of Turkish Population is recorded as the city with the
highest population with its 14.377.018 residents. Which is followed by Ankara with 6.6% (5.150.072 residents), İzmir
with 5.3% (4.113.072 residents), Bursa with 3.6% (2.787.589) and Antalya with 2.9% (2.222.562 residents). With
80.607 residents, Bayburt is the city with the lowest population.
Chart 1 Population Pyramid
Population pyramid,
2014
In Turkey, the rate of population in 15-64 age group (employment age) grew up to 67,8% (52.640.512 people) by 0.1
point in 2014 comparing to 2013 (67,7%). While the rate of population in minor age (0-14) reduced down to 24.3%
(18.862.430 people), the rate of population in 65 and higher age rose up to 8%(6.192.962 people).
In Turkey "the number of person per kilometer" which is termed as Population Density is recorded as 101 persons in
2014 with 1 person increase comparing to 2013. Istanbul is the city with the highest population density with its 2.767
residents per kilometer, which is followed by Kocaeli with 477 residents, Izmir with 342 residents, Gaziantep with 277
residents, Bursa and Yalova with 267 residents. The city with the lowest population density is Tunceli with 12 residents
per kilometer. Konya, which has the largest area, has population density of 54 residents per kilometer and Yalova,
which has the smallest area, of 267 residents. (Source TUIK 2014 year-end results)
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4.2.
Economic Data
4.2.1. Global Economic Outlook
The global economic outlook has been demonstrating an improvement since the last quarter of 2012. With
regard to advanced economies, short term risks has been reduced and growth performance of developing
economic has been positive. Significant policy measurements taken by EU, USA and Japan and the
performance of Chinese economy assisted in improvement of global economic outlook and financial market
conditions. In spite of short-term risk diminution, growth is making slow progress, unemployment is still at
high levels and important financial market risks is still existing. Financial cliff risk in USA which may also
result in a sharp consolidation and significant recovery which may prevent Spain and Italy crises from
turning into a systemic EU crises reduced the short-term risks. Nevertheless, the settlement reached in
2012 in USA does not eliminate a potential consolidation in the mid-term. Likewise, while financial markets
currently calmed down thanks to the measurements taken in Euro zone, it is still necessary to take
significant structural measurements in the banking industry.
In 2012, advanced economies grew slowly and the growth engine of the global economy was developing
countries. Global proceeds are expected to grow by 3.2% in 2012. In this period, it is forecasted that
advanced economies will demonstrate a weaker performance with 1.3% and developing economies will
demonstrate a relatively stronger performance with 5.1%. It is forecasted that global growth rate will be
around 3.5% in 2013, thanks to the significant contribution of developing countries. (BDDK Financial Market
Reports Issue 28, December 2012).
Global Economic Outlook Report issued in January 2015 by International Monetary Fund (IMF) indicated
that global economy has grown by 3.5%. However, it highlighted the differences among the growth rates of
advanced economies. In this respect, it is noted that while United States of America (USA) achieved a
growth figure over the odds, Japan could not reach expected growth rates. Underperformance of the
advanced countries such as Japan is associated with the lower levels of economic performance in the midterm.
As another factor on the economic segregation among the advanced countries is, as reported, revaluation
at 6% levels of US Dollar since September 2014 and devaluation at 2% levels of Euro, the common currency
of EU, and devaluation at 8% levels of Japanese Yen. Likewise, in the developing countries, their currencies
are devalued due to the decreases in their export figures. Interest rates and risk premiums are also
increasing, because of the economic uncertainties. Particularly, there are decreases in the investment
instruments which gained value depending on the oil. Recovery and growth rate of the US economy is
predicted by IMF to be 3% during 2015 and 2016. Economic expectations in 2014 are considered as positive
thanks to revaluation of the US Dollar and decreasing unemployment rates. However, with the revaluation
of the US Dollar, it is forecasted that export figures of the US will decrease.
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Table. 2 IMF’s World Economy Growth Rate Forecasts
IMF (International Monetary Fund) 2014 Gross Domestic Product figures and 2015 - 2016 GDP
Growth Forecasts
World Average
Advanced Countries Average
USA
Euro Zone Average
Japan
UK
Canada
Developing Countries Average
Russia
Asia
China
India
South America and Caribbean
Brazil
Mexico
Middle East, North Africa, Afghanistan and Pakistan
Sub-Saharan Africa
Nigeria
South Africa
2014(%)
2015(%)
2016(%)
3.3
1.8
2.4
0.8
0.1
2.7
2.4
4.4
0.6
6.5
7.4
5.8
1.2
0.1
2.1
2-8
4.8
6.1
1.4
3.5
2.4
3.6
1.2
0.6
2.6
2.3
4.3
-3
6.4
6.8
6.3
1.3
0.3
3.3
3.3
4.9
4.8
2.1
3.7
2.4
3.3
1.4
0.8
2.4
2.1
4.7
-1
6.2
6.3
6.5
2.3
1.5
3.5
3.9
5.2
5.2
2.5
Source: World Economic Outlook Report, IMF (October, 2014)
Global economy in 2014 was characterized by long-term economic stagnation after 2008 crisis, increase in
unemployment rates and limited growth, political risks emerged in Middle East and political tensions between Russia
and Ukraine. The similar risks are predicted to continue in 2015 and 2016, as well. In addition, declining oil prices also
poses risk against global economy. It is highlighted that while declining oil prices may lay the way open for an increase
in industrial production, significant global economic constrictions may occur in case OPEC countries restricts the
supply in order to stop declining prices. This uncertainty leads producers and investments to face with a risk.
Therefore, it causes macroeconomic uncertainties. Another consequences of uncertainties is the fluctuations in the
global finance markets. Revalued US Dollar and devalued currencies of developing countries against US Dollar also
brings along serious inflation risks for these countries. Moreover, decision adopted by USA about normalization of its
monetary policy signalled that he will shift towards more strict financial and monetary policy. Therefore, IMF predicts
that revaluation of US Dollar will continue during 2015 and 2016, which has proven correct so far.
Lower levels of inflation prevailing in Euro Zone and Japan so far is also considered by IMF as an indicator of economic
stagnation. As a result, it is indicated that Euro Zone and Japan become more susceptible to external shocks. Lastly,
IMF summarized the common problem of the advanced countries as production gaps (declining production figures
after 2008 crisis) and inflation rates remaining below targets, inflation rates remaining above targets, for developing
countries, insufficient macroeconomic capacity for implementing the necessary macroeconomic policies, higher
inflation risks due to the declining oil producing countries and as a result of all these, the vulnerability against external
shocks. The general outlook of the economy indicates structural economic and financial problems. In this respect, it is
necessary to implement structural reforms in order to eliminate the problems.
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4.2.2. General Economic Outlook in Turkey
Turkey is a free market economy where competition rules prevails, private sector acts as economic pioneer,
public sector acts as regulator, liberal foreign trade policy is implemented, goods and services are
exchanged freely among individuals and organizations. In the last decade, thanks to accession process in
European Union, Turkish economy has undergone a significant transformation and brought into life
structural reforms in many areas (R of T. Ministry of Foreign Affairs, General Outlook of Turkish Economy,
2013). Turkey is the largest economy of Middle and Eastern Europe and the sixth largest economy of
Europe. Having achieved an annual average growth rate up to 5% thanks to economic policies
implemented during 2000s, Turkey demonstrated very successful progress during and after global crisis
period. Turkey has been one of the countries with highest increasing rate of credit/GDP since 2009 among
the developing countries and with its 735 billion USD GDP in 2010 on the basis of World Bank data, it
ranked 16th largest economy in the world. Among the world economies trying to recover after crisis,
Turkey ranked right behind China (9.2%) with its growth rate 8,5% as of 2011. Since the last quarter of
2012, Turkey comes forefront among the similar countries with its high loan growth. Said growth is mainly
due to the loans extended for project financing depending on the privatization and public infrastructure
investments in especially foreign currency loans. In addition, it is observed that declining interest rates and
extended maturities boosted the loan demand, notably of mortgage and consumer loans. (TCMB, Financial
Stability Report, 2013).
Table. 3 Growth Forecasts of International Organizations for Some Country Groups
ORGANIZATION YEAR
Growth Forecasts For Some Countries - Country Groups (%)
World
Turkey Euro Zone
USA
Brazil
Russia
IMF
2015
3.5
3.1
1.5
3.1
-1.0
-3.8
2016
3.8
3.6
1.6
3.1
1
-1.1
OECD
2015
3.7
3.2
1.1
3.1
1.5
0.0
2016
4.0
4.0
1.7
3.0
2.0
1.6
WB
2015
3.0
3.5
1.1
3.2
1.0
-2.9
2016
3.3
3.7
1.6
3.0
2.5
0.1
Source: Ministry of Economy Economic Outlook (Maya 2015)
India
7.5
7.5
6.4
6.6
6.4
7.0
China
6.8
6.3
7.1
6.9
7.1
7.0
In the economic outlook report issued by Ministry of Economy, it is seen that the highest growth forecast
for Turkey is made by WB and the lowest forecast by IMF with 3.1%.
International projections still demonstrate a cautious forecasts and predicts a slowed down Turkish
Economy. While IMF and OECD forecast GDP growth of Turkey at 3.1% and 3.2% levels, World Bank
forecasts it to be at 3.5% levels. (Ministry of Economy Economic Outlook May 2015) Economic outlook
report of IMF forecasts that GDP growth of Turkey will be due to declining energy imports and
subsequently declining energy prices.
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Table. 4 IMF Economic Outlook Report (April 2015) - Real GDP - Consumer Prices - Current Account Balance Unemployment
Source: World Economic Outlook Report, IMF (October, 2014)
IMF's World Economic Outlook Report, April 2015, made forecasts on real gross domestic product,
consumer prices, current account balance and unemployment for the years 2015 and 2006 in European
Countries. IMF forecasts that Turkey economic growth to be 2.9% in 2014, 3.1% in 2015, 3.6% in 2016. In
the report, IMF's 6% forecast of current account/national income ratio for 2016 is revised as 4.8% due to
the declining oil prices. Unemployment rate in Turkey is forecasted to rise up to 11.4% in 2015 and 11.6% in
2016.
The report observed that Turkey's and East Europe's economic growth was slowed down in the last year,
however Hungary and Poland sustained its current growth.
Current Account balance rate recorded in World Bank database and indicated in the IMF's report shows a
parallelism. (World Bank's Current Account balance rate forecasts, -5.6 in 2014; -4.5 in 2015; -4.9 in 2016).
Likewise, GDP forecasts published in OECD database and those indicated in the IMF's report shows a
parallelisms.
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Table. 5 Table 1 OECD Real Gross Domestic Product Forecasts
Source: https://data.oecd.org/gdp/real-gdp-forecast.htm#indicator-chart
4.2.2.1.
Growth Rates in Turkey
Turkey is one of the countries which rapidly recovered from the global economic crisis and was one of
those relatively the least amenable to the global economic uncertainty in the recent years. While annual
growth rate was recorded as 5.2% in 2002-2012 period and our country recorded a 4% growth rate in 2013.
The GDP rates of 4th quarter 2014 as published in the official website of Turkish Statistics Institute: the GDP
calculated with the production method is 126 billion 70 million Turkish Liras in fixed prices by an increase of
2,9% comparing to previous year, 1 trillion 749 billion 782 million TRY in current prices by an increase of
11.6% comparing to previous year.
In the statistical studies under the sub-headings in terms of industry, following figures are found out;
• In 2014, total added value of the agricultural activities as 11 billion 95 million TRY in fixed prices
with a decrease of 1.9% comparing to previous year and 125 billion 18 million TRY in current prices
with an increase of 8.1%;
• In 2014, total added value of the industrial activities as 41 billion 510 million TRY in fixed prices with
an increase of 3.5% comparing to previous year and 421 billion 342 million TRY in current prices
with an increase of 14.1%;
• In 2014, total added value of the service industry activities as 74 billion 462 million TRY in fixed
prices with an increase of 4.1% comparing to previous year and 1 trillion 9 billion 804 million TRY in
current prices with an increase of 11.8%.
GDP per capita in current prices increased to 22 thousand 753 TRY in 2014 comparing to 20 thousand 607
TRY in 2013. GDP per capita is 10 thousand 404 US Dollar in 2014 comparing to 10 thousand 822 US Dollar
in 2013.
GDP in fixed prices reached 32 billion 104 million TRY in the fourth quarter of 2014 with an increase of 2.6%
comparing to the same quarter of the previous year. GDP in current prices reached 446 billion 366 million
TRY in the fourth quarter of 2014 with an increase of 9.8% comparing to the same quarter of the previous
year.
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Table. 6 TUIK Gross Domestic Product Results, IV. Quarter: October-December, 2014
Year
2013
Quarter
GDP in
current
prices
(Million TRY)
355 813
387 128
417 849
405 499
1 567 289
(r)
I
II
III
IV
Annual
Growth rate
(%)
9.4
10.5
10.8
11.5
10.6
GDP in
current
prices
(Million $)
199 176
210 821
213 020
200 028
823 044
I
411 255
15.5
185 961
II
428 259
10.6
202 407
III
463 902
11.0
214 751
IV
446 366
9.8
196 989
2014
Annual
1 749 782
11.6
800 107
Source: http://www.tuik.gov.tr/PreHaberBultenleri.do?id=18727
Growth
rate
(%)
10.3
8.7
1.9
-1.3
4.7
GDP in fixed
prices
(Million TRY)
28 048
30 205
33 006
31 298
122 556
Growth
rate
(%)
3.1
4.7
4.3
4.6
4.2
-6.6
-4.0
0.8
-1.5
-2.8
29 413
30 907
33 645
32 104
126 070
4.9
2.3
1.9
2.6
2.9
Formation of gross fixed capital formation is calculated as 29 billion 887 million TRY in fixed prices with a decrease of
1.3% comparing to previous year and 351 billion 811 million TRY in current prices with an increase of 10.4%;
Table. 7 GDP Growth Rates with Expenditures Method, 4th Quarter: October-December, 2014 (1998 Prices)
Year
2013
2014
I
Final consumption
expenditures of
households
(%)
3.1
Final
consumption
expenditures of
Government
(%)
7.9
Gross capital
formation (%)
0.5
(r)
Quarter
Good and
Service
export
(%)
3.1
(minus) Good
and Service
import
(%)
7.8
II
5.6
8.0
3.6
0.1
12.6
III
5.6
1.9
5.8
-2.2
5.2
IV
6.1
7.9
7.5
-1.2
10.5
Annual
5.1
6.6
4.4
-0.2
9.0
I
2.6
9.2
-0.3
11.1
0.7
II
0.4
2.5
-3.5
5.5
-4.3
III
0.1
6.6
-0.4
7.9
-1.6
IV
2.4
1.7
-1.0
3.4
4.6
Annual
1.3
4.6
-1.3
6.8
-0.2
(r) Except fourth quarter of 2014, other quarters are updated.
Source: http://www.tuik.gov.tr/PreHaberBultenleri.do?id=18727
Good and service export in 2014 is calculated as 34 billion 111 million TRY by a 6.8% increase in fixed prices and 484 billion 983
million TRY by a 20.7% increase in current prices; goods and service import in 2014 is calculated as 562 billion 271 million TRY by an
11.5% increase in current prices and 35 billion 582 million TRY by an 0.2% decrease in fixed prices.
Final consumption expenditure of households rose in the fourth quarter of 2014 by 11.9% in current prices and 2.4% in fixed prices
comparing to same quarter of previous year. Final consumption expenditure of government rose in the fourth quarter of 2014 by
9% in current prices and by 1.7% in fixed prices. Formation of gross fixed capital rose in the fourth quarter of 2014 by 6.6% in
current prices and declined by 1% in fixed prices.
Goods and service exports rose in fourth quarter of 2014 by 11.4% in current prices comparing to same quarter of previous year;
goods and service import rose by 9.2% in current prices and 4.6% in fixed prices.
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4.3.
Regional Data
One of most important elements which determine the value of subject property is the characteristics of the region on
which it is located. Therefore, geographical position, land structure, socio-economic features, development direction
of the region where subject property is situated are factors which affects the appraisal work and general information
about the regional data are provided in sub-sections.
4.3.1.
Istanbul province
Istanbul is positioned at the 42° N, 29° E coordinates.
Istanbul is settled down alongside the Bosporus and
surrounding the Golden Horn at the northeast of Turkey.
Istanbul is the only metropolis which is situated on two
continents, European Side to the west, Asian side to the
east.
Istanbul is surrounded by seas to the north and south. The north is the Black Sea, South is the Marmara Sea. To the
west is Çerezköy, Çorlu, Marmara Ereğlisi and Saray towns of Tekirdağ city, to the east is Gebze, Körfez and Kandıra
towns of Kocaeli city. The old city Istanbul, which is situated on the peninsula between Golden Horn and Marmara,
lays over 253 km2 and whole metropolis lays over 5.712 km2. The bridges, Fatih Sultan Mehmet and Bosporus, over
the Bosporus interconnects two sides of the metropolis.
According to the address-based census system results of 2014, Turkish Statistics Institute(TUIK), Istanbul is the highest
crowded city in Turkey with a population of 14.377.018 and also one of the crowded cities of the world.
Population of Istanbul has been quadrupled in the last 25 years. Approx. 65% of the Istanbul population lives in
European Side and 35% in the Asian (Anatolian) Side. Immigration of many people due to unemployment into Istanbul
formed slums generally around the city.
In terms of urban scale, Istanbul has undergone a rapid transformation in the last two decades. High income group,
which was living in the city center has moved to less dense housing zones, in touch with nature, located along the
periphery of the city, just like that transformation in Europe and USA.
Upon the enforcement of "Law No 5747 concerning Foundation of New Towns in Metropolitan Municipality borders
and Amendments in Some Laws" effective on 22 March being promulgated in Official Gazette, the number of town of
Istanbul increased to 39, which had previously 32 towns, 151 villages, 817 neighborhoods and 41 first-degree
municipalities.
Istanbul is socioeconomically the most advanced city of Istanbul. Although it is deprived of its government capital in
the Republic Period, it can still be deemed as the economic capital of Turkey. The most important decision,
communication and management center is Istanbul for the economy of the country. 38% of the industrial enterprises
and 55% of the businesses in Turkey is based in Istanbul and therefore 40% of the tax income is earned in this city.
Istanbul is the top level service and trade center of Turkey, where any kind of goods and service are collected and
distributed across country and foreign contacts are established. It is ranked at 8 in the world, with its annual
production amounting 133 billion US Dollar.
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One of the basic functions of Istanbul across Turkey is that it serves as the center of banking and finance.
Having been stormed by foreign finance institutions for the first time during the second half of 19th
century, Istanbul has become the center of national banking towards 1950s and re-opened its doors for
international finance institutions during 1980s. The headquarters of almost all of Turkish major banks as
well as all underwriting firms are based in Istanbul.
Istanbul is also one of most important tourism centers of Turkey, thanks to its natural beauty and rich
historical inheritance as well as diversity of travel and accommodation modes.
The share of agriculture is marginal in the province. Plant production and husbandry is limited with Silivri,
Çatalca and Şile towns, which are located outside the metropolitan area.
4.3.2. Arnavutköy Town
Geographical Structure
Arnavutköy Town is situated in the European Side of Istanbul.
Town is surrounded by Eyüp to the west, Başakşehir,
Esenyurt and Büyükçekmece to the south, Çatalca to the
west and Black Sea to the north. Surface features of the
town include undulating plains, small hills, valleys, lakes,
dams, small lakes, mining pits, agricultural fields, dwelling
units, forests and maquis shrublands. Lands of the town
include hills and undulating plains to the north and east regions, slight undulating plains to the south and
west regions. There are small lakes formed by deserted stone, sand and mining pits stretching along
northeast of Town to the Black Sea. In addition, there are 3 small lakes in the town borders. The Black Sea
coasts, a total length of 22 km houses broad sandbanks to the north of Karaburun Village and Terkos Lake,
other locations houses sand pits, cliffs and low hills. Forests concentrates on to the southeast, north and
northwest of the Town. While more than half of town lands (52%: 259,4 km2) is registered as forestry,
today around half of this is well-preserved forest areas. The remaining part is mainly macquis groves,
degraded forest lands and formerly forested areas. Such lands are used for agricultural purposes or
occupied by dwelling units. Agricultural fields in the town are categorized as "absolute" and "marginal"
agricultural fields. More than one third of town lands (35%: 176,4 km2) is agricultural field. These lands
concentrate on to the south, west and middle of the town. These regions are slight undulating plains. In
addition, there are agricultural lands sporadic among the forested lands.
History
The name of Arnavutköy appears in Ottoman archives and maps of the period since the middle of 19th
century. The population structure of the region, name of which comes from an Albanian individual who had
lived in this region, has changed Population Exchange Agreement ratified between Turkey and Greece in
1923.
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After exchange, Turks living in Drama City of Greece were placed on the region, where Rums had mainly
inhabited.
Hadımköy is obtained its sub-district status in 1969, Arnavutköy in 1987, Boğazköy, Bolluca, Haraççı and
Taşoluk in 1994, all of now included in the borders of Arnavutköy town. However, especially Arnavutköy
has faced with heavy immigration and physically integrated other sub-districts said above after its "subdistrict" status.
Upon the enforcement of "Law No 5747 concerning Foundation of New Towns in Metropolitan Municipality
borders and Amendments in Some Laws" Dated 06 March 2008 being promulgated in Official Gazette, 32
neighborhoods affiliated to 8 municipalities, 8 forest village located in the borders of Çatalca and
Gaziosmanpaşa towns and Şamlar Village affiliated to Küçükçekmece Town, the north of the Sazlıdere Dam
Lake is integrated under the Arnavutköy Municipality. With its area on 506,52 km2, Arnavutköy is the
fourth largest town of Istanbul.
History of the dwelling units situated in the borders of Arnavutköy town dates back around a thousand
year. The oldest known dwelling unit in the border of Arnavutköy tow is today's Durusu (Terkos) locality.
Trikos Castle constructed in the Byzantium Period by the bank of Durusu Lake is one of the front defense
line of Istanbul. In time, having been captured by Genoese, the Castle is conquered by Fatih the conqueror
in 1452.
Imrahor (Emir-i ahor) village situated in the borders of the town is a place where horses are bred for the
Ottoman Palace since Fatih period. Hadımköy is named after the "Father Hadim" one of the Eunuch of Fatih
period. Turks from various places of the country was placed in Hadımköy, which was founded on the land
donated by Father Hadim.
Karaburun Village is an important settlement area since Genoese period. It preserved its importance for
long years thanks to its castle, sheltered harbor, the opportunity to arrive Terkos Lake from the Sea.
Karabun, which is today a fishing village, houses Genoese Castle, mostly demolished, mosque constructed
in 1850 and a Lighthouse built in 1860.
Haraçcı, situated in the borders of Town, is named after old Ottoman tax collecting system and a
settlement where tax collectors of Ottoman had lived. The oldest historical document about Boğazköy,
former Imberin or Emberin, is title registries dated 1497. These documents describe Boğazköy as a small
Rum village. In the title registry dated 1553, this place is recorded as a land owned by Bayezid II's charity.
Population
According to 2014 results of address-based census system of Turkish Statistics Institute (TUIK) the Town
population of Arnavutköy is 225.670.
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5.
APPRAISAL METHODS
Information about Appraisal Methods Used and The Reasons Why this methods are chosen
Valuation is performed on the basis of Market Value or Non-Market Values of an asset. Market, price, cost
and value concepts lie at the core of all valuations. Another factor which is equally important in terms of
valuation is the clear description of how the valuation results are obtained.
5.1.
Price, Cost and Value
Price is a sum which is demanded, offered or paid for a good. Paid-up price represents the point where
supply and demand intersect. Value means the potential price on which buyer and seller may agree for a
good or service offered to the market for purchasing purposes.
Cost, which is a production-related concept, is defined as the necessary sum required for creating or
producing a good, merchandise or service, different than the exchange transaction.
While value is associated with sale or barter of a good or service during a certain period of time, instead of
being real, cost is a potential price assessment to be paid for the production expenses of good and service.
Owners, investors, insurers, value-assessors, grading experts, liquidation officers or trustees or bidders or
special purchaser above the normal, each may attribute different values to same property on the basis of
rationally equal and valid reasons.
5.2.
Market and Non-Market Based Value
Basically, value is created and maintained on the basis of interaction of four factors related with any
product, service or good. These factors are benefit, shortage, want and purchasing power.
•
Market Value is an estimated amount of a real estate which must be transferred on the date of
valuation under an agreement in which parties act as informed, prudent and in a good manner under
the conditions in which parties will not be effected due to any kind of relations and without any
coercion between willing buyer and willing seller who are independent each other after an appropriate
negotiation.
•
Market Value is the estimated value of a property without taking into account its sales or purchasing
costs or any tax assessments.
•
In order to estimate market value, Appraisal Expert must firstly determine the most efficient and the
best use or the most likely use. This use may be current use of property as well as other alternative
uses on the basis of market findings.
Among the most applied approaches for market value estimations are Benchmarking Approach, Income
Discounting Approach, which also include discounted cast flow, and Cost Approach.
5.2.1. Benchmarking approach
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This benchmarking approach assesses value on the basis of comparison by taking into account sales and
market data of similar or substitute properties. In general, the property being appraised is compared with
sales of similar properties transacted in the free market and also by considering offered prices and offered
proposals.
5.2.2. Income discounting approach
In this approach, value estimation is calculated through discounting method by taking into account the
income and expenditure data pertaining to property being appraised. Discounting is associated with
income (generally net income) and value which converts income amount to value estimation. In this
action, Proceeds or Discount Rate or both are taken into account. In the substitute principle, it is deemed
that the value will be calculated through income flow providing the maximum return of investment.
5.2.3. Cost Approach
Cost approach takes into the possibility of constructing another property which will provide same or similar
benefit of the current property, instead of purchasing the property. In the practice, estimated value
includes amortization for older or less-functional properties in the cases where likely price to be payable for
the new one being appraised exceeds excessively the current one.
As a result;
All Market Value assessment methods, technics and procedures forms a common Market Value definitions
on the basis of criteria derived from market and their correct application.
•
Benchmarkings or other market comparisons must be based on the market observations.
•
Income discounting approach, which also includes discounted cash analysis must be based on cash
flows determined by the market and return rates derived from the market.
•
Construction costs and amortization must be determined with an analysis conducted on the basis
of market-based estimations of costs and accumulated amortization.
How the property will normally be transacted in the market determines what approach or procedures will
be deployed for market value estimation. Each of these approach are comparative approach when they are
based on market data. In each appraisal case, one or more methods are generally the most representative
of the market activities.
Appraisal Expert will identify what method or methods are viable for market value determination by
considering all methods specified.
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6. LOCATION OF AND PHYSICAL SURVEY ON REAL PROPERTY
6.1. Location, Access and Environmental Characteristics of Real Property
Subject property is located in the borders of Ömerli Neighborhood, Arnavutköy Town on the European Side
of Istanbul Province. While Property is within borders of Hadımköy region of Arnavutköy Town, it is
positioned closely to Esenyurt and Büyükçekmece Towns. With its close position to main arterial roads and
accession roads, the property is advantageous in terms of transportation. Property is also accessible with
public transportation passing through Hadımköy road. In the region where the property is located, there
are 2 and 3 floors buildings used for warehousing logistics purposes as well as factories. It fully makes use
of public services and has no visible infrastructure problem. Around the close vicinity of the property, D-100
Road, TEM highway, Istanbul Hadımköy Road, Haraça Hadımköy Road, Aras Cargo and Windmills are
important reference points.
Hadımköy Istanbul Road
SUBJECT
PROPERTY
TEM Highway
Table. 8 Air Distance of Subject Property to Some Centers
Distances
TEM Highway
D-100 Road
Bosporus Bridge
FSM Bridge
Sabiha Gökçen Airport
Ataturk Airport
*Distances are measured via Google Earth.
Mileage*
4.10 km
12.00 km
35.00 km
36.00 km
62.00 km
23.00 km
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Subject Property
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6.2.
Description of Property
Structural, Construction and Technical Specifications of Property, Details About Project, if the subject of appraisal is a project.
Subject Property "BAK. Two Floors Factory Building" qualified property is the land registered on Map
Section F21D13B4D, Lot 113, Parcel 8, Ömerli Neighborhood, Arnavutköy Town, Istanbul City and the
Factory Building, Door No 147, located on it. The parcel which houses said building is a geometrically
irregular rectangle and sizes 10.187 m2. Parcel houses a factory building, a total of 4 floors consisting in 2
Basement + Ground Floor + 1 Regular Floor. The entrance to the subject property is accessible through
ground floor from Hadımköy-Istanbul Road, towards which it faces. External façade is coated with external
façade paint.
Subject Property
On the basis of a review on architectural project approved on 11.09.1998 seen in Archive of Zoning
Directorate, Arnavutköy Municipality, the building located on the Lot 113, parcel 8 subject to appraisal has
parking lot, 2 stores, shelter, boiler room, p, 3 office rooms, washing facilities-WC volumes in its 2nd
Basement. 2nd Basement is accessible from back façade.
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1st Basement has parking lot and office volumes and is accessible from side façade
Ground floor has production shop, showroom, security room, washing facilities-WCs and dressing rooms.
Ground Floor is accessible from Istanbul Hadımköy Road, with which it faces.
1st regular floor has production shop, store and office volumes.
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2nd regular floor is only in the administrative building and consists of meeting room and boss room,
according to its project.
Main property has a total useful area of 19.836 m2 according to its project.
In the on-site inspections, it is observed that main building is used as two separate sections. 1st Section is
used as Administrative Building which faces to Hadımköy-Istanbul façade. 2nd Section is the part separated
from administrative building, which ranges up to back façade of the main property and consists of sections
used for warehousing purposes.
As a result of detail in-site inspections on the property, it is seen that garden area in the back façade is
covered with steel construction material in order to use it for storage, unloading, truck access, loading
areas. The semi-covered area used in the back garden is approx. 800 m2. In the inspections on the
administrative part of the main building, it is seen that approx. 535 m2 area is formed, which conflicts with
its project and in the roof space of factory part, approx. 1750 m2 area is constructed for archive-warehouse
purposes. Parcel also houses 1 security cabin and 2 transformer building.
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•
•
•
•
•
•
•
•
•
•
•
•
Inside the main building, office, hall, corridor floors and wet volumes are ceramic-tile covered.
Grounds of warehouse areas are pvc-based floored.
In the administrative section, offices are isolated from each other with plaster board.
Lighting of administrative section is provided by spotlights.
Lighting in the warehouse sections are provided by pendant fluorescent lamps.
Stairs are granite-marble covered and handrails are made up of aluminum railings.
There are air conditioners and ventilation hoods on the exterior volumes.
External and interior paints are type of regular workplace paints.
Factory has private security and carpark.
Entrance platform of car parka and garden is floored with tile key block.
The borders of main property is marked with iron joinery rails over concrete wall.
Access Gate is an electronic sliding door.
Structural Properties of the Property
Building Type
Building Class
Building Order
Building Age
Number of Floor
Usage Area (m2)
Lift
Fire Escape Stairs
Water
Electrical
Natural Gas
Sewage
Heating System
Parking Lot
Installations
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
B.A.K.
III/8
Separate/Block
17 (Per Building License)
4 (2 Basements + Ground Floor + 1 Regular Floor)
19,836
Available
Available
Available
Available
Available
Available
Available
Available
Physical Properties of the Property
Flooring
Wall
Ceiling
Roof
Material Conditions
Installation Conditions
Infrastructure Conditions
:
:
:
:
:
:
:
Ceramic and Vinyl floor covering
Plastic Paint and Regular Paint
Plaster board
Steel Construction
Medium
Medium
Medium
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Floor Constructed in conflict with Administrative Building Project.
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7. ANALYSIS OF DATA ABOUT REAL PROPERTY AND VALUATION CONCLUSIONS
7.1.
Factors Influencing Value of Real Property (SWOT Analysis)

STRENGTHS
•
The building on the parcel is being occupied,

WEAKNESSES
•
Abundance of alternative lands in the region of property.
•
Property has the construction in conflict with its project,

OPPORTUNITIES
•
Positive effects of Airport project, 3rd Bridge Project and Channel Istanbul expected on the values of
lands in the region.

THREATS
•
The share of State Railways on the parcel after enforcement of Article 18.
7.2.
The Most Effective and Efficient Use Analysis
"The most possible use of a property, which is physically possible, financially feasible, allowed by laws and
enabling subject property to reach its highest value. (UDS Article 6.3)
"The use, not allowed by laws and physically impossible, may not be deemed as the best use which has the
highest efficiency. Both legally allowable and physically possible use may require appraisal expert to explain
why such use is logically possible. In case one of more use turns out to be possible, analyses are put on test
for their financial feasibilities. Along with other tests, the use resulted in highest value is the most efficient
and best use. (UDS Article 6.4)
The concept "the most efficient and best use" is the basic and integral part of the market value
assessments. The most effective and efficient uses must fulfill four indirect criteria. These criteria are
prioritized as follows:
•
•
•
•
Physically possible,
Legally allowable,
Financially feasible,
Maximum efficiency,
No different survey/improvement has been conducted by us for the most effective and efficient use
analysis purposes, since the subject property on the parcel is developed in compliance of its function, which
is determined as "Industrial" in application zoning plan, scale 1/1000.
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7.3.
Methods Applied in the Appraisal and Their Reasons
In the appraisal work, investment cost of the building constructed on the subject property is computed with
the "Cost Analysis Method" and data which will constitute land value with the "Benchmarking Analysis" and
these values are summed to calculate the total value of the property.
7.3.1. Benchmarking Method Analysis
Inspections and results of the similar lands on sale and factory/warehouse for rent, located close to the
subject property are provided in the following sub-section "Market Researches and Results".
Market Researches and Results
Table. 9 LAND ON SALE BENCHMARKS
BENCHMARKS
AREA (m )
SALES
VALUE
(USD)
UNIT VALUE
2
(USD/m )
3,617
1,740,000
481.06
2
LOCATION AND ITS PROPERTIES
CONTACTS
2
BENCHMARK 1
BENCHMARK 2
BENCHMARK 3
BENCHMARK 4
OTHERS
A property with an area of 3.617 m on lot
no 108 - parcel 3, having the same
property rights with the subject property,
located on 900 m east to the subject
property is on sale with a price of USD
1.740.000.
A property with an area of 2.550 m2,
having the same property rights with the
subject property, located on 1 km east to
the subject property is on sale with a price
of USD 1.275.000.
Industrial parcels, a total of five parcels,
2
with a total area of 10.806 m , having the
same property rights with the subject
property, located on 1 km east to the
subject property is on sale with a price of
USD 6.500.000.
A property with an area of 4.450 m2,
having the same property rights with the
subject property, located in the region of
subject property is on sale with a price of
USD 1.950.000.
Emlaxell Emlak:
532 3268287
Taka Emlak:
2,550
1,275,000
500.00
532 2921886
Nur Emlak:
10,806
6,500,000
601.52
530 4011947
WEC Çağdaş Emlak:
4,450
1,950,000
438.20
533 3738683
According to data obtained from realtors based in the region and people interested in the
region, we reached the information that unit value per sq of the sales actualized in the
region is around USD 400-500. By also taking into increase in exchange rate, it is hereby
declared that unit value per sq of the land may be USD 400.
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
LAND MARKET RESEARCH RESULTS
A survey is made on the parcels located in the close vicinity to the subject property and having similar
position, similar property rights and harmonization with sales recently completed is done by taking into
account the current discount shares of as well as location and surface areas of the advertisements in the
market.
As a result of research, it is concluded that unit value per m2 of the subject parcel may be approx. USD
400/m2 = TRY1.115/m2 by taking into account the extraordinary revaluation of US Dollar against Turkish
Liras prevailing in the market.
Market Value of Lot 113 - Parcel 8: 10.187,00 m2 x 1.115.-TRY/m2 = TRY 11.358.505
Table. 10 RENTAL FACTORY/WAREHOUSE BENCHMARKS
BENCHMARKS
BENCHMARK 1
BENCHMARK 2
BENCHMARK 3
BENCHMARK 4
BENCHMARK 5
LOCATION AND ITS PROPERTIES
AREA (m2)
SALES VALUE
(USD)
UNIT
VALUE
(USD/m2)
A 15-20 aged facility having 3.300 m2
warehouse/factory area located close to the
subject property is on rent with a negotiated
lease of TRY 25.000/Month.
3,300
25,000
7.58
A newly built facility having 4.300 m2
4,300
9,800
3,500
A facility built approx. 5 years ago having 6.300
m2 warehouse/factory area located close to the
6,300
CONTACTS
Emlaxell Emlak:
532 3268287
40,000
9.30
Metsel Yatırım:
546 2451703
85,000
8.67
Coldwell Banker:
532 7041694
30,000
8.57
Istanbul Yatırım Emlak:
532 2762737
49,000
7.78
Century 21:
532 3246272
OTHERS
According to review of rental warehouse/factory benchmarks, the unit rental value ranges between TRY 7.5 and 9.5/month/m2.
It is concluded that unit rental value of the subject project may be TRY 7.5/Month/m2 by taking into account all conditions,
covered area use and negotiation margins.
NOTE:
Fecir İş Merkezi, subject property is on negotiated sale with a price of TRY 28.000.000 + V.A.T. 0542 2758290
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
RESULTS OF RENTAL FACTORY/WAREHOUSE MARKET RESEARCH
A survey is made on the rental factory/warehouse benchmarks located in the close vicinity to the subject property and
having similar position, similar property rights and harmonization with sales recently completed is done by taking into
account the current discount shares of as well as location of the advertisements in the market. As a result of
research, it is concluded that unit rental value per m2 of the said property may be around TRY
7.5/Month/m2.
7.3.2. Cost Analysis
Cost approach is used in calculation of total value of the property. In the appraisal work, only structures having the
building occupation permit are considered pursuant to Communique on Principles of Real Property Investment
Partnerships. Following is the cost analysis table.
Table. 11 Cost Analysis Method (Occupied Buildings)
COST ANALYSIS
BUILDING VALUE
Type of Property
Area,
Building Group
Unit Value,
2
m
TRY/m2
Fecir iş Merkezi
19,836.00
3-B
700
Amortization Value
30%
External and Misc. Works (Lump Sum)- Concrete Site Flooring/Wall/Landscaping
TOTAL BUILDING VALUE, TRY
Building Value,
TRY
13,885,200
4,165,560
1,388,520
11,108,160
VALUE OF LAND LOT 113 PARCEL 8
2
Subject Property
Area, m2
Unit Value, TRY/m
Lot 113 Parcel 8
10,187.00
1,115
TOTAL VALUE OF SUBJECT PROPERTY (BUILDING+LAND), TRY
Land Value, TRY
11,358,505
22,466,665
Value of the Subject Property through Cost Method is calculated as TRY 22.466.665.
Table. 12 Insurance-Based Value Table;
Type of Property
Fecir iş Merkezi
Area,
2
m
19,836.00
Building Group
3-B
Unit Value,
2
TRY/m
700
Building Value,
TRY
13,885,200
Insurance-Based Value of the Subject Property is calculated as TRY 13.885.200 (Excl. VAT).
7.3.3. Income Discounting Approach
In practice, income discounting analysis is applied as two different method; Direct Income Capitalization
and Cash/Income Flow Analysis.
7.3.3.1. Direct Capitalization Method
With this method, capitalization ratio is determined by associating incomes earned by and market value of
similar properties in the market. In the market analysis conducted for rental and on sale property located
in the region of factory building registered on lot 113, parcel 8, value relations are analyzed and as a result
capitalization ratio for the region is computed as 0.085 (8.5%).
SEAL - SİGNATURE
29
15_400_123_04
Value Calculation with Income Analysis Method:
Covered Area: 19,836.00 m2
Monthly Rent Value: 19.836,00 m2 * 7.5.-TRY/m2 = 148.770.-TL = TRY 150.000
Annual Rent Value: TRY 150.000 X 12 Months = TRY 1.800.000
Annual Net Income (Rent)
Capitalization Rate
TRY 1.800.000.0.085
=
=
TRY 21.176.470.-
7.3.3.2. Cash Flow Analysis Method
In the cash / income flow analysis, the most effective and efficient uses on the real property is developed
theoretically and long-term cash flows are computed. Net operating incomes calculated are discounted
with the discount resulting in net today value of the subject properties. In the appraisal work, Income/Cash
Flows analysis is not used.
8. ASSESSMENT OF THE RESULTS OF ANALYSIS ON REAL PROPERTY
8.1. Harmonization of Analysis Results
"Benchmark Analysis Method" is not used over the total covered area in the appraisal since a part of
structures on the subject parcel being unlicensed and licensed areas remaining lower than current
benchmark right prevent consistent results from being calculated in its comparison with factory covered
areas on sale in the region.
With the "Benchmark Analysis Method" for the land of the subject property, only land value is assessed and
by adding building value less amortization with "Cost Analysis Method", total value of the property is
assessed as TRY 22.466.665.
As another method, "Direct Capitalization Analysis Method" is used and rental factory/warehouse
benchmarks existing in the market are analyzed, which is associated with capitalization rate found
appropriate for the region, which resulted in a total legal value of property as TRY 21.176.470.
By harmonizing the values calculated by two different valuation methods in favor of the value calculated
with Cost Analysis Method, the total value of the subject property is assessed as TRY 22.000.000.
Harmonized Value (Occupied Buildings), TRY
Cost Analysis Method
22,466,665
Direct Capitalization Method
21,176,470
HARMONIZED TOTAL VALUE, TRY
22.000.000
8.2.
Whether Obstacles Exist Against Inclusion in Real Property Investment Partnership
Opinion about whether any obstacles exist which hinders subject property, property project or property rights and benefits to be
included in Portfolio of Real Property Investment Partnerships under the Capital Market Legislation
It is concluded that there are not any obstacles which prevent subject property from included in "Building"
title of portfolio of Real Property Investment Partnership under the Capital Market Legislation.
SEAL - SİGNATURE
30
15_400_123_04
9.
FINAL VALUE APPRAISAL AND CONCLUSION
Benchmark properties which may compete with the subject property in its region and legal value of the
subject property is assessed by considering transportation access and surrounding structures.
Table. 13 Final Value Table;
SUBJECT PROPERTY
LAND AREA
(m2)
OCCUPIED
BUILDING AREA
(m2)
RENT VALUE EXCL.
VAT (TRY/Month)
MARKET VALUE
EXCL. VAT (TRY)
MARKET VALUE
INCL. 18% VAT
(TRY)
LOT 113 PARCEL 8
10.187,00
19.836,00
150.000
22.000.000
25.960.000
On the basis of Exchange Rates of T.C.M.B. on 07.31.2015, 1 USD =2,7839.-TRY (Buy), 1 USD =2,7889.-TRY (Sell), 1 Euro
=3,0506.-TRY (Buy), 1 Euro = 3,0561. -TRY (Sell).
All the values expressed in the report are exclusive of VAT.
As a result;
Total Market Value Excluding VAT of "B.A.K. Two Floors Factory Building" registered on Lot 113, Parcel 8,
Omerli Neighborhood, Arnavutköy Town, Istanbul Province is assessed as TRY 22.000.000- (Twenty two
million Turkish Liras) as of 07.31.2015.
Berkay OKÇUOĞLU
Urban Planner
CMB LICENSE NO: 402578
REAL PROPERTY APPRAISAL EXPERT
SIGNATURE
Didem ÖZTÜRK
Map Engineer Msc
REAL PROPERTY APPRAISAL EXPERT
SIGNATURE
Aysel AKTAN
Urban Planner - Map Engineer
APPRAISAL EXPERT IN CHARGE
SIGNATURE
SEAL - SİGNATURE
31
15_400_123_04

REAL PROPERTY APPRAISAL REPORT

Transcription

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