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YOUR HOUSE IN TURKEY 2012

A Buyer's Guide to Best Recent Projects


your house ın turkey 2012

EDITORIAL 1

your house ın turkey Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Fatma Çilo Bayramoğlu Advertising sales manager Nuran Yıldız

WELCOME

Corporate communication director Mürüvvet Can Graphic designer Doğukan Bilgin Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 Istanbul Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul

Turkey remains among the most promising real estate markets and it is increasingly a country that investors need to pay attention to, thanks to its strong growth prospects and favourable demographics. With a GDP of USD 770 billion, the Turkish economy expanded by 8.5% last year, thirdfastest among the Group of 20 industrialized nations, after China and Argentina. The country has a sizable domestic market, a population (about 75 million) that’s young, and plenty of catching-up to do in financial services penetration. All of that spells growth. However, it’s more important to establish the right tax, regulatory and legal

All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors.

environment to attract finance chiefs and to provide them a skilled workforce. Turkey

Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net

This guide you’re holding in your hands attempts not only to reveal current conditions

doesn’t yet have those prerequisites, which is why it falls so low on indexes that try to measure finance centres. However, the country is certainly trying to become a more inviting place for global investors. For instance, the Land Registry Act has been amended recently and the reciprocity law, which has been considered as the main obstacle for foreign investors, has been removed.

of the real estate market in Turkey, but also to provide an insight for both global and individual investors. Hope you enjoy it.


2 Contents

your house ın turkey 2012

YOUR HOUSE IN TURKEY 2012

Your House In Turkey 2012 A Buyer's Guide to Best Recent Projects

4 NEWS

36 Project Showcase

Roundtable dISCusıon

36 GLOW3

12 STILL EARLY FOR ENTHUSIASM REVIEW

40 OnaltıDokuz Istanbul

24 TURKEY IS TAKING ACTION

44 RIngs Istanbul

REVIEW

48 Valle Lacus

AT THE RIGHT TIME

26 restrıctıons are eased for acquısıtıon of real estate ANALYSIS

28 TRANSPORTATION LINES IN ISTANBUL ANALYSIS

32 MAIN DEVELOPMENT AREAS IN ISTANBUL

52 VIaPort VenezIa 56 Yorum Istanbul ResIdences 60 Selected Projects


4 NEWS

your house ın turkey 2012

Deforested lands are on sale until November There are about 500,000 blocks of deforested land on sale with an application deadline of October 30, according to the Finance Minister of Turkey. The total market value of deforested

The government hopes that 2B land

real estate to foreign citizens and

lands, which are also known as

sales will bring a substantial amount

firms. Şimşek said 2B lands cover

2B lands, is estimated at between

of revenue. A law was recently

some 4.1 billion m² of deforested

EUR 6.5 billion and EUR 11.5 billion,

enacted which paved the way to sell

land, which is deemed impossible to

said Finance Minister Mehmet

deforested land. The law has been

reforest. Another purpose of the 2B

Şimşek at a meeting with provincial

controversial as some feel it may lead

law is to legalize constructions and

treasurers of the 12 provinces which

to more deforestation.

solve ownership disputes between

have the most properties within the

the citizens and the state and grant

scope of the 2B lands.

to apply for 2B lands as soon as this

land titles to rights-holders on such

Proceeds from 2B land sales

week and not wait six months. “The

lands.

will be used in decreasing disaster

rights-holders will lose their rights

risks in Turkey, supporting villagers

if they run late in applications in six

at 70% of the market price to rights-

that live off forestry occupations,

months,” he said.

holders and in case of pre-payments

creating new forest land and forest

the government grants a further 20%

improvements, he said, adding that

comes as the Turkish parliament

discount. There are about 500,000

the cabinet will determine how to

approved a law in May, which eases

blocks on sale with an application

specifically utilize the proceeds.

restrictions on the sale of land and

deadline of October 30.

Şimşek also urged rights-holders

The step on deforested lands

The government sells the lands

Property sales to foreigners has boosted Turkey’s fast growing property market is enjoying an influx of foreign buyers after a bill, which took effect in early May, eased property sales to non-Turkish citizens. The Turkish property market has

number is expected to rise even more in

witnessed its largest influx of foreign

the coming period.

has created a significant opportunity

buyers since the founding of the Turkish

According to the Central Bank

for European investors. A bill, which

Republic. In May 2012 alone foreign real

Balance of Payments report, Austria

removes the condition of reciprocity

estate acquisitions in Turkey reached

trademark firms are behind the

and eased restrictions on the sale of

EUR 890 million, which is four times the

acquisitions. To date, the largest real

land and real estate to foreign citizens

total number of real estate purchases

estate purchases by foreigners were

and firms, was adopted in May. Main

completed by foreigners in 2011.

back in 2008 when total purchases hit

opposition Republican People’s Party

EUR 274 million. In 2009, foreigners

(CHP) has appealed to the Constitutional

incredulous given that real estate sales

bought EUR 170 million worth of local

Court to annul and suspend the bill

to foreigners were only EUR 92.8 million

real estate, EUR 255 million in 2010 and

arguing that some provisions in the bill

in the January-April 2012 period. The

EUR 252 million last year.

are unconstitutional.

This number is even more

Turkey’s real estate reciprocity law


6 NEWS

your house ın turkey 2012

A large plot in Ataköy to be up for sale Some 670,000 m² of land in the coastal area of Istanbul’s Bakirköy district, including the Ataköy Tourism Complex, will be put up for sale until the end of the year. The Housing Development

include 144,000 m² of land that has

raise Istanbul’s tourism potential to

Administration (TOKI) and DATI

been leased from the Undersecretariat

unimaginable levels” Karaoğlu said.

Investment Holding have jointly

of the Treasury, and a giant marina

agreed to sell their land in the area,

project of 378,000 m².

tourism zone, and it is in the public’s

as well as the commercial license and

interest to sell the land as one

assets that go with the property, said

property that is subject to sale is

package”, he said.

Ali Seydi Karaoğlu, the head of TOKI’s

670,000 m²,” Karaoğlu said. The

Istanbul Real Estate Office at a press

marina project has the necessary

share in the total value of the Ataköy

conference in August.

approvals, he said. He said he

Tourism Complex”, said Gökhan Kiran,

expects a significant amount of

the CEO of DATI. “DATI was founded by

includes the Galleria Shopping Centre,

revenue from the sale and TOKI may

67 partners from the maritime sector,

Sheraton Hotel and Ataköy Marina, and

start the sale tender process within

and acquired the Ataköy Tourism

was sold to DATI Investment Holding

two months.

Complex for USD 200 million and a

in 2004 by the Privatization Board.

further USD 200 million were invested

TOKI holds simple ownership of the

in terms of air, marine and land

in the complex”, said Kıran.

138,467 m² of land that the complex

transportation, its tourism potential.

is built on.

There is no dispute about the

difficulty in the maritime sector for

development plan, as all of the legal

four years, and there is no sign of

for the complex for the next 26 years,

procedures are over. It is a very

improvement. That’s why the partners

Karaoğlu said, adding that DATI also

attractive location for investors,

decided to sell off DATI. After one year

owns 10,241 m² of property in the

and it is very important for Istanbul.

of talks with TOKI, we brought up the

area. In addition to this the sale will

If the project materializes, it will

idea of a joint sell-off,” he said.

The Ataköy Tourism Complex

DATI holds the commercial license

The Ataköy Tourism Complex

“The total usage area of the

“It is a valuable piece of land

“The area has been declared a

“TOKI holds a 60% and DATI a 40%

“There has been [economic]


8 NEWS

your house ın turkey 2012

Istanbul aims to outperform Dubai It’s now little more than a dusty patch of land in the modern suburb of Ataşehir on the Asian side of Istanbul. Within three years, if all goes according to plan, high-rise office buildings will dominate the site, forming an upstart Wall Street on the Sea of Marmara: the Istanbul International Financial Centre. With the finance centre up and running, Environment and Urbanization Minister Erdoğan Bayraktar told reporters earlier this year, “Istanbul will assume its historical role as a global centre of commerce.”

A global financial centre is a good

dream to have when established centres such as London face reputational damage and regulatory uncertainty. However, Istanbul has a mountain to climb.

By some measures, Istanbul,

straddling Europe and Asia, with 13 million people, is on its way there already. The financial industry has grown along with the world’s 16thlargest economy.

With a gross domestic product

of USD 770 billion, the Turkish

A photographic depiction of the plan

economy expanded by 8.5% last year, third-fastest among the Group

of 20 industrialized nations, after

government’s 2009 action plan to

Turkey’s 35% upper rate. More

China and Argentina, according

develop Istanbul as a financial centre

important, the government’s poor

to data compiled by Bloomberg.

contains 71 points and reads like

record on Internet and media

It has cooled a bit, growing at an

a to-do list the World Bank might

freedoms, a series of legally

annualized rate of 3.2% in the first

prescribe. Highlights include setting

questionable high- profile trials,

quarter of 2012 - a pace that would

up specialist courts to efficiently

and a barely concealed nexus of

be the envy of neighbours to the

resolve disputes, making it easier for

politics and business have left a

west.

foreigners to get work visas, reducing

cloud of suspicion over Turkey as a

Today, the heart of Turkey’s

Turkey is certainly trying. The

rate for foreigners, compared with

and simplifying taxes, and improving

predictable marketplace with a level

financial industry is in Istanbul’s

English-language education in

playing field.

Levent and Maslak districts, on a hill

schools and universities.

overlooking the Bosporus from the

to join the European Union, whether

city’s European side. The assets of

government is willing to do

it succeeds is less important than

all banks licensed in Turkey grew six-

everything it would take. Just as

that it tries. Every step taken to make

fold to USD 710 billion from 2002 to

an example of the competitive

Istanbul a more inviting place for

2012, according to Turkey’s Banking

challenges Istanbul faces, Dubai

global companies will be good for

Regulation and Supervision Agency.

offers a zero percent income tax

Turkey’s economy as a whole.

Still, it’s far from clear the

Still, as with Turkey’s troubled bid


10 NEWS

your house ın turkey 2012

Property prices increased in August According to August data of Turkey Residential Property Indices compiled by reidin.com, the residential sales prices for both existing homes and new homes have been increased. The residential sales prices for

Kocaeli during August 2012.

type, increase of 0.16% in 2+1 flat

existing homes increased 2.44% in

According to the results of “New Home

type, increase of 0.25% in 3+1 flat

Turkey overall,2.29% in Adana, 3.11%

Price Index”, in August 2012 there is

type and increase of 0.42% in 4+1

in Ankara, 3.06% in Antalya, 2.90%

0.32% increase with respect to the

flat type compared to the previous

in Bursa, 2.35% in Istanbul, 2.14%

previous month and in compliance

month.

in Izmir and 1.07% in Kocaeli during

with August 2011 there is 11.87%

August 2012.

increase.

Price Indices uses monthly sample

of offered/asked listing price data,

Additionally, the residential rental

“Trademarked Projects” in Istanbul

Turkey Residential Property

prices for existing homes increased

European side shows 0.54% of

covering over 200,000 houses, while

1.45% in Turkey overall,1.42% in

increase and 0.15% of increase in

New Home Price Index is calculated

Adana, 1.88% in Ankara, 1.74% in

Asian side, the results have shown.

on 62 projects and with a monthly

Antalya, 1.04% in Bursa, 1.13% in

average number of 22,500 properties

Istanbul, 2.60% in Izmir and 1.26% in

an increase of 0.48% in 1+1 flat

New Home Price Index also shows

presented by 24 developers.

Turkish cities to get a civilian outlook A bill on transforming disaster-risk areas, aptly called the Urban Transformation Bill, will hand the renovation of buildings on military land to civilian authorities in a move that will enable the “demilitarization” of cities. The bill paves the way for the Housing

part of the plan to repair structures that

right to appeal decisions concerning

Development Administration of Turkey

are at risk in the event of a disaster.

their property within 15 days.

(TOKI) to take over the job of fixing

buildings on military land where

the Ministry of Environment and Urban

given to property owners to demolish

necessary, as earlier requested by the

Planning in order to commence urban

dangerous buildings. If not demolished

Ministry of Environment and Urban

transformation across the country.

by owners, additional time will be given,

Planning.

The first task is to compile a list of

and a notification issued stating that

structures considered at risk. Owners

officials will carry out a demolition if

military and the Ministry of Defence

of these structures will be required

owners fail to comply with the directive.

will be handed over to the Ministry of

to engage institutions, to be licensed

Environment and Urban Planning. The

by the ministry, and to carry out a risk

reinforcement rather than demolition,

Ministry of Environment and Urban

assessment on their properties.

owners will be provided with loans from

Planning will renovate other public

a fund created for urban transformation

structures after seeking the opinion

structures the ministry is likely to

projects.

of related institutions utilizing the

ask building owners to obtain such

buildings concerned.

an assessment. Should assessments

against those who obstruct urban

Real estate currently assigned to the

The bill aims to solve issues in

Regulations are to be prepared by

While compiling a list of at-risk

At least 60 days’ notice will be

For structures requiring

Legal action will be taken

not be conducted within a set

transformation projects on concerned

Turkey’s 81 provinces concerning

period of time, the ministry will

structures. Public officials charged with

unplanned and uncontrolled

request municipalities or special

the process of urban transformation will

urbanization and is expected to renew

provincial administrations to carry

be penalized should they fail to carry

about 50% of buildings in Turkey as

out inspections. Owners will have the

out their duties.


12 ROUNDTABLE DISCUSSION

your house ın turkey 2012

STILL EARLY FOR ENTHUSIASM Following the amendment on the Article 35 and 36 of the Land Registry Law, Emre Çamlıbel (Soyak Real Estate, CEO), Gürler Ünlü (Strategy Platform for Real Estate, President), Hakan Berktaş (Eskidji Real Estate, General Manager), Işıl Dinçer (TSKB Real Estate Appraisal, General Manager), and Serkan Gül (Hergüner Bilgen Özeke Attorney Partnership, Partner) got together for a roundtable discussion under the moderation of Ersun Bayraktaroğlu (PwC Turkey, Real Estate Industry Leader). The conclusion was quite remarkable. It seems that it is a little early for much enthusiasm on the contrary to the general mood. Acquisition of properties by foreigners and foreign direct investment flow will only increase, if the market conditions are favourable in every aspect.


your house ın turkey 2012

ROUNDTABLE DISCUSSION 13

Ersun Bayraktaroğlu: Today we

The old law was looking for

will discuss the amendment on the

a reciprocity requirement.

“Land Registry Act” through the

Reciprocity was gathered under

new regulation, its impact on the

two main headings: legal and actual

real estate market, supply-demand

reciprocity. For instance; if a UK

analysis and possible strategies

citizen was willing to acquire a

for the future. Such regulations

property in Turkey, there should had

are usually responded positively in

been a legal regulation for a Turkish

Turkey and this one is expected to

citizen to acquire a property in UK

affect the market significantly as

reciprocally.

well. Let’s begin with Mr. Gül just to learn the legal background of the

Additionally, there were some

amendment.

restrictions for specific areas, such as military zones, security areas,

Serkan Gül: Property sales to

and strategic regions. Due to your

foreigners have been added to our

intended purpose, there was a legal

agenda with four or five different

process adapted to acquire a property

arrangements since 1980’s. Each

located in such regions in Turkey.

change in the scope of legislative

There was a restriction for the total

amendments has been cancelled

area of the properties as well. The

several times by the Constitutional

total area of the properties couldn’t

Court. However, sometimes the

have been higher than 10% of the

reasons for cancellation were

total surface area of the district

taken into account, and sometimes

subject to private property and not

excluded, when it came to a new

been higher than 25,000 m2 per capita

amendment.

across the country in general.


14 ROUNDTABLE DISCUSSION

your house ın turkey 2012

not allow foreign legal entities to

foreigners regarding the acquisition

acquire property in Turkey, except

of real estate in Turkey. However,

some rules which can only give you

we have witnessed that sometimes

only easement, and the right to use

these rules were stretched in line

not the deed.

with the country interests. New regulations also allow stretching

Let’s assume that a German company

these rules for some cases within the

establishes a firm in Turkey which

scope of the Council of Ministers’

makes the firm a Turkish company

approach.

with foreign capital. A foreign capital

Serkan Gül

“Even after the amendment, Article 36 still does not allow foreign legal entities to acquire property in Turkey, except some rules which can only give you only easement, and the right to use not the deed.”

company have the right to obtain

Our main expectation is the growth

a property in Turkey as any other

of the real estate market in Turkey.

Turkish companies. New regulation

Foreigners may now acquire lands,

has only changed the application

business premises, and mostly

process and eased some restrictions.

houses. New regulations will surely

Even if you are a junior partner in a

lead to the growth of the market,

foreign capital company you can now

revenues, and employment while

grant permission easier under an exempted procedure. Additionally, foreign capital companies in organized industry and industrial districts are not subject to the law. Ersun Bayraktaroğlu: Some developers are telling that Arabians are now buying houses in Turkey? Your company develops residential projects as well, is there a such

Gürler Ünlü: I have a question. Can

demand for Mr. Çamlıbel?

foreign companies acquire property in Turkey due to new regulations?

Emre Çamlıbel: Representing both

Is there a such thing? Previously,

my company and my industry, I can

foreign companies were establishing

tell you that there is no serious

another firm in Turkey, and the firm

activity currently. But there is

in Turkey was purchasing real estate

a reason for that. We’re not yet

on their behalf.

organized in terms of legal structure

“Representing both my company and my industry, I can tell you that there is no serious activity currently. But there is a reason for that. We’re not yet organized in terms of legal structure and commercial approach.”

and commercial approach. Real Serkan Gül: Article 35 and 36 of

estate sector supports these

the “Land Registry Act” has been

regulations. Why do we support?

amended in the reciprocity rule

Turkish Foreign Affairs strategy is

basis. Article 35 regulates the

always based on the principle of

acquisitions of properties by foreign

reciprocity in both commercial and

natural persons, while Article 36

political sense. For instance, there

determines the acquisitions of

is the principle of reciprocity in the

foreign legal entities. Even after the

visa application as well. Naturally,

amendment, Article 36 still does

there was a reciprocity principle for

Emre Çamlıbel


16 ROUNDTABLE DISCUSSION

your house ın turkey 2012

to rent houses in Turkey instead of

settlement and ownership problems.

buying, and they are renting through

So we should consider these concerns

real estate agents in their own

and work hard to adapt the current

country.

stock to foreigners’ needs. We should also resolve the transparency issues

Işıl Dinçer

“New regulations will surely lead to the growth of the market in the long term, however we should organize well and act collectively.”

Actually, new regulations haven’t

in order to encourage them to get

changed anything in practice. I

involve in development process.

wondered about the practice, so I

The legal process for the permission

had some talks with land registrars.

should be eased as well. Naturally,

They told me the same, anything has

such adjustments are not easy to

not changed yet. This is really funny.

proceed. We should remember

We’re amending the laws in good

potential foreign buyers, who came

purpose. However, we should apply

in 2006-2007 with much enthusiasm

these in practice. Transactions are still taking so much time. Ersun Bayraktaroğlu: You haven’t witnessed any large transactions yet, have you? Hakan Berktaş: No, not yet. There are about 15 major investors in the market and I guess they’re visiting us all. However, corporate investors are doing feasibility studies for the right

increasing the supply and supporting

price and location. They want to be

foreign direct investments.

sure about the acquisition.

If we take a closer look to after the

Ersun Bayraktaroğlu: There is also a

year of 2003, which represents

limitation regarding the acquisition

the current status of the real

of lands. Let’s continue with Mrs.

estate sector, we’ll see that ten

Dinçer. Buyer profile is more or less

thousand houses per year are

certain. Mass purchases are usually

bought by foreigners. This is

done by Arabians or Azerbaijanis in

3-5% of the market of branded

the cities, and citizens of Germany

residential developments. I hope

and UK in holiday destinations. Do

this will be tripled in two years time.

you have a stock pile available to

Unfortunately, we do have nor any

suit this profile? Should we offer

data neither any strategy for second

different stocks for foreign and local

hand homes yet.

buyers? Do the stocks meet their

needs?

“Actually, the competition will be between the greater cities in the future. European cities have the advantages against us, such as good infrastructure and skilled workforce. They are still centres of attraction, despite poor economic outlook. We should raise our cities’ brand value immediately.”

Hakan Berktaş: The data I have is parallel to Mr. Çamlıbel’s, a ratio of

Işıl Dinçer: There are apartments

3-5%. When it comes to second hand

having been sold with servitude

homes this percentage decreases, it

within the stock. They’re certainly

can’t reach even %1. Foreigners tend

aware of the risks caused by

Gürler Ünlü


18 ROUNDTABLE DISCUSSION

your house ın turkey 2012

Ersun Bayraktaroğlu: We’ve

in order to set the goal and to

assessed current problems of the

describe the dynamics of Turkey

market. We all share the same

well. Each developer is now trying

perspective: the enthusiasm for the

to presenting only its own project.

new regulations is just an illusion.

However, this should be the last

However, the real estate market in

step.

Turkey holds a strong potential for acquisitions by foreigners. So, what

Gürler Ünlü: Actually, the

should be our main strategy? What

competition will be between the

do you think?

greater cities in the future. Istanbul is ahead of Turkey, similar to London,

Hakan Berktaş

“The residential and work permit is definitely required as well. I wish they had been arranged with the amendment of the Land Registry Law.”

Emre Çamlıbel: There’s a

Shangai, or Beijing. When it comes

dilemma in the market. The

to cities alone, European cities have

real estate market in Turkey is

the advantages against us, such

still a large market due to its

as good infrastructure and skilled

internal dynamics, demographic

workforce. They are still centres of

and geographic characteristics.

attraction, despite poor economic

However, the total of property

outlook. We should raise our cities’

acquisitions by foreigners will

brand value immediately.

remain small against the size of the domestic market. If we consider

Ersun Bayraktaroğlu: Well, who

only the domestic demand for

should coordinate all these?

properties, the real estate market in Turkey will miss out its real potential.

and returned immediately. I believe that we do have a long

Gürler Ünlü: I would like to

way to go for supplying the best

add something. Actually, we’ve

stock they need.

experienced such problems in the tourism market. Kuşadası and

We’ve observed a significant

Fethiye regions are dominated by

increase in the number of tourists

English citizens, Germans won’t

from Arab countries. They

go there for a vacation. Antalya is

certainly appeal to Turkey, and

a home for Russians and Germans.

they would eventually acquire

I agree with Mr. Çamlıbel, a

property in Turkey. So we need

segmentation is very likely to

a really good marketing strategy

happen in the real estate market.

“We all share the same perspective: the enthusiasm for the new regulations is just an illusion.”

in order to meet the potential demand. It would be the right

Emre Çamlıbel: We should

approach to supply different

certainly find out the right

opportunities addressed to each

marketing strategy instead of

potential buyer. New regulations

asking questions like “How many

will surely lead to the growth

houses can we sell?”, “How much

of the market in the long term,

revenue will we get?”, etc. The

however we should organize well

civil society, the private and the

and act collectively .

public sector should get together

Ersun Bayraktaroğlu


20 ROUNDTABLE DISCUSSION

your house ın turkey 2012

Hakan Berktaş: I think the answer

alternatives for our primary cities,

the problems in practice, I believe

is private sector. We need a

particularly in terms of thermal and

the market conditions will improve

centralized control mechanism. The

health tourism.

sooner or later.

state, more precisely the Ministry

Hakan Berktaş: The residential and

Emre Çamlıbel: I believe urban

of Environment and Urban Planning.

work permit is definitely required

transformation projects, which will

projection should be done by the

as well. I wish they had been

definitely attract corporate investors

Ersun Bayraktaroğlu: We’ve started

arranged with the amendment of the

and create sustainable income, will

with the reciprocity law, but we

Land Registry Law. Many of those

provide substantial foreign direct

find ourselves in a debate on

individual investors come to Turkey

investments. We should immediately

general problems of the real estate

for a peaceful retirement, for an

concentrate on this.

market in Turkey. I guess we do not

extended vacation, and for tourism

expect anything great from new

purposes. We should also provide

Ersun Bayraktaroğlu: In brief,

regulations in the short term.

certain citizenship rights for them.

• The amendment on the Land

Perhaps we should remove the visa

Registry Law (removal of the

reciprocity.

reciprocity law) will affect property

Işıl Dinçer: There is a lot to do. Is this the right start? I believe that

sales positively in the long term.

the amendment might have been

Serkan Gül: I agree with all of

• Existing stock is not enough to meet

the second or the third step. I think

you. I also would like to add one

foreigners’ needs.

we should raise our cities’ brand

thing from the perspective of a

• The market players should organize

value for B and B+ residential

lawyer. The Land Registry Fact has

well and act collectively in order to

projects as well. We’ve observed

been amended, it doesn’t matter

ease the process for acquisition of

that citizens of Arabic countries

anymore whether it’s sufficient or

properties by foreigners.

are likely to visit secondary cities,

not to attract foreigners to acquire

• The public sector is expected to

such as Bursa and Konya, due to

property in Turkey. However, we

lead the way to the market growth.

these cities’ religious heritage

should apply it properly. I will really

• In addition to new regulations,

and historical texture. With the

appreciate that if my client get his/

residential and work permits should

right marketing strategy, Anatolian

her deed easier and quicker with his/

be provided to draw more interest in

provinces could be really good

her passport. Let’s start with fixing

Turkey.


24 REVIEW

your house ın turkey 2012

TURKEY IS TAKING ACTION AT THE RIGHT TIME In cases when the land regulations or civil

of Turkey has decided to bring in new

law in the opposing country vary from those

regulations about reciprocity treaties to be

of Turkey and corresponding transactions do

enacted with countries and their terms and

not match with those in Turkey, maintaining

conditions. Since then, many rumours about

an absolute “equivalence” might not be

the list of such countries have leaked to the

possible. Indeed, some other countries may

press. However, the list of these countries

only be granting limited or not allowing

has not been yet declared officially. For this

any proprietary rights to foreign country

reason, foreigners will have to wait for a

Cansel Turgut Yazıcı

nationals, for political and strategic reasons.

while to make transactions at land registry,

EVA Real Estate

until relevant regulations and legislations are

Appraisal, General

deliberate approach in this issue, due to its

completed.

Manager

strategic geographic location. However, under

even more globalizing circumstances, foreign

to the press, there are several key aspects

capital flow and changing living conditions,

behind the rationale of this amendment of

it came out to be necessary to revise former

legislation, as follows.

Turkey also has been showing a very

According to the information leaked

legislations. Nevertheless, national interests have to be protected on the other side, when

Cıtızens of Gulf Countrıes Allowed To

doing this.

Acquıre Property ın Turkey

Actually, a classification is made in the

There have been problems with

acquisition of properties by foreigners in

purchasing properties in Turkey by citizens of

Turkey from four different aspects.

Gulf and Middle East countries. Since citizens

of these countries could not directly acquire

1. Those who are allowed to acquire

properties in Turkey under absolute

properties before, they were used to establish

reciprocity: Only if Turkish citizens are able to

new legal entities in Turkey to register the

acquire properties in these countries without

properties purchased. By the new regulations,

any restriction, the citizens of those countries

citizens of UAE and Kuwait, which could by

can be allowed to acquire properties without

no means purchase properties before, will

limitation in return.

now be able to acquire properties directly.

On the other hand, citizens of Jordan, Bahrain

2. Those who are allowed to acquire

properties only by permission: Permission

and some other nationals will be subject to

may be granted after an investigation period

permission for the acquisition of a real estate.

of 2-3 months to those, who have applied for a

residence permit.

Turkmenistan could not acquire properties,

although the nations were of similar national

3. Those with limited proprietary rights:

Before, even nationals of Azerbaijan and

Those countries, which are allowed to acquire

origin to Turkey. With the new regulations,

a limited number of properties of a certain

citizens of both countries will be able to

type of residence or business premise.

acquire properties without any limitation.

4. Those who are not allowed to acquire

Formerly, also Iraqis and Iranians could

any property in Turkey: These are by no means

not acquire properties in Turkey. Now, they

allowed to acquire any property in Turkey.

will have the chance of being subject to

permission. For instance, Iranians who are

As of May 2012, Grand National Assembly


your house ın turkey 2012

banned by the United Nations will not be

which are located within Turkish territories,

allowed to acquire real estates. Other Iranian

are preserved, operated and managed under

citizen will be able to buy properties by the

the custody of the Directory of National Real

permission of Ministry of Interior.

Estates under Turkish Ministry of Finance.

Incomes raised from such properties are

Another issue is Iraq citizens; Iraqis will

be allowed to acquire properties under new

collected in a treasury account. However the

regulations with the approval of Ministry

practice in the counterpart country is not

of Foreign Affairs and the permission of

known. Even it seems that involved properties

Ministry of Interior. At this point, different

area protected in both countries, this issue

legal aspects apply, as the Ministry of Foreign

could not be resolved for 70 years.

Affairs is acting on foreign policy issues and

Another issue, which should be clarified,

while the Ministry of Interior is concerned

is that the reciprocity regulations are in

with security aspects.

fact involved with the civil law practice in

the countries on both sides. In Turkey for

Limitation applied to some other

countries depends on the numbers and types

instance, proprietary rights are subject to

of properties. For instance, for countries

the Turkish Civil law. Here, propriety rights

such as China, Denmark, East Timor, Israel,

are based absolutely on land - even if the

Malta and Jordan purchase of residences or

building on the land plot is already torn down,

business premises is limited by one or two

the ownership of the property would not

units of properties. The reasoning behind

change. In contrast, however in some Eastern

such practice is the national security that

European countries and in UK propriety rights

might be threatened, when countries such as

are limited with a certain period of time,

China with higher population and countries of

which is defined in the legal system here

strategic importance as Israel involved.

as “right of superficies”. Under this right, if

the building is demolished or the period of

Moreover, certain restrictions in

connection with coastal regions and coastal

ownership expires, the land plot is returned to

neighbours of Turkey have also been

the original landlord. In other words, the legal

brought in. As an example to such practice,

infrastructure on proprietary rights is not

Greek citizens are not allowed to purchase

equivalent to those applied here. For these

properties in coastal regions, whereas

reasons, the reciprocity principle could not

Ukrainians and Russians will not be able to

be applied and has been avoided until today,

buy properties on the shores of Black Sea.

in order to protect the proprietary rights of

Such practice is reasonable and fair from the

citizens.

perspective of national coastal security.

At this point, the key issue is that if

similar proprietary rights are granted in a Problems wıth Syrıa sınce 1939

country to its own citizens without making

any discrimination, then the reciprocity

As expected, Syria is not even listed

among the countries, for which reciprocity

principle should be applied to this country.

principle will not be applied due to specific

We cannot wait until these countries amend

issues with this country. In the year 1939,

their civil laws or their legal infrastructures.

when Hatay has been included into Turkish

In conclusion, unless national security is

territories, some of the residents have chosen

threatened, countries should welcome other

Syrian nationality and some became Turkish.

country nationals to their properties, under

Under these circumstances, both countries

recent circumstances of globalization. In this

have suspended the proprietary rights of

respect, I believe Turkey is taking the right

such residents. The properties of Syrians,

action at the right time.

REVIEW 25


26 REVIEW

your house ın turkey 2012

restrıctıons are eased for acquısıtıon of real estate Metin Yeşil

Article 35 and 36 of the “Land Registry

country that has been given permission

E-Tapu Consulting

Act” has been amended in accordance

by the Council of Ministers and complying

Manager,

with Law No. 6302. These regulations for

with the legal restrictions. List of

Founding Partner

acquisitions of real estate by foreigners

countries, which are determined by the

went in effect after being published in

council and sent to doctorate of land

the Official Gazette dated 18 May, and it

registries, is unfortunately –contrary to

is expected to affect real estate market in

the transparency principle- unknown yet.

Turkey significantly.

limited real rights of independent and

“Reciprocity Law”, which was in force

The total area of the properties and

since 1934, has been removed with the

continuous nature to be acquired by

new regulations on “Land Registry Act”,

foreign national natural persons cannot be

easing restrictions on the sale of land

higher than 10% of the total surface area

and real estate to foreigners. Citizens

of the district subject to private property

of almost all United Nations member

and not be higher than 300,000 m2 per

countries are now allowed to acquire

capita across the country in general.

ownership of property or limited real rights in Turkey with such new regulations.

Legal Entıtıes

Foreign nationals from more than

180 countries can acquire property

Turkish legislation, 50% or more of

in Turkey, according to the Council of

which are owned by foreign national

Ministers. Thus, citizens of even the most

natural persons and foreign legal entities,

remote countries have the legal right to

which have been established under the

acquire ownership of property in Turkey.

legislation of their own country, are

Legal entities established under

allowed to acquire ownership of property Foreıgn Naturals

or limited real rights, in line with their

business activity specified on their

The Council of Ministers can determine

–by country, person, geographic area, time,

articles of association. In other words, they

number, proportion, kind, quality, quantity

can purchase real estates and mortgages.

and surface area-, restrict, and partially

Same provisions apply to legal entities as

or completely prohibit the acquisition

partnerships created by of the acquisition

of property and limited real rights of

and merger of company shares.

foreign natural and legal entities, where

the interests of the country differ. The

entities within military zones, military

amended Land Registry Act has given a

security zones and similar are subject to

broad authority to the Council of Ministers

the permission of the General Staff or a

on this issue.

military command to be authorized by the

General Staff. Furthermore, acquisitions

Foreigners shall apply to doctorate of

Acquisition of properties by such legal

land registries, of which each province

of properties within special security

has one, in order to acquire property or

zones are subject to the permission of

limited real rights. Applications require

the governorship of the province, where

two basic conditions: being a citizen of a

the property is located. Such permissions


your house ın turkey 2012

are evaluated based on, whether the

acquisition of title deed does threaten

capital companies will only be permitted

country security or not.

to acquire real estate and limited rights in

rem upon obtaining permission from the

Companies with foreign capital, which

According to the regulation, foreign

are beyond the scope of the provisions

governorships. The Regulation stipulates

described above, can acquire and use

that governorships shall establish a

ownership of properties and limited real

commission to deal with such permissions.

rights under the provisions applied to

The Commission shall consist of officers

domestic companies.

from different governmental bodies such as the relevant cadastre office, Provincial

Foreıgn Capıtal Companıes

Directorate of Trade and Industry, etc., and

is obliged to convene at least twice a month

According to the new regulation,

foreign capital companies may acquire

if an application has been made.

real estate and limited rights in rem when

the real estate or limited rights in rem

Commission’s assessment, when deciding

are needed to carry out the activities

to give permissions, shall include whether

of the company as designated in their

the real estate transaction is necessary

Articles of Association (AoA). This rule is

for carrying out the scope of activities

also applicable in cases where real estate

designated in the company’s AoA and

acquired by such companies is transferred

whether the real estate in question is

to another foreign capital company or

located in a military prohibition zone,

where domestic companies formed with

military security zone, strategic zone

domestic capital that own real estate

or private zone. Further, aside from the

are transformed into foreign capital

acquisition of real estate by foreign capital

companies by share transfer.

companies, acquisition of limited rights in

rem by foreign capital companies is also

If a foreign capital company owning

In accordance with the foregoing, the

real estate is subject to liquidation and

subject to the permission procedure.

the real estate is intended to be acquired

by the foreign real or legal persons co-

exemption in the regulation for hypothecs

owning the said company, new regulations

created in favour of such companies.

shall also apply.

In Article 35 of the Land Registry Law,

where all the restrictions are set forth

Such regulation also stipulates that

It should be noted that there is no

foreign capital companies wishing to

regarding real estate acquisition by foreign

acquire real estate and limited real rights

natural or legal persons, hypothecs to be

in rem located in a military prohibition

established in favour of foreign natural

zone, security zone or strategic zone

or legal persons are exempted from such

must obtain Turkish General Staff or

restrictions. However, lawmakers made

Commandership permits or, in a private

no exemption in this regard in Article 36.

security zone must obtain permission from

Effectively this means that a hypothec

the governorship. Real estate and limited

established in favour of a company

rights in rem acquired or utilized in a way

incorporated under the laws of a foreign

that breaches Article 36shall be liquidated

country is not subject to any restrictions

according to the instructions given by the

whereas a hypothec established in favour

Ministry of Finance. Otherwise, it will be

of a foreign capital company incorporated

liquidated and the proceeds shall be given

under the laws of Turkey will be subject to

to the owners.

some restrictions.

REVIEW 27


28 ANALYSIS

your house ın turkey 2012

TRANSPORTATION LINES IN ISTANBUL Beylikdüzü Gürpınar-Cevizlibağ Metrobus

with the new housing projects, housing sales

Line: The line, which has been opened

prices are increasing.

in July 2012, has a route distance of 30

Kadıköy-Kartal Subway Line: The Kadıköy-

km. After the Avcılar-Beylikdüzü line,

Kartal Subway Line, taken into operation in

the Cevizlibağ-Beylikdüzü Gürpınar line,

August 2012, is approximately 22 km long.

constructed as the 4th leg of the Metrobus

Upon the line’s being taken into service,

Line, has been added to the line on which

people using the line are able to get to Kartal

Söğütlüçeşme-Zincirlikuyu-Avcılar services

from Kadıköy in 33 minutes. The subway

Işıl Dinçer

are provided. Upon the completion of the

line passes through important points such

TSKB Real Estate

4th leg of the Metrobus Line, people using

as Acıbadem, Göztepe, Yenisahra, Maltepe,

Appraisal, General

the metrobus line in Istanbul will be able

Cevizli and reaches Kartal. It has been

Manager

to go from Beylikdüzü to Söğütlüçeşme in

decided to extend the Kadıköy-Kartal Subway

82 minutes.

Line up to the Kaynarca area, and when the

subway line is finished, it will be the longest

On the Avcılar-Beylikdüzü route, a

significant increase has been observed in

subway of Istanbul.

housing prices especially in the parts of the

Esenyurt and Beylikdüzü districts close to the

construction started, an evident dynamism

metrobus line, once metrobus construction

had been felt in the housing sector in the

has been initiated. At the Beylikdüzü district,

region. Major companies such as Ağaoğlu

there are numerous housing projects that are

Construction, Dap Yapı, Dumankaya

either completed or under construction.

Construction, Doğa Real Estate have

Bus Terminal-Başakşehir, Bus Terminal-

tend towards this area. Together with the

Olympics Park Subway Line: The subway line

qualified housing projects built and still

that is under construction is 21.6 km in length.

being constructed especially by the major

The subway line which has been constructed

construction companies, it is observed that

as light rail in the first stage from the Bus

housing sales figures are still demonstrating

Terminal to the Bağcılar-Kirazlı region divides

increases in the Ataşehir, Maltepe, Cevizli,

into two branches in the Ikitelli Industrial

Altayçeşme areas, which are located close to

Zone and heads towards Başakşehir and the

the E-5 highway and subway exit points. With

Olympics Park. The Bus Terminal - Başakşehir

the completion of the subway construction, it

subway connection under construction will

is observed that the sales and rental figures

link with the Aksaray – Airport line in Esenler,

in the region have increased by 20% with the

and the Bağcılar – Kabataş line in Bağcılar.

numerous housing projects located in Kartal

especially.

With the beginning of the Bus Terminal

Once the Kadıköy-Kartal Subway Line

- Başakşehir, Bus Terminal – Olympics Park

Üsküdar-Ümraniye Subway Line: The subway

Subway Line’s construction, it is observed that

line, which is currently under construction

companies such as Kiptaş, Sur Yapı, Biskon

and planned to be completed in 2015, is

Yapı have aimed towards this area by housing

approximately 20 km long. The line, of which

projects. The potential plot stocks in the area

groundbreaking ceremony has been held at

is attracting the investors to the region, and it

the beginning of June 2012, starts in Üsküdar

is observed that the plot values and together

and reaches up to Sancaktepe-Çekmeköy,


your house ın turkey 2012

passing through significant points such as

observed that the plot values in the Sarıyer

Altunizade, Libadiye, Ümraniye, Altınşehir,

Maden region have increased.

Dudullu.

On the other hand, the Fulya – Levazım,

With the start of the Üsküdar Ümraniye

Levazım - Akatlar, Zincirlidere – Levazım

Subway Line construction, major construction

Tunnel Projects have been planned in an

companies such as Eviya Real Estate, Sinpaş

inter-connected manner, as an extension

REIT have paid attention to this area. It is

of each other. During the discussions with

observed that the qualified housing projects

the Istanbul Ulaşım A.Ş officials, it has been

in Sancaktepe, Sultanbeyli, Çekmeköy regions

found out that that the Levazım – Akatlar and

are increasing the plot and housing sales

Zincirlidere - Levazım tunnels among these

figures. It is expected that the number of

tunnel projects have not been designed in

housing projects will increase and that the

detail and reached tendering stage yet. On

prices will display a steady increase, upon

the other hand, it has been found out that the

the completion of the subway line. There are

Fulya – Levazım tunnel project construction

numerous housing projects which have been

has not been started yet, although it has been

built or still are under construction by local

tendered.

and major construction companies in the area.

Eurasia Tunnel Project: The project that

will connect the European and Asian sides

The 5.2 km long Şişhane-Yenikapı Subway

Line, 936 meters long Haliç Subway Line, 700

of Istanbul by land way has been planned

meters long Aksaray-Yenikapı Subway Line,

between Kazlıçeşme and Göztepe on a route

are being constructed and planned to be

extending for 14.6 km, together with a 5.4 km

completed in 2013, provide the integration

double-deck tunnel crossing the Bosphorus

between the costal suburban line, Bağcılar-

beneath the seabed. The site preparation

Kabataş Tramway Line, Aksaray-Airport

activities have been completed in the project,

Subway Line, Taksim-Hacıosman Subway Line

which is being constructed 1.8 km to the

and they will encourage people for subway

south of the Marmaray project, excavation

transportation in the area.

works are planned to be started at the end of

September 2012. The Eurasia Tunnel, planned

Additionally, the Bakırköy-Beylikdüzü

Subway Line, Kabataş-Mahmutbey Subway

to be taken into operation in 2015 and to

Line, Bakırköy-Kirazlı Subway Line, Yenikapı-

significantly reduce the transportation time

İncirli Subway Line are subway lines that are

between Kazlıçeşme and Göztepe, has been

being planned by the Istanbul Railed Systems

planned as connected to the two available

Directorate, but have not been designed yet.

bridges crossing the Bosphorus.

Tunnel Projects: The Çayırbaşı-Çırçır Suyu

Subway Line is a subway line of 2,025 m

into operation, it is expected that the

length, starting at Hacıosman area and exiting

transportation times in Istanbul will be

at the Çırçır area. During the discussions

significantly reduced. It is expected for the

held with the Istanbul Ulaşım A.Ş officials,

tunnel to direct the vehicles to the coastal

it has been found out that survey studies

road on the European side, and reduce the

are in progress for a new ‘Tunnel road’ from

traffic density on the E-5 and Tem Expressway

the Çırçır Suyu area to the Zekeriyaköy and

and the bridges; the project allows crossing

Demirciköy direction, but that a project

to the Anatolian Side without using the

currently is not available.

Bosphorus and Fatih Sultan Mehmet Bridges.

Marmaray Project: The construction of

By the Çayırbaşı-Çırçır Suyu Subway Line

Once the Eurasia Tunnel is taken

and the tunnel line towards Zekeriyaköy and

Marmaray, design stage of which was

Demirciköy planned as a continuation, it is

completed in 1998, has been started in

ANALYSIS 29


30 ANALYSIS

your house ın turkey 2012

2004. With this project that has a line length

of approximately 76 km and will allow

side over the 3rd Bridge, after Garipçe,

transportation between Gebze and Halkalı,

passes between Uskumruköy and

railway lines on each side of the Bosphorus

Demirciköy, then following Arıköy, it

will be connected with each other by a

passes through Belgrad Forests, and after

railway tunnel connection passing under

the urban areas of the Odayeri and Ağaçlı

the Bosphorus. In addition, it is planned to

villages are ended, extends to Hadımköy

upgrade the suburban lines on the European

adjacent to Tayakadın and Baklalı. Then

and Asian sides together with the Marmaray

it proceeds through the north of the

Project.

Büyükçekmece Lake, through fields at

Çatalca İnceğiz, and ends at the TEM

The line will enter underground at

The road connecting to the European

Yedikule, move along Yenikapı and Sirkeci that

Expressway Kınalı exit.

are new underground stations, pass beneath

the Bosphorus, connect to Üsküdar that is a

the 3rd bridge will be built between

new underground station and will surface

Poyrazköy and Garipçe, it is observed that a

again at Söğütlüçeşme. Together with those,

distinctive increase has been experienced

it has connections to the Istanbul subway.

in the plot and housing sales prices in

It is believed that the Marmaray Project will

Garipçe and Poyrazköy. Meanwhile, the fact

reduce the people’s transportation times,

that zoned lands at the Poyrazköy region

allow energy and time savings, and also

are limited causes the activity here to be

contribute significantly to the air quality by

slower as compared to Garipçe. On the

reducing the use of motorized vehicles.

other hand, prices are observed to have

3rd Bridge and North Marmara Expressway

increased in areas such as Riva, Tayakadın,

Project: When the construction of the 3rd

Hadımköy, Odayeri through which the

bridge is completed, it will be the longest

expressway will pass. In addition, during

suspended bridge that has a rail system on it.

the discussions with real property

The total route of the Marmara Expressway

consultants, it has been found out that

Project, 100 km of which has been tendered

the values of plots in the Sarıyer Maden

together with the 3rd Bridge, is approximately

region, located close to the bridge, have

421 km.

demonstrated an increase over 50%.

In Poyrazköy, at the place the bridge

After it has been announced that

The crowded population of Istanbul and

will be built, road expansion and new road

the traffic density experienced in general

opening activities have been performed,

have brought along new transportation line

using the forest road also. Upon the

plans. It is believed that the transportation

completion of the roads on September 1st,

lines under construction, built in an

2012, boring activities have been started at

integrated manner, will reduce the traffic

Poyrazköy. The 3rd Bridge is planned to be

density in Istanbul, reduce the people’s

completed in 2015.

transportation time, allow energy and

time savings, plus significantly contribute

According to the approved plan, the

North Marmara Expressway starts at Gebze

to the air quality by reducing the use of

Şekerpınar Balcık. The road passing through

motorized vehicles.

a point close to the Akfırat-Tepeören and

Kurnaköy turn, passes through the forestlands

where transportation lines are being

of Sultanbeyli, then from Alemdağ Forest,

constructed and these activities will

Beykoz, İshaklı, Paşamandıra, Riva and

continue along the routes that the new

Poyrazköy, and connects to the 3rd Bridge.

transportation lines will access.

Property development in the areas


32 ANALYSIS

your house ın turkey 2012

MAIN DEVELOPMENT AREAS IN ISTANBUL Işıl Dinçer

It is possible to note that the Istanbul

Another important project in Seyrantepe,

TSKB Real Estate

housing market has lost a bit of momentum

where excavation works have been started,

Appraisal, General

in 2012 compared to previous years. The

is a mixed use project by Eroğlu Group

Manager

number of projects launched since the

located adjacent to the Türk Telekom Arena

beginning of 2012 has been less, compared

Stadium. Within the scope of the project,

to 2011. The most significant determinant of

in addition to housing units, offices, hotel

this relative slowness in the housing market

and commercial areas are planned to be

was the increase in loan interest rates which

developed. Seyrantepe will become a

was made in the end of last year.

significant housing district as well thanks to

this project. On several new plots in the close

On the other hand, the task of real estate

developers is quite tough. As a matter of

surroundings of this area, new construction

fact, land supplies to develop large scale

activities will be started in the medium term.

qualified projects at the city centre are quite

limited and this situation influences the land

hospital, where the Şişli Etfal Hospital is

prices directly. The land prices also emerge

planned to be moved, is also in progress next

as a significant issue at the decision stage

to the Türk Telekom Arena Stadium.

of developers. Under these circumstances,

areas relatively close to the city centre

are currently in progress in Kağıthane,

particularly with strong connections for

particularly in the Cendere Street. In the

transportation attract the investors. When

project by Mesa-Ferko partnership, ground

we look at the new and ongoing construction

floor is being used as Metro Grossmarket and

projects throughout the city, it is observed

the upper stories planned to be office units.

that some areas are quite dynamic. If we are

SHC project by Sur Yapı and Ofishane project

to examine these areas in brief;

by Eroğlu Group are in the same district

In Seyrantepe, the construction of the

Commercial projects by major developers

as well. The construction of the Nef 11 KAĞITHANE – AYAZAĞA - SEYRANTEPE

Kağıthane project, office and housing project

of Timur Real Estate, is also in progress.

This triangle in the centre has recently

evolved into an area that attracts developers

Meanwhile, the first office project that has

with its close location to the transportation

been completed in the region, Ofispark has

connection roads.

been developed by Tekfen Real Estate.

Having been put on sale in July 2011,

The Ağaoğlu My Home Maslak project is a

ZEKERIYAKÖY

project of 786 units, and excavation works

have been started by agreeing upon with the

Istanbul earthquake map, Sarıyer has evolved

revenue sharing model with Emlak REIT. The

into one of the most significant housing

project will be launched in the 2nd half of

districts of Istanbul, preferred by those who

2012 offering a remarkable housing stock to

demand security and luxury at the same time.

the region. Thus, the area right behind the

Especially the Zekeriyaköy – Uskumruköy area

Maslak region, which is a significant business

has been gaining popularity, following the

area, will be transformed into a qualified

zoning activities that have been initiated and

housing district.

the tunnel construction.

Observed to be the strongest area in the


your house ın turkey 2012

The construction of the Sarıyer –

foreseen that there may be an increase in

Çayırbaşı tunnel, which has been started

the interest in studio type flats by singles

in 2008 within the scope of the “7 Hills / 7

and newly-wed couples, working in the

Tunnels” project, and the connection roads

Maslak – Levent area, now that the tunnel

and the bridges for the intersections have

has been opened.

been completed, and it has been taken

into operation. By the tunnel composed of

established projects by Garanti Koza and

two tubes of approx. 2 km, transportation

Nurol Holding, there are also projects of

between the Hacıosman Bayırı and Çırçır

major companies such as Eczacıbaşı, and

Suyu Region has been facilitated.

Inanlar Group. The Ormanada Project,

which has been started to be built in May

The North Marmara Expressway is

In Zekeriyaköy, in addition to

planned to start at the TEM Expressway

2011 by Eczacıbaşı on a land of 220 acres,

Intersection at the Kınalı region, cross the

is currently the most prestigious project

3rd Bridge to be located between Sarıyer-

in the area. Comprised of 5 different

Garipçe and Poyrazköy, and connect to

types of villas and total 269 independent

Anatolia. Due to the fact that the 3rd Bridge

sections in 4 different types within the

route will pass between Sarıyer-Garipçe and

estate, the project will be offering 3

Poyrazköy, at a location near Zekeriyaköy, it

social facilities. Within the scope of the

is believed that the demand for the area will

facilities, collaboration will be made by

increase by the facilitation of transportation,

renowned companies, and preferences

and that this situation will lead to an increase

aimed to meet all requirements of the

in the plot and housing prices in this area.

estate residents will be made. Houses are

The development that has started by

being sold at unit prices of 4,000 – 4,500

mansion-like homes, with very wide usage

USD/m2, which indicates that the project

areas, at Zekeriyaköy is leaving its place to

is currently the most expensive project of

smaller housing types today. It is observed

the region.

that independent villa type houses and

garden duplex and attic duplex flat type

Zekeriyaköy are Garage Zekeriyaköy Homes,

homes are drawing attention lately.

Kule Homes, Zekeriyapark Homes, Cem

Villas, Feronia Homes, Sultankoru, Gloria

The villa areas in housing projects

Other ongoing projects within

located at Zekeriyaköy vary in a very wide

Zekeriyaköy Homes, Sharman Zekeriyaköy

range from 160 to 700 m2. There are villa

Villas, Kent Optimum, and Parkone.

projects in the region, in which the number

of villas of 160-400 m2 area is higher, and a

initiated in 2012 by İnanlar Group. Among

limited number of mansions of gross 500 m2

these, the Terrace Doğa will be comprised

and above, appealing to a limited segment

of villas planned to be in compliance with

are available.

Zekeriyaköy’s architecture, on a plot of 12

acres. The Terrace Plus will be composed of

In the region, the garden duplex and

attic duplex flats are being constructed with 100 to 300

m2

gross areas. It is known

There are 3 projects planned to be

independent houses with gardens and will be developed on a land of 13 acres. On the

that the most preferred housing type in

other hand, the Terrace Vadi will be located

the area currently is 2+1 and 3+1 garden

on 25 acres of land, comprised to 80 villas

duplex and attic duplex flats of gross

in total offering 1+1, 2+1, 3+1 garden and

150-250

m2

area, and that studio type

attic duplex flats. The unit sales values of

flats of smaller area, generally built in the

houses in the district range between 2,500

1+1 style, are not being demanded. It is

and 3,000 USD/m2.

ANALYSIS 33


34 ANALYSIS

your house ın turkey 2012

KARTAL

it is observed that the initiated projects are

primarily housing projects. The projects

The Kartal Justice Palace project,

subway and urban transformation projects,

under construction in the area are led by

and moving the marina and the available

Torunlar REIT’s Mall of Istanbul, Batı Şehir

industry areas out of the city since they

Project by Ege Yapı and the İstWest project

have been included in the urban area and

by Fer Yapı with the Boyner Group. Mall of

transforming these area to service sector and

Istanbul and Batı Şehir projects, benefiting

housing areas, have transformed the area

from the sizes of the plot areas, construction

into a centre of attraction. The location of

of mixed use projects are planned, where

the Justice Palace in this area has led many

functions such as housing, office, hotel and

lawyers to invest in this area. The increase

SHC are available altogether.

in the number of state and private hospitals

in Kartal lead to a demand for the area by

by Nurol REIT from the Doğan Group is one

doctors and nurses as well.

of the most significant deals in the area

recently.

Comprised of total 10 buildings in two

The Hürriyet Gazetecilik plot purchased

main blocks, Justice Palace’s the total plot area is 123,645 m2, the seating area of the

WEST ATAŞEHIR

buildings on the plot is 83,385 m2 and the

total construction area is 359,208 m2.

its dynamism in an increasing manner

especially by the Finance Centre project.

Looking from the transportation

It appears that the area will maintain

perspective, Marmaray is one of Turkey’s

Within the scope of the project site, where

most significant transportation projects

excavation works have been started, there

by connecting Istanbul’s Europe and Asian

are plots owned by a limited number of real

sides. It will assume an effective role both

property developers in addition to major

for human transportation and for logistics

public institutions. It is estimated that

systems in the near future. Its station at

housing function will be available, although

Kartal, which has assumed a CBD function,

limited, in the area where development

will be a significant transfer point. The

primarily will be in the form of office

Kadiköy-Kartal Subway route, construction of

projects. The Sarphan Finanspark, where

which has been completed and has recently

construction license has been received

been taken into operation, has been planned

prior to the Ministry of Environment and

to extend to Pendik, after the Kartal CBD area.

Urban Affairs’ master plan and construction

currently is in progress, emerges as the

In Kartal, there are office projects

under construction, especially in the close

first project started in the area. The sales of

surroundings of the Justice Palace.

offices and residences within the scope of the project are in progress. Hotel and SHC

BASIN EKSPRES

functions are planned to be included in the

scope of the project in addition to offices

Kartal on the Anatolian Side and the Basın

Ekspres Road with close surroundings on the

and residences. The Metropol Istanbul

European Side both look like construction

project, which is a Varyap – GAP joint

site cities. As the major advantages of the

venture where housing units have started

Basın Ekspres Road, closeness to the Atatürk

to be sold recently, emerges as another

Airport and its position as one of the CBD

significant project which has a considerable

areas on the European Side may be listed.

housing stock.

Although there are investors who have plots

and investors looking for plots in the area,

construction in the area are taken into

When the projects planned and under


your house ın turkey 2012

consideration, it is believed that the

region, on the north of the E-5 Highway,

major requirement of the region in

demonstrates dynamism in housing supply.

the near future will be powerful mass

Especially housing projects developed by

transportation projects. From the

Dumankaya Construction attract attention

transportation point of view, it is known

in the area.

that there are mass transportation projects

planned in the area at the top scale.

type flats that appeal to families, it is

observed that studio, 1+1 and 1.5+1 type

Upon the implementation of the

In Tuzla, in addition 2+1, 3+1 and 4+1

Finance Centre project, a revival has been

flats are also in demand. Such houses are

observed in the housing and office market

generally preferred by university students

in the area, which was thought to have

or the segment using the Sabiha Gökçen

reached saturation. Since the plot area

Airport for business purposes.

within the Finance Centre project area will

be limited, it is believed that the prices of

composed of 1+1, 1+1.5, 2+1, 3+1, 4+1 flat

projects to be constructed in this area will

types, and it includes 476 independent

be relatively higher as compared to other

units in total. On the other hand, the Evora

projects in West Ataşehir.

Istanbul to be built by Teknik Yapı in a

The Çınarlı Bahçe project by Iş REIT is

revenue sharing model with Emlak Konut TUZLA

REIT emerges as a project comprised of

4,700 independent units.

Examining Tuzla and close

surroundings from the viewpoint of the housing market, it is observed that the part of the area remaining on the north of the E-5 Highway is quite dense for housing projects, which are primarily appeal to the medium income group.

In Tuzla, due to being close to the

Sabiha Gökçen Airport, Sabancı and Okan universities, it is observed that the Aydınlı

ANALYSIS 35


36 Project Showcase

your house ın turkey 2012

GLOW3 Çekmeköy, Istanbul

type: Housing Project

M

A.Ş. and Glow3 is the distinguished

tennis and tens of benches around

owner: Mom Yapı-Avrupa Holding

housing project of Mom Yapı,

its large garden are the outdoor

Total housing unit: 239

developed and built in Çekmeköy

facilities. For indoors; children

Prices: TRY 218,000-796,000

which is the most favorite new

playgrounds with Ping-Pong, pinball,

PPayment conditions and banks:

residential district of Istanbul known

PlayStation and alike activities,

Halk Bank, Garanti Bankası, Bank Asya

with its solid ground. Glow3, built

pool café, fitness area, saunas and

or payment with in the company

with quality and comfort emphasis,

changing rooms are to be named in

14,000 m2

Land size:

om Yapı is the Construction

jogging paths, open air fitness centre,

and Real Estate Development

2(two) universal sports ground for

Company of Avrupa Holding

basketball, football, volleyball and

has been handed over to its owners

Glow3.

Construction area: 50,000.57 m2

at the end of June 2012. The project

Date started: 2010

is fully equipped with every modern

from the new Şile highway and

Date of completion: 2012

opportunity of public housing.

newly built underground network

Web site: www.glow3.com

of this developing residential area

Contact info: +90 216 527 26 03-04

pools, sunbathing terraces, 2(two)

of Istanbul. The highway and the

info@momyapi.com.tr

children playgrounds, cycling and

underground give the area hence

Adult and children swimming

Glow3 is only few steps away


your house 覺n turkey 2012

Glow3 a unique advantage as per the transportation. The Japanese architect Tatsuya Yamamoto designed the complex as 7 blocs in which there are 239 apartments from 1+1 to 4+1. In Glow3 there are also 360 indoor parking spots.

Every detailed of confortable

living is projected in the planning of the apartments; the wardrobes, all the appliances and the infrastructure for the air conditioning are to name a few.

Glow3 is ready to start a new,

confortable and safe life where the only decision is to choose the moving furniture.

Project Showcase 37


38 Project Showcase

your house 覺n turkey 2012


your house ın turkey 2012

Project Showcase 39

Mom Yapı A.Ş. Mom Yapı (www.momyapi.com.tr) was established to fulfill the building needs of its mother company Avrupa Holding A.Ş. www.avrupaholding.com.tr. It has completed the construction of several office buildings in Istanbul, Ankara and Izmir. Mom Yapı has been reformed to pursue the construction and real estate development business opportunities in a more proactive way starting from 2008. The first large housing project of Mom Yapı is GLOW3 (www.glow3.com). Esenşehir Mah. Sarıgazi Yolu Cad. Kanuni Sok. No:3 Yukarı Dudullu Ümraniye 34773 Istanbul T +90 216 527 26 03 F +90 216 527 26 05 info@momyapi.com.tr


40 Project Showcase

your house ın turkey 2012

OnaltıDokuz Istanbul Zeytinburnu, Istanbul

type: Residence Owner: Astay Real Estate Construction Investment and Tourism Co.

O

naltıDokuz Istanbul, the first

arcade lies underneath the residential

residental project of Astay

blocks. With hairdresser, shoe

Real Estate in Istanbul’s rising

shining, SPA, restaurants and all the

Total housing unit: 496

neighborhood, Zeytinburnu, brings

other service elements, OnaltıDokuz

Housing unit types and sizes: 1+1 -

together green and blue in a luxurious

Istanbul makes everyday a refreshing

6,5+2 (92 m2 – 482 m2)

way. From top to the bottom each

and confortable day.

Land size: 28,000 m2

unit oversees a panorama of Marmara

Public facilities: Outdoor swimming

Sea, Golden Horn and Bosphorus in an

centre, tennis court, basketball

pool, indoor swimming pool, fitness

encompassing perspective.

court, jogging court and other sports

area, sauna, steam room, mini market,

facilities are open for service all

children playground, walking area,

496 residential units from 98 m2 to

OnaltıDokuz Istanbul comprises m2 .

Open and closed pools, fitness

seasons for the inhabitants. Special

tennis court, basketball court, green

482

area with fountain

27 storeys are finished and most of

centre is not also omitted. For the

area: 154,000 m2

Three towers of 36, 32 and

kids playgrounds and a day care

the units are sold and delivered to the

convenience of the owners, a car

Date started: 2010

owners.

rental service, 2nd hand real estate

Date of completion: 2012

The complex, brings together all

advisory services, baby sitting,

Web site: www.onaltidokuzistanbul.com

the utilities and services for the needs

interior cleaning, bill payment

Construction

Contact info: +90 212 444 4 169

of inhabitants. A 25,000

m2

shopping

services and dry cleaning services


your house 覺n turkey 2012

are among the numerous services provided. A fully articulated concierge desk can plan even the smallest detail. All the maintenance and repair is handled by qualified technicians in Onalt覺Dokuz Istanbul. In short, Onalt覺Dokuz Istanbul provides the safest environment for inhabitants at the very centre of the city, thanks to a 24 hour security service.

Project Showcase 41


42 Project Showcase

your house 覺n turkey 2012


your house ın turkey 2012

Project Showcase 43

astay ASTAY was established in 2004 with the vision of developing real estate projects to enhance the quality of living of its residents and to create value. ASTAY aimed at using the development opportunities in the right time and turn those opportunities to investments. Istanbul Four Seasons Hotel Bosphorus and Four Seasons Sultanahmet, OnaltıDokuz Istanbul and Academia Apartments are the projects that reflect ASTAY’s vision. ASTAY does not only construct residences but also devises and develops projects which constantly increase the investment values of units it markets.


44 Project Showcase

your house ın turkey 2012

Rings Istanbul Sancaktepe, Istanbul

R

ings Istanbul is being built by

other’s windows or doors. Residents

Selin Yapı on a 238,000-m2 area

can enter perfectly heat and sound

adjacent to Aydos forest, one of

insulated condos through their own

the two biggest forests in Istanbul. The

lifts or stairs. All condos are equipped

first stage of the project, created by the

with the latest technology, including

type: House, residence, shopping mall,

award-winning architect Hakan Kıran,

IP TV, IP telephone infrastructure

school and public facilities

comprises three separate sections:

and fiber-optic cable with private

Owner: Selin Yapı

Vista, Siesta and Rings Suites. They

storerooms.

Total housing unit: 1500

include different housing options

Housing unit types and sizes: 1+1,

catering to all preferences, from 1+1 to

area including cascade gardens,

2+1, 3+1, 4+1 and 5+2 duplex

5+2 duplex in Siesta Houses, 1+1 to 4+1

terraces, private grove, orchards and

Prices: TRY 255,000 – 741,000

in Vista Houses, and studio condos to

surrounding parks, as well as a 3-km

Land size: 238,000 m2

2+1 in Rings Suites.

walking and cycling track that allows

Construction area: 400,000 m2

residents to live a healthy and peaceful

Date started: April 2011

comfort and have an unobstructed

life. All condos, except 1+1 units, are

Date of completion: May 2013 (Stage 1)

view in three directions. These airy

allocated two parking spaces.

Web site: www.ringsistanbul.com

units are open to 360–degree sunlight

Contact info: +90 216 444 86 00

and designed not to look into each

Estate Awards “Mixed Project”, Rings

The houses offer perfect living

The project has a 75% green

Winner of the Europe 2011 Real


your house ın turkey 2012

Istanbul differs from the other projects for ‘Rings Club’, its 40,000-m2 public facilities, which is the most extensive in Istanbul. Rings Shopping Mall will be the biggest shopping mall in the region, and boasts stunning horizontal and semi-open architecture. Rings Istanbul is also candidate for Breeam and Leed certificates for its Rings AVM and Rings Suites stage.

Also included in the project are

Bilfen Kindergarten and Primary School, one of the most prestigious education institutions in Turkey.

Located 8 minute from Sabiha

Gökçen Airport, the first stage of Rings Istanbul will be delivered in May 2013.

Project Showcase 45


46 Project Showcase

your house 覺n turkey 2012


your house ın turkey 2012

Project Showcase 47

SelİN Yapı Founded in 2003 to carry out construction works for Selçuklu Holding’s industrial companies, Selin Yapı has built numerous industrial plants and shopping malls to date, including the İlko Pharmaceutical Plant – the biggest pharmaceutical investment in Anatolia – the İlko Argem R&D Centre at Hacettepe University Technocity, production plants for Mehtap Mutfak Eşyaları and Sentez Ambalaj and the Selçuklu Business Centre in Izmir. It has been building Rings Istanbul on its own land in Sancaktepe, Istanbul, which is Selin Yapı’s first housing project.


48 Project Showcase

your house ın turkey 2012

Valle Lacus Büyükçekmece, Istanbul

type: Villa

Monotype Villas – net 669 m²

K

is developing its’ own project Valle

includes a total of 8 bedrooms

Prices: USD 1.500.000 - 1.750.000

Lacus on Kulak Construction Co.’s site.

including a master suite, a guest

Land size: 110,000 m²

suite, 4 bedrooms with a bathroom, a

Construction area: 50,000 m² villa

accomplished the Valle Lacus project

standard bedroom and a servant living

& 4,000 m² public facilities

in Büyükçekmece region, containing

area. A specially landscaped courtyard

Date started: 01/09/2012

44 villas within 110,000 m² of its own

heading down to the 11 m² basement

Public facilities: Indoor & Outdoor

land, formed in a total of 50,000 m²

floor, a room for GYM, sauna, steam

pool, fitness centre, sauna and steam

gross total construction area, 60,000

and resting rooms, an (optional)

room, terraced restaurant, 2 tennis

m² landscaping area and 4,000 m²

screening room, an exclusive 72 m²

courts, a basketball court, childrens’

public facilities.

heated pool, an indoor garage and a

play area

titanium alloyed roof cladding system

Contact info: Cenk Yazıcı

by the architect Turgut TOYDEMİR is a

with natural ventilation.

Sales Coordinator

candidate of the BREEAM CERTIFICATE.

+90 212 283 09 43

All villas in the project have 1007

heating and cooling expenditures

cenkyazici@klk.com.tr

m² gross and 669 m² net area of

were reduced to minimum with the

Owner: Kulak Inşaat Tic. ve San. A.Ş. Total housing unit: 44 Housing unit types and sizes:

LK Construction Co. , the main

usage, 180 m² terrace alongside an

real estate development group

approximately 2,000 m² garden.

of the Kulak Construction Co.

KLK construction Co. has

The Valle Lacus project designed

Each and every villa in the project

Within the scope of project, the


your house 覺n turkey 2012

air-based heat pumps. with the aid of special biologic purifying systems, the recycling in grey waters are accomplished.

Public facilities are offering a

different way of living in nature with its indoor and outdoor swimming pools, a fitness centre, sauna and steam rooms, outdoor sport courts, its terraced restaurant and a generator system capable of servicing the every villa.

Project Showcase 49


50 Project Showcase

your house 覺n turkey 2012


your house 覺n turkey 2012

Kulak Co. Since 1943, our company is proceeding business with consecutive 69 years of experience. Within these years, Kulak Co. has accomplished thousands of projects, including American Ministry of Defence & U.N.D.P. As a result of our sensitivity about worker health, business health and environment, Kulak Co. has been awarded with with ISO 9001:2008, BS OHSAS 18001:2007, ISO 14001:2004 certificate of quality. Alt Zeren Sok. No:33 Levent/Istanbul/T羹rkiye T +90 212 283 09 43 F +90 212 283 09 46 www.klk.com.tr info@klk.com.tr

Subsidiary Of Kulak Construction Co

Project Showcase 51


52 Project Showcase

your house ın turkey 2012

ViaPort Venezia Gaziosmanpaşa, Istanbul

type: Residence, Shopping Centre, Hotel and Offices Owner: Via & Gürsoy Group Total housing unit: 2,200

Y

ou no longer have to travel to

Venice can now be found in Istanbul...

Venice to experience Venice.

In short, everything that makes Venice

The delight of Venice with its

Venice and more is rising at your side,

Housing unit types and sizes: 1

historical texture, peerless canals,

in Istanbul with Via Port Venezia, one

bedroom, 2 bedrooms, 3 bedrooms and 4

and architectural esthetic is now in

of the world’s largest projects!

bedrooms apartment types are available

the European side of Istanbul. Rising

Min. size 62 m2 – Max. Size 244 m2

in Gaziosmanpaşa, Via Port Venezia

Venezia are something else. The

Prices: USD 123.445 – 415.878

offers you a life like a vacation, far

delicious pastas and lasagna, its

Land

size: 82,000 m2

Cafes and restaurants at Via Port

from the stress of Istanbul. The choice

world famous coffees, thus

Date of completion: November 2014

of apartments in various dimensions,

everything of Italian food culture is

Public facilities: Shopping Centre,

offices with varying sizes to suit your

here with more to spare. Of course,

Walkways, Cinema-bowling,

business, shopping centre, social

not only Italian delicacies, but cuisine

Camellians & Green Spaces, Food &

facilities and much more are at Via

of the whole world, hence all the

Beverage, Kids Club, Health Club,

Port Venezia.

flavours you seek are at Via Port

Playgrounds for Kids, Indoor &

Venezia!

Outdoor Swimming Pools

quality brands in the world together

Web site: www.viaportvenezia.com

from A to Z! The latest creations, trends

healthy living in our Venice! Availing

Contact info: +90 216 444 8 842

followed by the world... Everything

yourself of membership packages,

info@viaportvenezia.com

can be found at Via Port Venezia, as

each more advantageous than the

Via Port Venezia brings the highest

You will not be able to escape


your house ın turkey 2012

Project Showcase 53

next, and begin life anew at Via Port

* Get ready for a wonderful life in

Thus it is truly 3+1! If you wish to

Venezia with the Serenita Fitness

Venice! A Venice that belongs to you

experience Venice more than Venice,

& Spa. Gym, cardio Pilates, group

completely... Enjoy the chance to

the 3 bedrooms units of Via Port

exercise studios, Turkish Hamam,

experience Venice not for 4 days and

Venezia are just for you.

sauna, jacuzzi, steam room and

3 nights, but lifelong with 1 bedrooms

lounges. This vast area will have it

units where you will furnish Italian

not less- to offer than Venice.

all! The standard of living in Via Port

architecture according to your style.

For instance Venice has gondolas

Venezia will begin with health!

* Who wouldn’t want to set up a fine

and canals. So does our Venice...

Via Port Venezia is designed to

Via Port Venezia has more –

life in Venice? The extraordinary

Furthermore as the Tramway line

delight everyone. It is structured not

architecture, those peerless canals,

passing by its front gate offers the

only with the best quality homes, but

cruising on gondolas... Then come to

easiest transportation to Istanbul, the

with social facilities where you will

our Venice, Via Port Venezia... Choose

new Subway line to be constructed

spend your free time in the best way

the 2 bedrooms unit you wish and step

will even further your transportation

without boredom. With green areas

onto a peerless life in Venezia.

network in Istanbul. It is 20

and walking tracks... Via Port Venezia

* Your joy will increase threefold! At

minutes from Taksim and Beşiktaş,

offers so many alternatives

the heart of Istanbul, with Venetian

and 15 minutes from the Atatürk

in one place, that a perfect life you

architecture, and right next to your

International Airport. Thus, it is far

could not even find in Venice awaits

job... Its plus is easy transportation to

removed from the stress of traffic,

you on the European Side at Istanbul.

everywhere in the city, even abroad...

and right in the middle of Istanbul!


54 Project Showcase

your house 覺n turkey 2012


your house ın turkey 2012

Project Showcase 55

VIA & GÜRSOY GROUP Having begun a new journey together the VIA & GÜRSOY GROUP are now changing the face of the European Side of Istanbul with their long years of experience! They are giving a new asset to Istanbul with their very first joint venture. VIA & GÜRSOY GROUP will continue with big investments and powerful projects without breaking speed. Considering their success and the admiration they have enjoyed with their first joint venture, Via Port Venezia as a new bar, and striving to do even better, they will be at your service with concept projects that will be the first of their kind in the world.


56 Project Showcase

your house ın turkey 2012

Yorum Istanbul Residences Bayrampaşa, Istanbul

NEW INTERPRETATION OF

LIFE MADE EASIER

type: Residence

ENJOYING LIFE

Imagine a life where you will forget

Owner: Yorum Insaat and Turkmall

While designing the Yorum Istanbul

that you live in a crowded city even

Total housing unit: 558

Residences we went beyond the

if you actually live at the centre of

Housing unit types and sizes: 1+1 /

stereotypes and reinterpreted

Istanbul, where you will devote more

2+1 (3+1 - 3+1 dubleks / 4+1 dubleks

enjoying life in Istanbul. We

time to yourself and your family,

(sale is completed )

embedded in this life what an

enjoy the bright sunshine every

Prices: 1+1 TRY 335,000 – 387,000;

Istanbul resident had not yet

morning and exercise in the fields

2+1 TRY 472,000 – 564,000

experienced before; comfort,

among tens of different shades of

Land size:

21,000 m2

pleasure, entertainment, peace,

green.

Construction area: 51,000 m2

safety and various social activities

Date started: October 2010

all together. These possibilities

not only provide you opportunities

Date of completion: December 2011

made life much more colorful and

within the complex but it will also

Web site: yoruminsaat.com.tr

blissful.

make your life much easier outside.

Contact info: Head Office-

Its location is crucial for comfortable

Tophanelioğlu Cad. Arduman İş

designed to be the place where you

transportation within the city. It’s

Merkezi No: 4/3-A Üsküdar / Istanbul

can redefine your expectations and

only two minutes walking distance

T +90 216 651 93 00

fulfill your dreams.

to the subway station and a quick

Yorum Istanbul Residences is

Yorum Istanbul Residences will


your house ın turkey 2012

Project Showcase 57

drive away from the access points

away into the nature because you

opportunity worth of gold due to

of TEM and E-5 highways. When you

will feel as if you live right at the

its 2 minutes walking distance to

are living in Yorum Istanbul, you are

heart of nature. With its 75% green

one of the biggest shopping malls

living just a few minute-distances

area and unique landscape design,

in town; Forum Istanbul, subway

away from the heart of Istanbul.

Yorum Istanbul refreshes you each

connection to Ataturk Airport and

morning and gives you maximum

two central highways in the city. In

pleasure in life.

addition to these, its construction

HEALTY, FIT AND ENERGETIC Yorum Istanbul Residences offers

quality, central location, optimum

you possibilities you have always

INVESTMENT WORTH OF GOLD

architecture, plenty of advantageous

dreamed of all at once. You can enjoy

The concept of Yorum Istanbul

facilities, easy transportation and

the outdoor and indoor pools, sweat

Residences also reinterprets

colorful social activities make this

off in the fitness centre, and play a

the understanding of smart and

project a pivotal investment of both

tennis game with a friend or make

profitable investment.

today and the future.

memories with your children in the

playground so that you can tell them

is one of the most profitable and

about the fun times in the future.

rapidly developing regions of

Istanbul, Yorum Istanbul Residences

When you live in Yorum Istanbul,

you will never feel the need to run

Located in Bayrampaşa which

stand out as an investment


58 Project Showcase

your house 覺n turkey 2012


your house Äąn turkey 2012

Project Showcase 59

YORUM CONSTRUCTION Yorum Group has been active in the industries of substructure, constructions of shopping centres, offices, housings, retail, energy and aircraft. In addition to the Forum Istanbul project – which is the biggest shopping centre of Europe- Forum Trabzon, Forum Mersin and Forum Marmara Shopping Centre are also projects successfully completed by Yorum Construction. The latest project ,Yorum Istanbul Residences is completed within only 15 months and hundreds of families have started to enjoy their new life.


60 Selected Projects

your house ın turkey 2012

Akbatı Residences

Location: Esenyurt / Istanbul, TURKEY

Housing unit types and sizes: 350 residences together with one of

Public facilities: Concierge services offered on 24 / 7 basis,

the largest shopping malls of Istanbul which is named as Akbatı Shopping

indoor and outdoor swimming pools, sauna, steam bath, pilates

Mall, including standard apartment flats comprising 1 bedroom to 4,5

hall, TV-Lounge room, business room, and a verdant garden full

bedrooms as well as loft apartment flats, apartment flats with terraces,

of lavender odour. In addition, Akbatı Residences has a direct

penthouses, and duplex apartment flats between 67 m2 to 294 m2.

connection to Akbatı Shopping Mall which includes approximately 200 stores, 9 theaters, restaurants which bring global cuisines together, playing and education fields for children, a Festival Park with a capacity of 5,000 people; and the Square of Restaurants, which is one of the most important passage points of Akbatı and hosts a wide range of different tastes.

Date of completion: December 2011 Price range: TRY 265,000 - 1,418,000 Web site: www.akbati.com www.akbatiresidences.com

Çukurova Tower Housing unit types and sizes: Residence, Studyo - 1+1 - 2+1 - 3+1 Location: Istanbul / 40° 53’ 55,3” N 29° 13’ 13,7” E Public facilities: Swimming pool, Children’s pool, Tennis changed from, Children’s play area, Cinema hall, Walking track, Fitness centre, Study Centre,Cafe lounge,Back Up Concierge Service

Date of completion: 31 October 2014 Price range: USD 90,000 – 450,000 Web site: www.cukurovatower.com


your house ın turkey 2012

Selected Projects 61

OnaltıDokuz Istanbul Housing unit types and sizes: 1+1 - 6,5+2 (92 m2 – 482 m2) Location: Zeytinburnu, Istanbul Public facilities: Outdoor swimming pool, indoor swimming pool, fitness area, sauna, steam room, mini market, children playground, walking area, tennis court, basketball court, green area with fountain

Date of completion: 2012 Web site: www.onaltidokuzistanbul.com

Rings Istanbul

and spa, grove and orchards, 3 kilometers of cycling and walking track, resting and recreation areas

Housing unit types and sizes: 1+1, 2+1, 3+1, 4+1 and 5+2 duplex Date of completion: May 2013 (Stage 1) Location: Sancaktepe, Istanbul Price range: TRY 255,000- 741,000 Public facilities: Outdoor and indoor pools, sports fields (basketball, volleyball, football, tennis, and mini golf), fitness centre

Web site: www.ringsistanbul.com


62 Selected Projects

your house ın turkey 2012

Yorum Istanbul Residences Housing unit types and sizes: 1+1 / 2+1 (3+1 - 3+1 duplex / 4+1 duplex ( sale is completed )

Location: Bayrampasa/ Istanbul Public facilities: In Yorum Istanbul you can make an energetic start to your day by jogging in the green fields as large as 16000 km2 and then cool off at the indoors or the outdoors pool. After a big healthy lunch at the café you can catch a glimpse of the daily paper in the park while your kids are playing in the playground. You

Date of completion: December 2011

can also enjoy a tennis game with a friend, play basketball or mini football with your neighbors. If you like going solo, you can plug in

Price range: 1+1 TRY 335,000 – 387,000; 2+1 TRY 472,000 – 564,000

your headphones and sweat off at the gym or go outdoors and play golf until the dinner is ready.

ViaPort Houses & Suites

Web site: www.yoruminsaat.com.tr

Public facilities: Crowne Plaza Istanbul Asia (An unforgettable five star hotel is close to Sabiha Gokcen International Airport , Formula Circuit and down town , located in the Asian Side of Istanbul, one of the city’s most prestigious neighborhoods where business meets leisure. The hotel welcomes its guests with 336 spacious and well-

Housing unit types and sizes: 58 m2 – 205 m2 Residences

equipped deluxe guest rooms and suites; Spa and Wellness Center and Convention Center), ViaPort Outlet Shopping (More than 1.000 national

Location: Kurtköy - Istanbul

and international brands, cinema, bowling, amusement park, ponny, gokart), Health Club, Gardens, Indoor &Outdoor Swimming Pool

Date of completion: September 2013 Price range: USD 110,000 - 500,000 Web site: www.viaporths.com


your house ın turkey 2012

Selected Projects 63

Tac Mahal Prestij TYPE: Mixed-use LOCATION: Esenyurt, Istanbul RESIDENTIAL UNITS: 970 COMPLETION DATE: October 2014 DEVELOPER: ULUHAN GROUP WEBSITE: www:tac-mahal.com

Batışehir TYPE: Mixed-use LOCATION: Bağcılar, Istanbul RESIDENTIAL UNITS: 3,143 COMPLETION DATE: December 2014 DEVELOPER: Ege Yapı Group WEBSITE: www.batisehir.com

Florya Ekşinar Konakları TYPE: Residential LOCATION: Florya, Istanbul RESIDENTIAL UNITS: 230 COMPLETION DATE: December 2012 DEVELOPER: Eroğlu Group WEBSITE: www.floryaeksinarkonaklari.com


64 Selected Projects

your house ın turkey 2012

Soyak Bahçe&Bahçe TYPE: Residential LOCATION: Bahçeşehir, Istanbul RESIDENTIAL UNITS: 294 COMPLETION DATE: 2013 DEVELOPER: Soyak Real Estate WEBSITE: www.soyak.com.tr

Bahçeli Vadi Çengelköy TYPE: Residential LOCATION: Çengelköy, Istanbul RESIDENTIAL UNITS: 58 COMPLETION DATE: October 2013 DEVELOPER: Dekar Yapı WEBSITE: www.bahcelivadi.com

Yasemin Evleri TYPE: Residential LOCATION: Selçuklu, Konya RESIDENTIAL UNITS: 240 COMPLETION DATE: April 2014 DEVELOPER: Seha Yapı WEBSITE: www.sehayapi.com


In association with...

Real Estate Investors & Developers in Turkey

TÜRKİYE

The 5th Annual

TURKEY

GRI2013

ISTANBUL 8-9 JANUARY

200+ international and local private equity & institutional investors, developers, property companies, lenders, fund managers & institutions connect over informal discussions.  Access Turkey Capital group  Aerium Turkey  Al Jawhara group  Astas Holding  blackstone  blg Capital All material throughout is subject to change without notice.

 bPA International group  Cacist  Cenor group  Dedeman Real Estate  EA Real Estate

Glenn Aaronson chairman Forum Turkey Fund

Imad Abulaban president & ceo CapitalStone Holding

Joseph Bonner chief investment officer Mubadala Pramerica Real Estate Investors

Eyüphan Boyvadaoğlu chairman & managing director Metro Properties

Dr. Bilge Kağan Ceylan executive vice president Halk Real Estate Investment Trust

Dr. Frithjof Fuchs managing partner Eriapartners Real Estate Investment

Buket Hayretci first vp, turkey Aareal Bank AG, Istanbul Representative Office

Andreas Hohlmann general manager Ece Türkiye Proje Yönetimi

Tobias Levey chairman Bio Istanbul

Jason Lucas executive director Amstar Global

 EbRD  Eroglu Yapı  Extensa Istanbul  Ferko  garanti bank  genel Yapi  gurallar Yapi  les Partenaires ottomans  Motel one Development  odak group  Peakside Capital  Pramerica Real Estate Investors  Retfund  Tab gida  Tahincioglu gayrimenkul  The world bank  TMD Procons  Turkmall Real Estate  Van Den berk group  Zorlu Property ...and many more...

A glimpse of the 20+ discussion topics Retail Real Estate in Turkey – What’s on the investors menu? International Capital Flows – Is Turkey becoming more attractive? Istanbul Real Estate – It’s a goldmine but where to dig first? New Turkish property laws – Releasing the investor floodgates?

emrah.senel@globalrealestate.org Tel. +44. 20 7121 5073

Reserve your place now

Turkey gRI Network

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www.globAlREAlEsTATE.oRg


66 Selected Projects

your house ın turkey 2012

Istanbloom TYPE: Residential LOCATION: Zincirlikuyu, Istanbul RESIDENTIAL UNITS: 170 COMPLETION DATE: December 2013 DEVELOPER: Esin Yapı WEBSITE: www.istanbloom.com

Safi Espadon Residence TYPE: Mixed-use LOCATION: Kartal, Istanbul RESIDENTIAL UNITS: 136 COMPLETION DATE: 2014 DEVELOPER: Safi Real Estate WEBSITE: www.safiespadon.com

Platform Residence TYPE: Midxed - use LOCATION: Merter, Istanbul RESIDENTIAL UNITS: 111 COMPLETION DATE: 2013 DEVELOPER: Eroğlu Group WEBSITE: www.platform-merter.com


your house ın turkey 2012

Selected Projects 67

The Istanbul Residence TYPE: Residential LOCATION: Veliefendi, Istanbul RESIDENTIAL UNITS: 351 COMPLETION DATE: December 2014 DEVELOPER: YDA Groupp & Kuruluş Construction & Kiptaş WEBSITE: www.theistanbulveliefendi.com

G Plus TYPE: Residential LOCATION: Güneşli, Istanbul RESIDENTIAL UNITS: 550 COMPLETION DATE: December 2013 DEVELOPER: Mar Yapı WEBSITE: www.gplus.com.tr

Mall Of Istanbul TYPE: Mixed - use LOCATION: İkitelli, Istanbul RESIDENTIAL UNITS: 1,200 COMPLETION DATE: H2 2013 DEVELOPER: Torunlar REIT WEBSITE: www.mallofistanbul.com.tr


68 Selected Projects

your house ın turkey 2012

Şehrizar Konakları TYPE: Residential LOCATION: Üsküdar, Istanbul RESIDENTIAL UNITS: 208 COMPLETION DATE: 2013 DEVELOPER: GAP Construction & Emlak Konut REIT WEBSITE: www.sehrizar.com

Elysium Serene Kandilli TYPE: Residential LOCATION: Kandilli, Istanbul RESIDENTIAL UNITS: 136 COMPLETION DATE: September 2013 DEVELOPER: Ofton Construction WEBSITE: www.elysiumserene.com

Aktaş Boğaziçi Evleri TYPE: Residential LOCATION: Kandilli, Istanbul RESIDENTIAL UNITS: 81 COMPLETION DATE: December 2012 (stage 1), July 2013 (stage 2) DEVELOPER: Aktaş İnşaat WEBSITE: www.aktasbogazicievleri.com


your house ın turkey 2012

Selected Projects 69

Brandium Ataşehir TYPE: Mixed-use LOCATION: Ataşehir, Istanbul RESIDENTIAL UNITS: 1,150 COMPLETION DATE: 2013 DEVELOPER: Emay Construction ve Erko Group WEBSITE: www.brandiumatasehir.com

Four Winds Residence TYPE: Residential LOCATION: Kadıköy, Istanbul RESIDENTIAL UNITS: 420 COMPLETION DATE: 2013 DEVELOPER: Taş Yapı WEBSITE: www.tasyapi.com

Göktürk Yalınevler TYPE: Residential LOCATION: Kemerburgaz, Istanbul RESIDENTIAL UNITS: 146 COMPLETION DATE: 2014 DEVELOPER: Keleşoğlu Construciton & Zilal Construciton WEBSITE: www.yalinevler.com


70 Selected Projects

your house ın turkey 2012

216 Butik TYPE: Residential LOCATION: Çekmeköy, Istanbul RESIDENTIAL UNITS: 114 COMPLETION DATE: February 2014 DEVELOPER: 216 Yapı WEBSITE: www.216butik.com

Foresta Sarıyer Evleri TYPE: Residential LOCATION: Sarıyer, Istanbul RESIDENTIAL UNITS: 214 COMPLETION DATE: December 2012 DEVELOPER: Turyapı Construction WEBSITE: www.foresta.com.tr

Maximoon Residence TYPE: Residential LOCATION: Esenyurt, Istanbul RESIDENTIAL UNITS: 321 COMPLETION DATE: December 2013 DEVELOPER: Yalçıntepe Group WEBSITE: www.maximoonevleri.com


The Most Extensive Guide To The Retail Market in Turkey

TURKEY SHOPPING CENTRE GUIDE 2013 Major market players meet in MAPIC 2013! To be produced in cooperation with Council of Shopping Centres - Turkey, the guide will cover; * shopping centres, * retailers, * retail investors, * retail developers, * and service providers.

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your house 覺n turkey 2012


Your House in Turkey  

Your House in Turkey

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