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YOUR HOUSE IN TURKEY 2013

EDITORIAL 1

YOUR HOUSE IN TURKEY Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Sedef Güneş Advertising sales manager Nuran Yıldız

WELCOME

Corporate communication director Mürüvvet Can Graphic designer Doğukan Bilgin Publisher Depo Publishing Printer Ofset Yapımevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul

The power of the Turkish real estate market most probably stems from the growing and young population. However, it is believed that the market distinguishes itself from other emerging markets by its growing development potential. Market conditions are also favourable. The potential for a rapid return on investment, attractive construction prices, government support and the availability of qualified products have all contributed to the upsurge in development. Over the first half of 2013, the relaxation of reciprocal ownership laws has helped to

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.

drive investment activity in Turkey, with residential property acquisitions by foreigners

Further information Networking Turkey info@networkingturkey.net www.networkingturkey.net

individual investors.

has grown up by more than 50%. It seems that acquisitions by foreigners and foreign direct investment flow will increase, if the market keeps providing favourable conditions in every aspect. This guide you’re holding in your hands attempts not only to reveal current conditions of the real estate market in Turkey, but also to provide an insight for both corporate and

Hope you enjoy it.


2 CONTENTS

YOUR HOUSE IN TURKEY 2013

YOUR HOUSE IN TURKEY 2013

Your House In Turkey 2013 A Buyer's Guide to Best Recent Projects

4 NEWS

32 PROJECT SHOWCASE

INVESTING IN TURKEY

32 ANTTERAS

16 TIPS & ADVICE: INVESTING IN TURKEY 17 “Acquiring property in Turkey”, Oğuz Kösebay 18 “Legal framework”, Ali Güvenç Kiraz 20 “Let’s invest in Turkey, but what about taxes?” Ersun Bayraktaroğlu ANALYSIS

22 TRANSPORTATION AND

PROMISING DISTRICTS IN ISTANBUL

ANALYSIS

24 URBAN TRANSFORMATION IN TURKEY ANALYSIS

26 SEARCHING FOR INSTITUTIONAL INVESTORS ANALYSIS

28 URBAN DEVELOPMENT IN ANATOLIAN CITIES

36 LAPİS HAN 40 NEF KAĞITHANE 03 42 NEF MERTER 12 44 NUROL PARK 48 VADİSTANBUL 56 SELECTED PROJECTS


4 NEWS

YOUR HOUSE IN TURKEY 2013

THE ABRAAJ GROUP TO INVEST IN HIGH GROWTH TURKISH STUDENT ACCOMMODATION SECTOR The Abraaj Group, a leading investor operating in growth markets, announced the acquisition of a significant stake in Republika Academic Apartments, consisting of two student accommodation assets totalling 1,274 beds. This transaction gives Abraaj

BLG Capital will seek to capitalize

in Turkey have enabled us to identify

substantial ownership of two

on the under supply of institutional

and acquire a substantial stake in

exceptional quality assets. The

quality student accommodation and

Republika. Our position as a trusted

properties are situated in Ortaköy

strong demand for higher education

and valued investor in growth markets

and Büyükçekmece, both strong

due to Turkey’s young and growing

has resulted in a mutually beneficial

catchment areas for students, young

population and increasing household

partnership with a respected

professionals and apartment hotel

income.

institutional player.”

designed, built and operated to the

The acquisition will be made by

Serdar Bilgili, Chairman and CEO of

highest standard and provide a host

The Abraaj Group’s income generating

BLG Capital said: “We are very excited

of amenities and services including

Fund, which provides stable quarterly

about our partnership with one of the

cafes, restaurants, pool, gym, study

returns by investing in real estate

most reputable global investors in

and games room, which combine

across the Middle East, North Africa

the private equity business, and look

to create a desirable new living

and Turkey region.

forward to developing our portfolio

guests in Istanbul. The properties are

experience for students and young people in Istanbul.

further via additional investments Commenting on the investment,

in the student accommodation

Selçuk Yorgancıoğlu, Partner and

sector. The transaction marks an

Abraaj will invest alongside leading

Regional Head of Central Asia and

important strategic partnership to

Turkish institutional investor BLG

Turkey at The Abraaj Group said: “I am

further grow the vibrant Republika

Capital, the developer of Republika

delighted that Abraaj’s on-the-ground

brand in the rapidly growing student

Academic Apartments. Abraaj and

presence and strong local connections

accommodation market of Turkey.”

Republika Apartments, Ortaköy


YOUR HOUSE IN TURKEY 2013

NEWS 5

URBAN TRANSFORMATION PROGRAMME TARGETS OVER HALF A MILLION BUILDINGS The planned transformation of disaster-risk areas focuses on urbanization problems in denselypopulated cities, particularly Istanbul. Initiated in August, the program covers 46 provinces where 200,000 buildings all deemed vulnerable to high-magnitude earthquakes are anticipated to be improved or demolished.

Kartal Urban Transformation Project designed by Zaha Hadid

The Turkish government is expecting

urbanization problems in densely-

of residents of demolished buildings

to either demolish or improve a

populated cities, particularly Istanbul.

to new residences. Erdoğan also said

total of 600,000 buildings that are

The programe, initiated August 17,

that the government will monitor

vulnerable to earthquakes, as part of

covers 46 provinces where 200,000

the process closely to make sure

a nationwide urban transformation

buildings all deemed vulnerable

that residents are transferred safely.

project by the end of 2014, officials

to high-magnitude earthquakes

The government is depending on

have explained. Turkish Prime Minister

are anticipated to be improved

local municipalities to complete the

Recep Tayyip Erdoğan kicked off a

or demolished. Another 400,000

project. Municipalities have been

long-anticipated urban transformation

buildings will go through the same

negotiating with landowners to solve

project in Bursa on August 17, the 14th anniversary of the 1999 Marmara

process in 2014, Environment and

any ownership problems.

earthquake tragedy. The government

Bayraktar told. Bayraktar said that

Turkey sits on a dangerous fault line,

had earlier introduced plans to replace

they expected the replacement of

and most buildings in the country still

old buildings with new ones in some

buildings with safer ones will not

fail to meet basic safety standards.

of Turkey’s largest provinces as part of

take a long time, and owners of those

Turkey’s vulnerability to devastation

a countrywide urban transformation

buildings will be able to return to their

by earthquakes was painfully exposed

initiative.

neighbourhoods in a short time.

by 2011’s Van earthquake and the

The planned transformation of

One of the concerns around the urban

of which killed more than 17,000

disaster-risk areas focuses on

transformation was the transference

people.

Urban Planning Minister Erdoğan

1999 Marmara earthquake, the latter


8 NEWS

YOUR HOUSE IN TURKEY 2013

RUSSIAN, ENGLISH AND GERMAN BUYERS BOOSTING THE MARKET Russian, English and German buyers have ranked as the top foreign customers for property in Turkey over the past year, according to a research released by the Environment and Urban Planning Ministry. Between May 2012 and May 2013,

did not make the top 10.

to reports that citizens of Arab

a total of 14,599 foreign buyers

The research said that Russians

nations are becoming Turkey’s biggest

purchased 13,495 Turkish properties–

were the biggest buyers of property

property buyers.

joint purchases and time shares

over the period, purchasing 2,313

accounted for the lopsided numbers–

properties. English buyers ranked

Though the ministry didn’t compare

the research has revealed. The

second with 1,353 separate property

the scale of purchases made over the

southern coastal province of Mersin

purchases, while customers from

past year with sales in the 2011-2012,

was most popular with foreign buyers,

Germany bought 1,350 properties

foreign property sales have grown

and was followed by the Aegean-

over the year long period. The

markedly in Turkey amid an overhaul

side province of Izmir, while Yalova

countries with the next highest

of laws governing property sales to

province, located on the Marmara Sea,

number of buyers were Norway,

foreigners. In August 2012, Parliament

ranked third. The provinces of Bursa,

Sweden, Belgium, the Netherlands,

passed a law that expanded the number

Ankara, Trabzon, Çorum, Sakarya,

Kuwait and Saudi Arabia, respectively.

of nationalities allowed to purchase

Tekirdağ and Gaziantep followed

The predominance of European buyers

property “free of restrictions” in

respectively, while Istanbul curiously

over Gulf state buyers comes contrary

Turkey from 89 to 183.

ARAB INVESTORS TO DOMINATE THE TURKISH REAL ESTATE MARKET Arab real estate buyers have invested more than USD 50 million in properties outside of Istanbul, particularly in the areas of Bolu, Bursa and Yalova, in the last two months. The trend is expected to continue into the second half as well. The real estate market, which has

The trend is expected to continue

The market started the year with low

experienced a slow first half due

into the second half as well, according

mortgage rates, massive government

to uncertainties surrounding urban

to a real estate representative, seller

urbanization projects, and the passing

planning projects, is expected

of these properties. Arab investors,

of a law enabling foreigners to buy

to recover in the second half of

who shifted their vacation spots from

properties in the country, all of which

the year, according to market

Istanbul to provinces around the Sea

were expected to stir the market.

representatives.

of Marmara due to the month-long

However, the market was affected by

Gezi protests starting in late May,

sudden fluctuations in gold prices

Arab real estate buyers have

chose large, luxury houses to spend

as well as currency exchange rates,

invested more than USD 50 million

the Muslim holy month of Ramadan.

leading to a slowdown in the first

in properties outside of Istanbul,

Those provinces are also preferable

half of the year. In addition, the Gezi

particularly in the areas of Bolu, Bursa

due to their great shopping

protests have also dissuaded buyers

and Yalova, in the last two months.

opportunities.

from the property market.


10 NEWS

YOUR HOUSE IN TURKEY 2013

TURKISH GOVERNMENT WELCOMES WEALTHY FOREIGN PROPERTY BUYERS The Turkish government is considering selling properties to ‘foreigners with money,’ but new regulations to ease bureaucratic obstacles are needed. Ruling Justice and Development

foreigners who exceed the average

Bayraktar argued that easing

Party (AKP) officials focused on the

income level.

regulations would enable “those with

importance of attracting foreigners

money” to come to Turkey, adding that

to invest in Turkish real estate, while

The remarks came at the opening of

they were expecting a total of USD 5

speaking at a workshop aimed at

a September 17 workshop on “Real

billion in revenue this year purely from

tackling the issue of selling property to

Estate Acquisition by Foreigners and

real estate sales to foreigners.

foreign nationals.

Assessment of the Impacts in Turkey,” a public research and development

Similarly, Çavuşoğlu underlined

Both Environment and Urban Planning

project, conducted jointly by Ankara

the economic aspect of the issue.

Minister Erdoğan Bayraktar and the

University and the Directorate for

“Foreigners pay for all expenses related

AKP’s deputy chair responsible for

Land Registry and Cadastre, and

to the property or properties that they

external affairs, Mevlüt Çavuşoğlu, drew

supported by the Scientific and

have purchased from the region. An

attention to the economic advantages

Technological Research Council of

estimated 600 families are directly

that could be gained by attracting

Turkey (TÜBİTAK).

affected by this,” he said.

TURKEY SEES GREATEST HOUSE PRICE JUMP IN EUROPE The story of the European property market has been a tale of woe in recent years but it seems things are looking up. Leading the way is Turkish real estate and according to Knight Frank the country has seen prices rise by the greatest amount on the continent over the last 12 months. Values jumped by 12.2% over the last year as investors moved away from traditional hot spots. Over the second quarter of the

in 2012. H1 saw 7,145 international

These improvements come as

year, prices increased by 3.8% - a

investors buy Turkish property, up

conditions in Europe strengthen.

pleasing rise but not the greatest on

from 3,107 a year previous, Property

Overall house prices on the continent

the continent. During a six month

Wire reported.

have increased for the first time

period, growth of 5.9% was also

since 2010, according to Knight

recorded. These figures show that

The relaxation of reciprocal ownership

Frank. Over the last year values

despite recent domestic turbulence,

laws has helped to drive activity in

increased by 0.7%, but there was a

the country is establishing itself as an

Turkey, with sales up by more than 50%

sharp divergence, with Greece, Spain

attractive place for investors. Figures

over the first half of the year. Buyers

and Italy finding themselves at the

from the Ministry of Environment

are coming from 88 different countries,

bottom of the pile. Performance was

and Urban Planning recently revealed

compared to 55 seen in 2012. Britons

also down in the Netherlands and

overseas buyer numbers more than

were involved in 720 sales, while

Hungary, where values fell by 8.2%

doubled during the first six months of

German investors accounted for 653

and 8.5% respectively on an annual

the year compared to the same period

transactions, the news portal revealed.

basis as the markets flailed.


12 NEWS

YOUR HOUSE IN TURKEY 2013

SAUDI INVESTOR IN AĞAOĞLU’S PROJECT CONFIRMS TRUST IN TURKISH ECONOMY Ehsaan Fareed Abduljawad, being among the prominent businessmen of Saudi Arabia, bought two blocks of the Ağaoğlu Maslak 1453 project for USD 200 million and expressed his trust in Turkey’s growth and stability. imposed upon the economy following Gezi Park events. Foreign interest in real estate has not diminished; on the contrary, it keeps on increasing exponentially. Following the law of reciprocity which came into effect last year, we have reached a sales figure of USD 631 million and by the end of 2013 we will have provided a foreign currency inflow of over USD 1 billion to our country. Speaking at the signing ceremony Ehsaan Fareed Abduljawad expressed his trust in Turkey and said: “In recent years Turkey has majorly developed in terms of economy and keeps on growing day by day and gives confidence for the Maslak 1453 by Ağaoğlu

future. With this stability we believe that Turkey will become a country of

Maslak 1453 breaks sales records

the largest volume of real estate sold in

much more importance and we wish

after becoming the focus of interest

one go following the law of reciprocity.

to invest in your country. There are

of foreign investors following the

As Ağaoğlu’s guests, 23 foreign media

significant investment opportunities in

reciprocity law, which enables selling

members from Saudi Arabia, Dubai,

real-estate; therefore we were closely

real estate to foreign citizens. Maslak

Kuwait, Lebanon, Doha and Yemen also

interested in Maslak 1453 project for

1453 appeared on the world scene at

attended the signing ceremony.

a long time. Today, we invest in the

Cityscape Real-Estate Fair organized

project by purchasing two blocks worth

previous year in Dubai and attracted

Ali Ağaoğlu, Chairman of Ağaoğlu

USD 200 million. In the upcoming

great interest. And lastly, Saudi Arabian

Group of Companies, made evaluations

period we may intend to make new

businessman Ehsaad Fareed Abduljawad

at the signing ceremony and said: “The

investments, we trust the economy and

bought two blocks of the project, an

sales contract, which we are signing

stability of Turkey.”

investment worth USD 200 million.

today, is the most significant indicator of the trust that foreigners have for our

Maslak 1453, which will be composed

Ali Ağaoğlu and Ehsaan Fareed

country and the real estate projects

of 24 blocks ranging from 21 to 55

Abduljawad came together at

in our country. It is especially a good

floors, has 5,300 independent parts,

Ağaoğlu Conglomerate to complete

response for the recent negative

4,789 of which are residences. Since

the transaction and signed the sales

atmosphere on the agenda and the

the launch of the project 3,040

contract. The transaction has marked

negativity that is artificially being

residences have been sold.


TIPS & ADVICE: INVESTING IN TURKEY The relaxation of reciprocal ownership laws has helped to drive investment activity in Turkey, with residential property acquisitions by foreigners has grown up by more than 50% over the first half of the year. It seems that acquisitions by foreigners and foreign direct investment flow will increase, if the market continues to hold its favourable conditions in every aspect. If you consider investing in Turkey, it would be useful to follow the tips given by Turkish market professionals on the following pages.


YOUR HOUSE IN TURKEY 2013

Acquiring property in Turkey Due to potential increase in value and rental income, acquiring property in Turkey seems quite attractive, especially compared to European countries. Since the greatest medium and longterm benefit can be realised in residential investments, it will be helpful to consider and review the following information.

INVESTING IN TURKEY 17

LOCATION

life of the project and give it added

Location is one of the most important

value.

issues to consider in any real estate investment. When Turkey is examined

PROJECT PHASE

from a broad perspective, urban

Real estate investments can be

centres with powerful industrial

made during the construction phase.

sectors and local economies, such as

In terms of an increase in value,

in Istanbul, Ankara, Izmir, Gaziantep,

investing during the construction

Denizli, Samsun, Adana, and Konya,

phase offers advantages, but it also

offer attractive opportunities for

means that the investor is ready to

residential investment.

bear some portion of the risk. When the economy is boomed, such risk

When examined on the city level,

can be predicted more easily; but it is

it can be beneficial to evaluate

more difficult to forecast outcomes

alternative investment opportunities,

when the economy is stagnant or

such as regions in the suburbs and

filled with uncertainty. In times

centres developing on the outskirts

like these, taking advantage of

of cities. Even though city centres are

opportunities in completed projects

always attractive, the fact that prices

significantly reduces the risk.

have peaked in certain areas means it will take longer to realise a return

PROJECT TYPE

on investment. Another reason for

Rent is also an important factor

choosing developing centres in the

in residential investments. As

suburbs with significant potential is

long as residential units are not

that prices are more reasonable and

rented or used, there are operating

they promise higher returns in the

expenses to be paid and the property

medium to long-term.

suffers depreciation. So individual investors should consider this

OÄ&#x;uz KĂśsebay

INVESTOR

factor depending on whether the

General Manager,

The value of real estate property

investment is a flat in an individual

Omurga YapÄą

is affected by effective project

apartment, an individual villa or

design, the quality of the materials,

flat in a complex, a 2+1 flat or a

workmanship, and market recognition

1+1 flat. Based on rising values, it

of the project. In this respect, the

is possible to say that properties

investor of the project is almost

purchased from premium projects

as important as the location. Their

always provide higher returns than

customer satisfaction background

individual properties. In terms of

and their market reputation must

residential types, 1+1 flats change

also be taken into consideration.

hands very rapidly and 2+1 and 3+1

Many aspects such as project design,

flats rent more quickly.

function and management are shaped with the experience and

MANAGEMENT

know-how of the project investor.

In the medium and long-term,

Even though these elements may not

the sustainability of the project

be considered at first, they become

is important for the investor. The

increasingly important over the

quality of management is at least


18 INVESTING IN TURKEY

YOUR HOUSE IN TURKEY 2013

as important as the quality of the construction of the property in the medium and long term. With qualified management services, building

Legal framework

maintenance will be performed constantly, which prevents these types of losses. Management also works to ensure and enhance the success of the project over time, so it has a significant effect on the value and demand for the investment.

Turkey, which has become one of the most significant countries in respect of real estate purchase and sale, has took a big step with the “Law of Reciprocity”, which has regulated

Within the regulation of the “Law of Reciprocity”, the most important problem of the “Residential Permit” has been also regulated on the amendment of the “Law of Foreigners.”

in 2012. In conjunction with the amendment, some of restrictions (as exceptions for certain countries in respect of real estate acquirement) have been abolished. Besides; • Foreigners are now able to acquire

LEGAL ISSUES

30 hectare (300,000 sqm) premises

It is important that all legal

in Turkey.

documents for the investment

• In conjunction with the amendment,

property to be in order. Also, the

not only premises with the structure,

papers should be verified at the

but also unstructured immovable

Municipal and Title Deed Offices

properties can be acquired by

where the property is located. It is

foreigners. The premises’ project,

essential that investors should check

which has acquired by this manner,

that if there are outstanding debts

must be annotated at the land

or liens of the project. They should

registry.

also verify that the properties

Ali Güvenç Kiraz

• The sale of real estate can be made

were built within the framework

President, The Real

only 10% of county-level for each

of zoning plans. If the investment

Estate Law Association

county.

property is still under construction,

• Other than exceptions permitted

many problems can be prevented

by special legislation such as

by ensuring that the construction

Petroleum Law, the Tourism Act, the

permit has been obtained, that

Law on Industrial Zones, foreign legal

investor rights are protected in the

entities cannot acquire real estate in

sales agreement, that construction

Turkey.

ownership deeds have been

• Corporations, who are 50% foreign-

prepared, and if construction is

owned and established in Turkey are

completed, that a building-use

able to acquire real estate with the

permit (occupancy permit) has been

ratification of the Governor’s Office

issued, and that it has a property

of Urban Planning and Coordination

deed.

Directorate. • Within this framework, the

In light of all these issues, in order

amendment made purchasing real

to manage investments properly and

estate possible in Turkey for the

effectively, it is important to obtain

citizens of all countries, except a few.

help of professional domestic and

Within this scope;

international real estate consultants

o Turkey does not allow the sale

for quick and accurate answers to

of real estate to the citizens of

many questions and risks can be

the countries which Turkey does

identified in advance.

not recognise officially, and has


YOUR HOUSE IN TURKEY 2013

INVESTING IN TURKEY 19

restricted in the past with the

latest zoning status of the premises.

the absence of the “Escrow System.”

reciprocal agreements. North Korea,

This zoning status of the premises

The basic processes of the sales are

Cuban, South Cyprus and Syria are

can be supplied from the mayoralty

not carried out through the bank and

the some of those countries.

which has located in the real estate’s

trust accounts, and it causes nuisance

o Turkey does not allow the sale of

region. The alien, who decided to

for aliens. Within the system which

the real estate/premises along the

purchase a real estate which is on

is called as “Escrow”, aliens perform

Black Sea line, to the citizens of the

the project, should make a detailed

the purchase and sale process of the

Ukraine and the Russian Federation.

review of the project and the project

real estate securely. In the Escrow

The citizens of the Greece also are

should also reviewed through an

System, income from sales, deposits

not allowed to acquire real estate

attorney.

and other costs, attorney- fee, real

in the Turkey’s entire maritime

estate agent fees are hold in a single

boundary.

Military Forbidden Zone: As it was

and earmarked bank account, and

o Within the ratification of the

in the old regulation, the whole

the whole payments are spending

Ministry of Interior, Iranian citizens

regions especially Aegean and the

through this account. Hereby, the

are able to acquire real estates in

Mediterranean Sea, were enclosed

sale process is terminated and the

Turkey. The citizens of Iraq, can be

by the names of the “ Military

prices are paid within this account.

able to acquire real estate in Turkey,

Forbidden Zone” and “Safety Zone”.

within the ratification of the Ministry

The sales process (for the title

Evacuation problems: Because of

of Foreign Affairs.

deed) has been lengthening due to

the factors which are; indefinite

o Within the regulation of the “Law

the compulsory permission of the

periods for the tenancy contracts,

of Reciprocity”, the most important

relevant commandership, and the

the eviction actions due to non-

problem of the “Residential

existence of this period discourages

payments or late payments, the

Permit” has been also regulated

aliens.

reason of the judicial system’s time

on the amendment of the “Law

extensions begin aliens to suspect

of Foreigners.” According to the

Title Insurance: The municipal

in order to purchase a real estate in

amendment, if an alien acquire a real

corporation’s and the public

Turkey.

estate property with the intention

institution’s continuous practices

of residency, a year-long residential

about the land titles and some citizen’s

To overcome this problem, rentals

permit will be given to the alien.

antecedent right allegations for the

should be paid through the bank

o This permission will be checked

land titles occur the lack of confidence

accounts like in the abroad practices

and prolonged every year and after

against the “Turkish Title Deed

and there must be an amendment

a certain extensity, permanent

System”. To overcome this insecure

which regulates the “Evacuation

residency will be given to the

situation, title insurance system

Process.” The amendment which

relevant alien.

should be established in Turkey.

regulates the process should

o Herein, the amendment has

Allied with this system, insurance

includes that; if a tenant will not

provided some opportunities to

companies insure the titles for 5-10

pay the rental in the period of

aliens about the real estate purchase

years in consequence of the attorneys

time, lesser can take a letter from

in Turkey, but the reason of the

or appraisers detailed researches and

the relevant bank and can apply to

unrealized structural changes,

reporting. The insurance companies

the court through this letter. The

aliens’ hesitations are still resuming.

compensate the damages during this

court should analyse and ruled

Aliens, who purchase the real estate

period, the damages which they may

the evacuation decision, and the

in Turkey should mind that he/she

arise in the future.

civilian authority should perform the

should make an extensive “Title

court’s decision expeditiously. If the

Deed Research”. Aliens should not

Escrow System Aliens who are

amendment of law will be realised,

only superintend to the relevant real

purchasing real estate in Turkey

the abovementioned problems will

estate’s title, should also control the

generally encounter the problem as

be solved.


20 INVESTING IN TURKEY

YOUR HOUSE IN TURKEY 2013

Let’s invest in Turkey, but what about taxes? Tax is always an important item to consider for a new investment. But, of course, not the only issue to be considered for an investment decision. The Turkish tax system briefly explained below for real estate investors may provide a quick guide for foreign investors’ consideration.

Investment decisions for a foreign

companies (100% foreign ownership

investor are always quite difficult.

of a Turkish company is possible)

Lots of questions must be answered

Also, a procedure is applied for

and lots of issues should be cleared:

property acquisition by foreign

Where to invest? Which type of

owned companies and again I would

property to choose? When to

strongly suggest consulting a legal

invest? How much money should be

advisor.

considered? How to invest? And so on. Investors should also evaluate

TAXATION OF ANNUAL INCOME

carefully the amount of taxes that

For Corporate Investors: As

will be paid.

mentioned above, for a corporate foreign investor, the only way to

In this article, I will give you a brief

acquire property in Turkey is to

overview of taxes imposed according

establish a new Turkish company

to the current legislation on real

or acquire shares of an existing

estate investments for both foreign

company in Turkey. That Turkish

corporate and individual investors.

company (owned either wholly or partly by foreign investors and

FOREIGNERS CAN ACQUIRE

holding real estate) is subject to

REAL ESTATE IN TURKEY

corporate tax at the rate of 20% of

Although there are several

its annual profits. These profits can

conditions need to be satisfied,

be derived from all types of income

foreigners can acquire property in

including rental income or capital

Turkey.

gains that will be obtained in the case the property is sold. Profits

• For real persons, reciprocity (i.e.

after corporate tax (and upon setting

only the nationals of a country

aside legal reserves) can freely be

where Turkish nationals may

distributed to the shareholders.

acquire real estate may acquire

Profit distributions to non-resident

Ersun Bayraktaroğlu

real estate in Turkey) and some

shareholders are subject to 15%

Partner, Real Estate

other limitations such as size and

corporate withholding tax. However,

Industry Leader,

location would apply. The reciprocity

the withholding tax rate can be

PwC Turkey

obstacle has already been solved

reduced to 10% and even 5% by

by the government, and in principle

virtue of Double Tax Treaties.

there are no problems for foreign nationals to directly obtain real

For Individual Investors: If a foreign

estate in Turkey. But, it is strongly

individual investor buys Turkish

suggested to consult an advisor for

property for his/her own use, there

the procedures before making an

will be no additional tax burden

investment decision.

since there will be no income derived from the property. But,

• For foreign companies, on the

if that individual obtains “rental

other hand, it is not possible to

income” from that property, or

purchase Turkish property directly.

decides to sell that property and

But, indirect investment is possible

obtains “capital gain” the yearly

by establishing or acquiring Turkish

rental income and the capital gains


YOUR HOUSE IN TURKEY 2013

INVESTING IN TURKEY 21

will be subject to “income tax” at a

income. For corporate taxpayers,

purposes it is reduced to 0.1%. In

rate between 15% and 35%.

should there be a difference

a few cases, i.e. retired citizens’

between input ( VAT rate at the time

domiciles, the tax rate is 0%.

OTHER TAXES RELATED TO REAL

of acquisition ) and output ( VAT

Property tax rate for land is 0.1%,

ESTATE TRANSACTIONS

amounts, at the time of rent and/

whereas the rate for arable land is

Apart from corporate and income

or disposal ) VAT rates a VAT refund

0.3%.

taxes, the main taxes related to real

would be possible.

estate are transactional taxes such

Furthermore, the effective property

as Value Added Tax ( VAT ), Title Deed

TITLE DEED CHARGE

tax rates are increased from 0.1%

Charge, Stamp Tax (ST) and Property

The acquisition of a legal title of a

to 0.2% for residences and from

Tax (PT).

Turkish property is subject to a 2%

0.2% to 0.4% for other buildings

title deed charge on whichever is

that are within the borders of

VALUE ADDED TAX

higher between the property tax

metropolitan areas.

The buying and selling of real estate

value or the transaction amount

is subject to Turkish VAT at 18%.

for both individual and corporate

WHERE TO START?

However, there are certain VAT

taxpayers. The same charge will

Tax is always an important item

exemptions. For instance, the sale of

apply when the property is sold. This

to consider for a new investment.

real estate by resident corporations

charge is applied separately for the

But, of course, not the only issue

that are not real estate traders and

buyer and the seller. Thus, the total

to be considered for an investment

have held the property for a period

title deed charge burden over the

decision. The Turkish tax system

of at least two years and the sale of

property transaction at acquisition/

I briefly explained for real estate

real estate by individuals who are not

sale would be 4%.

investors may provide a quick guide

dealing with real estate trading.

for foreign investors’ consideration. STAMP TAX

Also, apart from 18% rate, 1% and

Stamp tax is calculated over the

Please note that, although in

8% VAT rates are also available for

sales price of the real estate

principle there is no difference

the sale of residential units having

property indicated in the asset

between local and foreign investors

a net area less than 150 sqm. Since

purchase agreement (if any) at a

for the application of taxes in

the VAT that will be paid during

rate of 0.948%, with a ceiling of

Turkey, foreign investors may

the acquisition of property will be

TRY 1,487,397.70 for the year 2013.

benefit from the advantages of

a cost for an individual investor,

According to the current legislation

double tax treaties to reduce their

the applicable VAT rate would be

each and every originally signed

Turkish tax burden especially on

very important. So, in order to

copy of an agreement is separately

capital gains.

determine the applicable VAT rates

subject to stamp tax at the same rate.

for the above mentioned residential

On the other hand, this stamp tax can

The starting point to understand

properties, I strongly suggest

be avoided if the sales agreement

the taxes to be applied would be

consulting a tax advisor.

is concluded in front of the title

to carry out a due diligence for tax

deed registrar. Also, according to the

and legal issues. As mentioned

The application of VAT rates for

current legislation, no stamp tax is

above, it may be possible to avoid

individual and corporate taxpayers is

applied for the agreements signed

stamp tax or avoid or reduce to VAT

the same. But, while VAT paid at the

between two individuals.

burden at the time of acquisition.

time of acquisition would be a cost

Also, it would be possible to exit

for individual investors as mentioned

PROPERTY TAX

the Turkish market without a capital

above, the VAT for corporate

Property tax is levied on the owner

gains burden for an individual

taxpayers will be offsetable against

of real estate at 0.2% on buildings. If

property owner or a foreign

calculated VAT for rental and/or sales

the buildings are used for residential

company shareholder.


22 ANALYSIS

YOUR HOUSE IN TURKEY 2013

TRANSPORTATION AND PROMISING DISTRICTS IN ISTANBUL Together with major transportation projects, considerable changes in the dynamics of Istanbul’s urban development are awaited in the next five years. However, if the population continues to grow at current rates, such transportation connections would not be sufficient to serve the urban land. Broad transportation axes spanning in

railway lines beneath land transportation.

Istanbul provide a widespread land, railed

An 8 lane highway and a 2 lane railway are

system and sea transportation across the

planned for this bridge and its connection

Cansel Turgut Yazıcı

province. Nevertheless, when compared to

roads, which are expected to be completed

General Manager, EVA

many European countries with respect to

in the year 2015.

Real Estate Appraisal

infrastructure and transportation facilities,

Company

it is starting to offer those technologies and

THE 3RD AIRPORT

transportation channels, which are already

Another important development in

available in other countries. Particularly in

Istanbul in transportation is the newly

regard to the large geographical size of the

planned 3rd airport project to be built

city and ever increasing immigration inflow

north in the city on 7,700 ha surface area

– the transportation axes and connections

located between the Akpınar and Yeniköy

are becoming more important day by day.

villages at the Arnavutköy-Göktürk-

Currently, the city is undergoing a planning

Çatalca crossing. With these new projects,

process in terms of urban transportation

development in the northern regions of the

projects. Let’s now review those projects and

city would be inevitable. The new airport

their influences.

project is located 20-25 km away from these development areas. The planning

The connection between the districts in the

of connections between the airport and

city and the European and Anatolian sides is

key locations of the city does also play an

maintained by the TEM and D100 highway

important role.

axes. On the other hand, TEM highway does also carry the traffic load of the “silk

THE EURASIAN TUNNEL

road” route – in other words it is not just

In addition, there is the Istanbul Bosphorus

an urban transportation axis but also an

Highway Transit Project, also known as

intercontinental one. For this reason, the use

the Eurasian Tunnel project, to connect

of the Bosphorus bridges is becoming more

the Asian and European sides of Istanbul

cumbersome day by day.

by land. This project plans to cross the

THE 3RD BRIDGE

Istanbul Strait on a 14.6 km route by a two storey tunnel of 5.4 km length

By the 3rd Bosphorus bridge under

underneath the seabed. This project will

construction and the North Marmara

be developed between Kazlıçeşme and

Highway maintaining its connections –

Göztepe localities, in order to relieve

now Istanbul province will start to grow

the heavy traffic burden of Istanbul. The

towards north. The transportation axis

project will include on European and Asian

on the 3rd bridge will be supported by

sides – the tunnel construction passing


YOUR HOUSE IN TURKEY 2013

along Cankurtaran coast and between

new peninsulas and a new island will be

D100 Eyüp Aksoy crossing and underneath

created within Istanbul. The project, which

the Istanbul Strait, the extension of

is planned with 6 centres, is estimated

Kennedy Avenue and of the service roads

to cost more than USD 10 billion; and it

of D100 Istanbul-Ankara State Highway

is scheduled to be completed in several

and improvement of related connection

stages until the year 2023.

roads. Upon the completion of the projects, the entry and exit points on these routes

PROMISING DISTRICTS

are expected to create a positive impact

Together with these projects, considerable

on the region with respect to real estate

changes in the dynamics of the city are

development.

awaited in the next five years. Upon the development of connection roads and

MARMARAY

new subway lines – new developments

Regarding the railed systems among the

and price appreciations are expected

public means of transportation – Istanbul

particularly on the Anatolian side of

has demonstrated a considerable progress

Istanbul in the regions Ataşehir-Şerifali,

in the last decade. Together with the

Çekmeköy-Taşdelen-Ömerli, Kadıköy-

Marmaray line of 13.5 km length, which is

Göztepe, Maltepe-Kartal, Sancaktepe-

about to be completed, the railway system

Samandıra-Sultanbeyli, Tepeören-

network will reach to a total length of 77

Akfırat-Tuzla , Beykoz-Poyrazköy and

km. Upon the completion of the project –

in the regions on the European side of

travel between Ikitelli and Gebze will be

Istanbul Kağıthane-Seyrantepe, Eyüp-

possible in 1.5 hours. The real estate prices

Kemerburgaz-Göktürk, Çatalca, Arnavutköy

in the areas located close to the subway

Küçükçekmece, Başakşehir-Ispartakule and

exit line are expected to be influenced

Sarıyer.

positively, after the project is completed. Such a potential price appreciation is also

Regarding the urban dynamics on macro

indicated by the price increases at the

scale, new dynamics are expected to shift

connections of the Kadıköy-Kartal Subway

towards the regions north Arnavutköy,

line which was opened up last year.

Kayabaşı, Beykoz – and, under the influence of the Canal Istanbul project, the

CANAL ISTANBUL

districts Küçükçekmece and Büyükçekmece

The “Canal Istanbul” to be developed on

are also expected to develop further.

the European Side of Istanbul between

On the Anatolian side of Istanbul, new

the Black Sea and the Marmara Sea, will

developing highway connections will have

have a depth of 25 meter, a surface width

a positive impact on the Riva-Beykoz axis

of 140-150 meter and a base width of

and up to the Tuzla-Akfırat regions.

120 meter, as announced. As Bosphorus of Istanbul city currently is the only

In summary, the transportation network

alternative by sea for passing from Black

plans in Istanbul will play a significant role

Sea into Mediterranean Sea, artificial

in the urban development of the city in the

water way is planned between these two

next 5 years. However, if the population

seas, in order to facilitate busy ship traffic

continues to grow at current rates, such

through Bosphorus. Upon the realization

transportation connections would not be

of this channel, Bosphorus will be closed

sufficient to serve the urban land, which is

completely to tanker passage and two

ever becoming more widespread.

ANALYSIS 23


24 ANALYSIS

YOUR HOUSE IN TURKEY 2013

URBAN TRANSFORMATION IN TURKEY The long-term urban transformation plan in Turkey offers an opportunity to encourage foreign real estate professionals to involve the process or individual investors to acquire real estate in the country. Urban transformation came into countries’

residences are needed to be supplied

life with population growth and urbanisation,

annually in Turkey.

after the industrial revolution in the 1850s. It had been intensively implemented following

Here is the usual process: Firstly, technique

Gürsel Öngören

the Second World War in Europe. Regarding

companies licensed by the Ministry

Chairman, Urban

Turkey, it has come into our lives with the

determine the structures under risk. If the

Regeneration & Law

Anti-Squatting Law issued in 1966, as a result

building is owned by more than one legal

Platform

of rural-urban migration. Recently, urban

entity, just one of the owner’s application is

transformation comes up with the “Law on

enough to determination of risk. After the

Transformation of Areas in Disaster Risk” No.

determination, the structure should be pulled

6306, which is largely called as the Urban

down within around 60 days, and owners

Transformation Law. In the long term, the

should agree on the method of transforming

urban transformation law is expected to be

the structure with at least their 2/3 of share

enforced across the country. According to the

of land. According to paragraph 2 of Article

estimations, the process will cover a period of

no. 15 of the “Application Regulation”; “1/3

20 years.

share of the land owners who have not been participated the transformation decision

According to the evaluation of the Ministry

will be sold at least their current value

of Environment and Urbanisation, 6,5 million

that is determined by the Ministry to the

residences are currently under risk against

owners who are agreed on the agreement

earthquakes. Until today, a total 4,000 ha

in the public auction. In this way, decision

of land had been declared as risky areas by

of transformation of the structures will be

the Ministry. By the end of the year, around

swiftly put into practice, and investors will

50,000 residences will be pulled down within

not encounter of any legal problem.

the framework of the transformation. Transforming squatter settlements,

To provide a temporary residence or

protecting the historical fabric and local

workplace for residence owners, if it is not

architecture, developing a new substructure

possible to provide these, rent allowance

and recreational areas as well as new pipeline

will be given them. Tenants who reside in the

projects, building new centres of attraction

risky residence and other holders of a right

are the main objectives of the urban

can receive double monthly rent allowance

transformation plan. Such a major long-term

just for only once time. Except rent allowance,

plan also offers an opportunity to encourage

loans that are taken in the scope of this Law

foreign real estate professionals to involve

from banks by natural and legal persons

the process or individual investors to acquire

will be provided interest support. However,

real estate in Turkey. Additionally, it should

persons cannot use rent and loan support at

be noted that around 400,000- 500,000

the same time. They have to choose one of


YOUR HOUSE IN TURKEY 2013

the incentives. Other important incentive is;

proper ones for public interest. All Middle

natural and legal persons will be exempted

Eastern and Western investors can collaborate

from their process, contracts, transfer and

with the experienced Turkish construction

registration, implementation, notary fees,

companies and they can contribute the

title deed fees, fees that are taken from the

urban transformation. Also they can take

Municipalities, revenue stamps, inheritance

a slice of the USD 400 million dollar urban

and transfer tax, circulating capital charges

transformation plan and generate income

and other charges, banking and insurance

over their investment.

transactions tax that are taken from money of loan in the scope of this Law. Also,

The manufactured residences and business

unauthorized building’s owner will benefit

as a result of the urban transformation are

from these exemptions beside of authorized

much easier to purchase for the citizens of

building’s owner. Thus, no else will be left out

foreign countries. According to current legal

of the scope of the urban transformation’s

regulation, reciprocity condition which is

incentives.

about the acquisition of real estate in Turkey by natural persons, had been nullified.

Private and construction sectors are the

Instead, acquisition of real estate in Turkey

locomotives of the urban transformation

has been allowed to international bilateral

process. The Ministry and municipalities have

relationships. Along with the “Law of Foreign

been working on initiating tenders which

and International Protection”, foreigners

are all open for companies, in order to find

who buy real estate in Turkey will be given

proper ones for public interest. However,

one year short term residence permit, and

since such a huge transformation plan cannot

the permit can be renewed each year. Those

be undertaken by only these sectors, foreign

who have obtained continuous residence

capital and international investors will

permits for eight years as well as foreigners

always be welcomed. According to real estate

who fit the conditions outlined by the

experts, real estate return in Turkey is higher

Immigration Policies Council will be able

than many countries in America and Europe.

to reside in Turkey indefinitely. It should be

When we compare the urban transformation

noted that after the acquisition of real estate,

with the other real estate investments, the

the person’s spouse and children will also be

urban transformation is advantageous in

benefited from residence permit, and children

two ways: Value added tax (VAT) is 1% of

can continue their education and training in

the sale of manufactured residences in the

schools of Turkey. Because, as long as they

urban transformation. The VAT is 8% to 18%

reside in Turkey, education and training and

for the sale of another type of manufactured

also other fundamental rights will have not

real properties. The sale of manufactured

limited and it has been guaranteed by laws .

residences in the urban transformation

Briefly, with the latest legislation, it is easier

has the edge on between 7% to 1%17 for

to acquire real estate and to reside in Turkey

consumers. It has 5 % cost advantageous yet

for foreigners and it has been protected by

the building liences fee, notary fee and such

law.

as title deed fees are free. Urban transformation is actively Within the framework of the transformation

implementing in almost throughout Turkey.

plan, the Ministry and municipalities have

It has been already creating significant

been working on initiating tenders which

opportunities for foreign natural and legal

are all open for companies, in order to find

persons in terms of investment.

ANALYSIS 25


26 ANALYSIS

YOUR HOUSE IN TURKEY 2013

SEARCHING FOR INSTITUTIONAL INVESTORS Considering the upcoming big-scale urban regeneration projects along with pipeline residential developments, there is an increasing necessity to attract international investments in the residential market for a healthy and sustainable growth. Residential assets have always been an

permits increased by 7.7% while occupancy

important investment tool, particularly

permits increased by 21.7% in the same

for individuals in Turkey. With a history

period. On the demand side, residential

Toğrul Gönden

of hyper inflation and limited investment

sales reached a peak level in the first half of

Managing Partner,

opportunities, many Turkish residents have

the year with approximately 570,000 units

Cushman & Wakefield

preferred to invest in residential real estate

sold, which is almost double compared to

Turkey

by purchasing apartment units. Especially,

the same period of the previous year. This

the high capital appreciation in recent

significant increase can be attributed partly

years has made residential real estate very

to new VAT regulations 1 .

attractive, as although rental levels still do not keep up with the price increment. With

Recent changes have eased restrictions on

recent developments, residential real estate

foreign ownership of Turkish real estate.

has become more attractive not only for

Following the enactment of the reciprocity

local investors, but also for foreign ones.

law 2, the sale of real estate to foreigners started to increase since the second half

Turkey’s expanding economy has resulted

of 2012. Real estate sales to foreigners

in a growing number of international

increased by 30.9% and reached USD 2.64

companies establishing or expanding

billion in 2012 and USD 1.3 billion in the

their activities in the region. Turkey’s

first half of 2013. Moreover, the number

EU accession process, adoption of EU

of residential unit sales to foreigners

related reforms and the recent upgrades

doubled in the first half of the year. Based

to “investment grade” by credit rating

on Title Deed Registry information, 6,229

agencies helped to boost the confidence in

residential units were sold in the first half

the business environment as well as in the

of 2013, which were 2,801 units in the

Turkish property industry triggering real

same period of the previous year. As one

estate activities.

of the major tourism destinations, Turkish coastal resorts have been attracting holiday

Turkey’s robust construction sector has

or retirement home buyers. However, it is

been fueling the strong GDP growth in

expected that sales will not only increase

recent years, attracting European property

for vacation homes, but also for properties

investors and also challenging developers

in metropolitan areas for investment

to keep up with increasing demand. The

purposes in the coming years.

construction sector grew by 6.8% and the real estate, leasing and business services

Although recent changes in legislation

sector grew by 6.2%, in the first half of

helped to boost residential sales to

the 2013. On the supply side, construction

foreigners, residential investments from


YOUR HOUSE IN TURKEY 2013

institutional investors are still fairly limited.

The growing population and increasing

Despite the slowdown in the aftermath

demand, along with alternative investment

of the 2008 financial crisis, commercial

vehicles, are expected to increase the

real estate has always been the focal point

interest of institutional investors in

for international capital and experienced

residential assets in Turkey. REITs focusing

strong interest from institutional investors,

on residential assets in their portfolios

especially in terms of shopping centre

offer alternatives to institutional investors.

acquisitions since 2005. In order to direct this interest into the growing residential

Institutional residential investment could

market, bulk sales could be an alternative

also be promoted using the Private Pension

investment vehicle for international

System in the following years. In addition to

institutional investors.

investment vehicles, a growing market for specialized asset types in different sub-

4

Based on RCA transaction data on the

sectors; such as student accommodation

Turkish real estate market; almost one

or senior housing is expected to attract a

third of all asset deals are residential and

wider variety of international institutional

two thirds of all foreign investment deals

investors.

are realized in the residential sector. Total bulk residential investment deals in 2013

However, in addition to diversifying

amounted to approximately USD 320

financial vehicles and asset types, the

million with full penetration of buyers from

operational capabilities in terms of

the GCC countries.

lease and asset management need to be institutionalized, as well. Although there

Considering the upcoming big-scale urban

are well-established asset management

regeneration projects along with pipeline

services for commercial properties,

residential developments, there is an

the limited availability of professional

increasing necessity to attract international

asset management companies focusing

investments in the residential market for a

on residential properties, in terms of

healthy and sustainable growth.

operations and lease management, limits institutional investments looking for long-

Residential real estate offers significant

term sustainable revenues in addition to

opportunities for private capital as well as

capital appreciation.

institutional property investors including pension funds, insurance companies, property investment companies and asset management companies. Residential is

Notes:

the most important institutional asset

1

type especially in Switzerland and the

for which the construction license is granted after 1

Netherlands, comprising over 52% and

January 2013.

50% of their institutional property

2

portfolios, respectively. Swiss institutional

Turkey entered into force on 18 May 2012.

investors prefer to remain local residential

3

use; 83 percent of properties of pension

Investors’ Attitudes and Perceptions of Residential

funds and 61 percent of properties of

Property: The Swiss, Dutch and Swedish Cases Housing

insurance companies are residential real

Studies, Vol. 21, No. 6, 883–908.

estate

3.

New VAT rates are applied to the residential projects

New law on reciprocity in acquisition of foreigners in

J. Montezuma (2006). A Survey of Institutional

4 Real

Capital Analytics.

ANALYSIS 27


28 ANALYSIS

YOUR HOUSE IN TURKEY 2013

URBAN DEVELOPMENT IN ANATOLIAN CITIES There are numerous factors influencing the development of Anatolian cities. These cities are no longer developing solely around commercial and industrial areas. Having lost its attraction, this approach has been replaced by development policies required by large-scale projects, which may also be identified as the result of competitive growth policies. Anatolian cities have taken care to create

transformed into multiple-storey residences,

settlements that are more liveable, unique

shopping centres, business complexes and

Fatih Tosun

from the aesthetic perspective and capable

high standard recreation areas. The central

Deputy General

of creating an urban identity; and they have

density has increased even further, which

Manager, TSKB Real

concentrated on the infrastructure works

in turn has rendered the traffic problem in

Estate Appraisal

required to attract large-scale investments.

the area even more unruly. Such pressures

The highway connections between major

and the space density in the centres have

cities have been reinforced and improved;

caused the residential sector to concentrate

and areas aimed for various types of

around the new investments made in the

investments have been planned in the vicinity

city. However, such expansion policies have

of the main roads. In Anatolian cities, which

not been prepared in an adequately, and

have adopted the policy of expanding out

cities have grown in an uncontrolled manner.

of the city, the residential areas have also

Settlements with wide gaps in between are

shifted to outside the city centre. The central

the product of such unplanned growth. The

development in Anatolian cities has become

density increasing towards the boundaries by

significant in the vertical direction, as there

uncontrolled growth has not been supported

is no longer any adequate space left on the

by the appropriate transportation policies;

horizontal plane.

and it has led to dense traffic jams especially at the city’s entrance.

Such dense uses have been designed in order to appeal to the trade and service sectors, to

In contrast to such approaches for

provide high incomes, and central activities

residential development growing around

have been reinforced by bringing different

the centre, the residential development

uses together. Therefore, the interest for city

in the Anatolian cities has started to be

centres has not diminished, and the centres

designed over business and shopping

have not lost their feature of being the heart

centres located on the main roads. After

of the city through increased uses and the

shopping centre investments have become

accompanying high leases.

widespread in Anatolian cities, the demand for the retail trade areas of the cities has

Therefore, urban transformation activities

somewhat decreased, and the city residents

have been started at the city centres of

have started to prefer shopping centres,

many Anatolian cities, and especially the

which they may frequently take advantage

residential areas with disorderly settlement

of, either in summer or winter. The heavy

and low life standards (primarily the

demand for shopping centres has also been

squatter house neighbourhoods) have been

reflected onto the residential market; and


YOUR HOUSE IN TURKEY 2013

residential investments in the surroundings

However, taking the projects planned

of shopping centres have intensified.

to be developed until 2013-2014 into

Shopping centre investments have

consideration, it is foreseen that Samsun

increased in a rapid manner throughout

and Zonguldak will also reach saturation.

Turkey, and have made their presences felt

Trabzon has demonstrated a growth in the

in all cities.

retail market due to being a regional centre of attraction. In Trabzon, in addition to being

RETAIL DEVELOPMENTS

located as the centre of the Eastern Anatolian

Especially, the inadequacies of the residential

Region, the feature of being the centre of

stock and the central areas of metropolises,

shopping continues to increase, due to the

such as Ankara, have caused the residential

ease of transportation between the close

investments to shift to the perimeters of

neighbouring countries. Multi Development,

shopping centres and commercial centres

Varlıbaş and Cevahir Holding have made

that are located out of the city. The rapid

investments in the region. The Mirapark

residential growth between the Konya

with a 5,500 sqm of GLA, has been followed

Road and the Kızılay-Yapracık Village may

respectively by Forum Trabzon, an investment

be identified as the consequence of the

by Multi Turkmall with a 49,000 sqm of

aforesaid investment approach.

GLA, Varlıbaş Atapark with a GLA of 25,000 developed by Varlıbaş Holding, and Cevahir

In Kayseri, the area with the best locations

Outlet with a GLA of 25,000 sqm. By these

for the shopping centre market is the Osman

4 shopping centres, Trabzon has the highest

Koyuncu Boulevard and Sinan Street, which

average in the region in the leasable area per

are among the busiest streets of the city.

1,000 persons’ average.

In Kayseri here are 6 shopping centres available, namely the Forum Kayseri,

Meanwhile in Samsun, Samsun Shopping

Kayseri Park, Meysu, Ipeksaray, Boydak, and

Centre and the 5-start hotel block,

Düvenönü shopping centres.

constructed by Rönesans Development and expected to be completed within a short

The Özdilek Shopping Centre in Eskişehir,

time, will be the biggest project of the Black

which has been opened last in the Tepebaşı

Sea Region. The project will become one of

district, is one of the major contributors

the significant centres of attraction, once it is

in the development of the region, and it

completed, and in the meantime employment

offers an opportunity for qualified projects

shall be provided to at least 2,500 persons by

to develop on that front. With the Neo

the hotel.

Shopping Centre, Espark Shopping Centre and Kanatlı Shopping Centre, Eskişehir

The Boluda project, located at 8 km to the

province is above the average in terms of

Bolu city centre and at equal distance to

GLA.

Ankara and Istanbul, is one of Europe’s largest motorway facilities, with an outlet centre

Meanwhile, in the Black Sea region, there is

of 50,000 sqm closed area, thermal and

a saturation of shopping centres, contrary

apart hotel, congress centre, gas station and

to the central Anatolian cities. Among the

vehicles park areas. The shopping centre part

Black Sea Region cities that have reached

of the project, titled Bolu Highway Outlet,

saturation in the average leasable area

investment of which has been made by

per person in shopping centres in 2012,

Bolu Dağı AŞ. Together with the Becikoğlu

Trabzon, Karabük and Bolu are included.

Shopping Centre with a GLA of 7,600 sqm, the

ANALYSIS 29


30 ANALYSIS

YOUR HOUSE IN TURKEY 2013

Bolu province is also included among the

qualified project details have emerged

provinces that have reached saturation.

to the forefront, and the demand has concentrated on business centres designed

OFFICE DEVELOPMENTS

in line with the customers’ preferences. In

The office culture in Anatolia has not

Ankara, there are two axes where business

developed in a qualified manner, other than

centres are concentrated. One and the more

the developed cities and the cities where

preferred one of these is along the Eskişehir

companies are situated as regional centres.

Road. On the other hand, the second axis is

Looking at the general use, office use is

along the Konya Road. However, the prices

observed in the business blocks and at the

of projects on the Konya Road are ranging at

stories of buildings located along the main

lower levels as compared with the projects

axes. Recently, in cities posing as regional

on the Eskişehir Road.

centres, office uses in the city centres have increased. In parallel, business complex

In Eskişehir, qualified projects in the old

investments are also expected to increase.

industrial zone, named as commercial area, have started to emerge. The reason behind

Office investments in Ankara have started

the preference of this area is the increase

in 2005 as very few, and have especially

of coefficient, following the elimination of

increased in 2009. Under the present

the ambiguities in the zoning plan, and the

circumstances, there are approximately 25

location of the region at the city centre. In

projects that are under construction and

this area, there is the HiltonSA office project

will soon be taken into operation in Ankara

to be constructed by Güven Şirketler AŞ, and

(Next Level, Taurus, Ege Plaza, Via Twins,

the residence and hotel project titled Iki

Us-Al, etc.).

Kule, to be built by Aytemiz Construction.

There are prestigious office projects, under

In Kayseri, there have been office areas

construction and planned to be completed

available at the Lawyers’ Business Centre

until the first quarter of 2014, of total

and the Doctors’ Business Centre, for a long

661,000 sqm sellable area, generally

time since the past. However, new projects

located along axes that are quite close

have started in the area of Kayseri where

to each other. The number of projects in

tall buildings are slowly emerging (Dünya

Ankara, in terms of office developments, is

Hospital, Lifos Tower, City One). The Imtaş

increasing daily.

Plaza, which Başyazıcıoğlu Construction is about to complete as of 2013, is one of these.

First of all, the fact that office investments are easier and more profitable projects for

One may not say that Trabzon has developed

the investors as compared to residential

much in the office market. There newly are

project has caused the investors in the

some slight movements on office basis in the

residential market to shift to the office and

construction sector, on provincial basis. The

business centre market. Meanwhile, one of

offices are generally located at the square

the most significant factors triggering this

in the centre of Trabzon, and there currently

is the fact that the insides of the offices are

are no developing projects. In addition, the

delivered as shell&core (advanced rough).

three shopping centres established in the province are operating in the commercial

Since the competition in the office sector

store concept, and any office services are not

has increased as compared to the past, more

provided within these shopping centres.


YOUR HOUSE IN TURKEY 2013

Samsun, as the largest province of North

project, which has recently been included

Anatolia, is the most important city of the

in the agenda, 25 hotels are planned to be

Black Sea region. Samsun, which also is a

opened in the area. Elbar from Dubai is one

significant commercial port, poses as the

of the prestigious companies interested in

locomotive of the area with respect to trade.

this project.

HOTEL DEVELOPMENTS

With respect to the tourism sector, the Black

Another factor influencing the development

Sea Region has started to reach the state of

of Anatolian cities is congress tourism. This

posing as the shining star of Turkey in the

type of tourism, which is directly related

next 10 years. Both the natural beauties and

with hotel management, has posed as a

the Black Sea, and the historical past of the

remedy for the Anatolian cities, which are

region may be listed among the significant

left behind the other regions with respect

issues supporting this claim.

to natural beauties, since the steppe climate dominates in these areas. Especially the

In Trabzon, there is the Novotel taken

capital, Ankara ranks right behind Istanbul

into operation by Akfen REIT in 2008

with respect to congress tourism. The JW

and operated by the Accor Group. The

Marriott Hotel, which has been opened

200-room Novotel Trabzon is the first

recently and hosted numerous congresses,

international chain hotel of the Black Sea

has evolved into the most deluxe and popular

Region. In the meantime, with the 77-room

hotel of Ankara, by its modern architecture

Hampton by Hilton Ordu opened in the

and different concept at the city centre. In

Ordu province in 2011, it is foreseen that

addition, Mövenpick Hotel which is currently

the interest by international hotel chain

under construction, is sold to the Yıldız

brands for hotel investments in the Black

Holding AŞ by Taurus Investment Holdings

Sea Region has increased and will continue

and Ensari family partnership. The numbers

to increase in the long-run.

of congresses, increasing since 2010, and the fact that new congress centres will be

In Trabzon, which is recently experiencing

established, are the indications for that this

a high boom in congress tourism, medium-

sector will continue to develop in Ankara.

scale international congresses are being held. Although there is a demand for big

The Ibis Hotel located in Eskişehir poses as a

congresses, these cannot be materialized

unique specimen by having been transformed

due to accommodation deficiency.

from an old silo factory constructed in 1939.

International congress centres have

In this area, there is the HiltonSA office

been constructed in Trabzon, which is a

project to be constructed by Güven Şirketler

centre of education, and the province has

AŞ, and the residence and hotel project titled

two separate congress centres, as 1,000

Iki Kule, to be built by Aytemiz Construction.

persons and 750 persons, while design

In addition to these, it is advised that

activities aimed to implement a new

investments will also be made by the

congress centre of 2,000 persons are being

Starwood, Intercontınental and Titanic Hotels

continued.

groups. For the following years, there are largeIn Kayseri, prestigious companies have

scale projects aimed for culture and

made and continue to make investments on

congress tourism in Anatolia, which

hotel basis. With the Erciyes Winter Tourism

indicates that new hotels will be required.

ANALYSIS 31


32 PROJECT SHOWCASE

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ANTTERAS Beylerbeyi, Istanbul

TYPE: Residential OWNER: Ant Yapı

Antteras is a project to be built on a

is dominant, consisting of wooden

TOTAL HOUSING UNIT: 88

hill in Beylerbeyi district of Istanbul,

houses designed in the same style

HOUSING UNIT TYPES AND SIZES:

within the parishes of Kirazlitepe and

as old Istanbul, but located within

2 bedroom duplexes are 187 sqm, 3

Kupluce, overlooking a magnificent

modern life meeting the living

bedroom flats are between 189 and

view of the Bosporus, and its

conditions of today. Antteras aims

263 sqm, 4 bedroom upper duplexes

architectural drawings were created

to create a different world for those

are between 247 and 324 sqm, 5

by AY YAPI in harmony with the

who want to live in an old-fashioned

bedroom lower duplexes are between

historical texture of Beylerbeyi.

house with oriel windows and to

373 and 435 sqm

contemplate at the Bosporus from a

PRICES: USD 875,000 – 2,900,000

Antteras will make a good impression

LAND SIZE: 28,000 sqm

thanks to its wooden houses to

CONSTRUCION AREA: 33.000 sqm

be designed and painted to look

Exterior architecture of Antteras was

DATE STARTED: June 2013

different at individual level, a wide

designed in the same style as the

DATE OF COMPLETION: June 2015

range of social facilities, landscaping

wooden houses of old Istanbul, but

WEB SITE: www.antteras.com

designed to match the concept, and

its interior spaces were designed and

CONTACT INFORMATION: +90 216 630

elegant architecture. This project

shaped in today’s modern and elegant

6868, info@antteras.com

will resemble a neighborhood where

style. All building materials were

merkez@antyapi.com

the Ottoman style of architecture

selected in terms of elegance, comfort

calm and green place.


YOUR HOUSE IN TURKEY 2013

and high quality as it was in all other projects of Ant Yapı. This project will contain social facilities covering a surface area of 8,500 sqm , including a panoramic view café, restaurant, lounge, outdoor swimming pool and children’s pool, indoor swimming pool, spa and fitness centre, tennis court, basketball court, and a playground containing various game equipment. Natural green fields play an important role in the landscaping of Antteras, which also contains an ornamental pool, promenade, flower gardens and rest areas.

PROJECT SHOWCASE 33


34 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013


YOUR HOUSE IN TURKEY 2013

PROJECT SHOWCASE 35

ANT YAPI SAN. VE TIC. A.S.

hotels, schools, cultural centres,

investments at home and high IQ

Ant Yapı, has been founded to realize

office buildings, shopping centres and

commitments abroad by creating the

a very wide range of projects for the

entertainment facilities at home and

best solutions to meet the demands

building industry with a professional

abroad. This company owes its success

of its friends whom it considers its

management, a principle of never

in realizing projects and commitments

business partners.

compromising the quality and reliable

it undertook to its approach, which is

organization achieving the company’s

based on positive thinking, a team of

Saray Mah. Akçakoca Cad. No:11

commitments in full. Having

professionals, a large stock of heavy

Ümraniye-Istanbul

initiated its activities in the 1990’s

duty machines, wide range of building

+90 216 630 67 67

and continued in the 2000’s after

equipment, modern technology and

+90 216 632 56 40

reorganization, it has successfully

innovations. Ant Yapı continues to

ant@antyapi.com

built various houses, residences,

develop new projects with high IQ+EQ

www.antyapi.com


36 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013

LAPİS HAN Kartal, Istanbul

TYPE: Office and retail OWNER: Gürallar Yapı TOTAL HOUSING UNIT: 180 OFFICE UNIT TYPES AND SIZES: Type A: 57 sqm, Type B: 95 sqm, Type C: 159

Lapis Han is the first office project

floor. It creates functional and

sqm, Type D: 193 sqm,

of Gürallar Real Estate Investment

enjoyable working environments with

Type E: 195 sqm and Type F: 216 sqm

& Development Company. The main

its project design shaped according

PRICES: Starts from USD 201,000

theme of this project that services

to “Lego structure” and “old office

(incl. VAT)

our clients is to provide different

block” forms. Through floor gardens,

LAND SIZE: 6,900 sqm

office areas between 57 sqm to

it provides both a space of relaxation

CONSTRUCTION AREA: 32,500 sqm

2,000 sqm up to their request.

and an opportunity of rest.

DATE STARTED: December 2012

Gürallar Yapı has developed 370,000

DATE OF COMPLETION: March 2014

sqm construction on 2,000,000 sqm

In the context of Lapis Han project,

PUBLIC FACILITIES: Indoor pool, sauna,

land untill today.

there are meeting rooms to be used

fitness centre, kindergarten, study hall

by unit owners. Clients can fulfill

and lounge

In Lapis Han, offices gather around the

their meeting necessities in Lapis Han

WEB SITE: www.lapishan.com/eng

courtyard to command both faces and

building without reserving a meeting

CONTACT INFORMATION:

have a view. There are multipurpose

space in their offices or leaving the

+90 216 444 65 77

terraces and floor gardens on every

building. Two different entrances


YOUR HOUSE IN TURKEY 2013

and lobbies including the reception services. An indoor parking space is allocated for each unit. There is 7/24 security service. Building management is operated by a professional team. Private consulting services are provided professionally. Overlooking E-5 highway, Lapis Han can be reached easily by private vehicle or public transportation: It is possible to arrive from E-5 Highway and TEM Motorway. The only international airport of Istanbul’s Asian side, Sabiha Gokçen Airport is only 15 minutes away from Lapis Han.

PROJECT SHOWCASE 37


38 PROJECT SHOWCASE

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PROJECT SHOWCASE 39

GÜRALLAR REAL ESTATE INVESTMENT & DEVELOPMENT Gürallar YAPI Inc. started business in 1948 within the body of Gürallar Group. The name Gürallar has led the way to the creation of brand values identified with quality and professionalism nationally and internationally by contributing. As a member of this pioneering family, among the completed projects, there are Ali Bey Hotels, ArtCraft Factories, various residence and school constructions.


40 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013

NEF KAĞITHANE 03 Kağıthane, Istanbul TYPE: Flats & Offices & Retails Stores

Mixed-use Nef Kağıthane 03 contains

only 15 kilometers from the newly

OWNER: Nef-Timur Gayrimenkul

Foldhome apartments, Foldoffice

contructed court house in Çağlayan.

Gelişim Yapı ve Yatırım A.Ş

work space and retail stores and, is

TOTAL HOUSING UNIT: 335

expected to breathe new life into the

Add-on, one of the Europe’s most

HOUSING UNIT TYPES AND SIZES: One

surrounding Kağıthane neigborhood,

prestigious architectural firms, and

bedroom standart unit (44 sqm)

one of the fastest developing areas of

several designers who have already

LOCATION: Kağıthane, Istanbul

Istanbul. The buildings are situated 3

received a large number of awards

LAND SIZE: 6,910.70 sqm

kilometers from the popular Kanyon

for their work on previous Nef

CONSTRUCION AREA: 47,130.89 sqm

Shopping Center, 3 kilometers from

projects; worked on the design of Nef

DATE STARTED: December 2013

the Dolmabahçe-Taksim Tunnel and

Kağıthane 03.

DATE OF COMPLETION: December 2015 PUBLIC FACILITIES: Foldhome: Guest House, Business Room, Private Cinema, Music Room,PlayStation Room, Private Fitness Room, Private Studio, Basketball, Football, Party&Karaoke Room, Terrace Garden, Open-Air Party Area, Open-Air Cinema, Roof Garden & Barbecue, Terrace Jacuzzi, Gusto Room, Rent a Vespa, Observatory Pet Consultant, Event Room, Chef’s Table, Squash Foldoffice: Meeting Room, Kitchenette, Showroom, Auditorium, Private Cinema, Video Conferencing, Classrooms, Service Room, Cafe, Entertainment Room, Private Studio, Private Fitness, Basketball, Squash, Locker Room, HappyHour Terrace, Party Room, PlayStation Room, Owner’s Lounge, Playground, Fisrt Aid, Archive Room and Library WEB SITE: www.nefkagithane03.com


YOUR HOUSE IN TURKEY 2013

PROJECT SHOWCASE 41


42 PROJECT SHOWCASE

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NEF MERTER 12 Merter, Istanbul TYPE: Flats

Nef Merter 12 is located Istanbul’s

World – renowned architechure office,

OWNER: Nef - Timur Gayrimenkul

most promising area for devolopment,

Lombardini recently designed the

Gelişim Yapı ve Yatırım A.Ş

Merter. Nef Merter 12 is located just 5

Armani Hotels and Bicocca Village

TOTAL HOUSING UNIT: 573 housing

minutes away from subway. Nef Merter

Shopping Centre in Milan. Lombardini

units

12 includes apartment units and retail

22 and several designers worked on

HOUSING UNIT TYPES AND SIZES: One

units in tree 14-storey high buildings.

the design of Nef Merter 12.

bedroom standard unit (52 sqm), two bedroom standard unit (104 sqm) LAND SIZE: 8,292.8 sqm CONSTRUCION AREA: 61,000 sqm DATE STARTED: December 2013 DATE OF COMPLETION: December 2015 PUBLIC FACILITIES: Foldhome: Guest House, Business Room, Private Cinema, Music Room, PlayStation Room, Private Fitness Room, Private Studio, Basketball, Football, Party&Karaoke Room, Terrace Garden, Open-Air Party Area, Open-Air Cinema, Roof Garden&Barbecue, Terrace Jacuzzi, Gusto Room, Rent a Vespa, ObservatoryPet Consultant, Event Room, Chef’s Table and Squash WEB SITE: www.nefmerter12.com


YOUR HOUSE IN TURKEY 2013

PROJECT SHOWCASE 43

NEF

residences, Nef is distinct from all other

flat, while having access to shared

Nef, is a unique real estate brand

projects currently under execution. With

public amenities that extends their

working not in square-metres but rather

our projects and patented inventions

personal space into what is virtually

in square-centimetres. Our aim is to

such as Foldhome and Foldoffice, set to

a 24-room, 24-hour-a-day house.For

be a brand designing finely thought-

appear at world design fairs from 2011

example, will include interiors ranging

out, quality living space for people.

onwards together with the products of

from a roof garden grill, an artificial ski

Setting out to create its life-giving and

the world’s most important designers,

run and open-air cinema to a Playstation

indispensible oeuvres just like the

our aim is to make design, no longer a

room, cigar and wine tasting den and

breath we take, Nef is engaged in a

luxury, but rather an essential part of

observatory. Each space is designed by

number of different lifestyle and design

people’s way of life. Patented by Nef,

a different studio and hosts services

projects. With its series of 7 finely

the firm’s Foldhome system, which is

that will change according to the needs

thought-out designs for homes, offices,

built into each of its projects enables

and habits of the inhabitants of each

suites, apartments, flats, dorms and

tenants to purchase a single-bedroom

property.


44 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013

NUROL PARK Güneşli, Istanbul

TYPE: Mixed-use OWNER: Nurol Reit

Accurately reading the lifestyle of the

Nurol Park will be constructed on

TOTAL HOUSING UNIT: 1,118

future, particularly the metropolis

an area of 55,000 sqm at Güneşli,

(loft, residence and tower units)

needs, and carrying out its projects

Istanbul and is designed as a “Valley

HOUSING UNIT TYPES AND SIZES: 1+1,

with “Investment for Life” insight,

of Life” combining the modern

2+1, 3+1 and 4+1, 75 sqm - 190 sqm

Nurol GYO put Nurol Park, its mixed

life and nature, Nurol Park project

PRICES: The minimum sqm price,

project at Istanbul Güneşli, up for

particularly aims to enliven a sincere

TRY 3,400

sale. Constructed on an area of

and communicating neighborhood

LAND SIZE: 55,000 sqm

55,000 sqm, Nurol Park project will

pattern from the past. Nurol Park, a

CONSTRUCTION AREA: 15,000 sqm

include total 1,118 housing units,

completely genuine project, includes

(Construction area is 20 percent of the

approximately 70 street stores as

social areas, courtyards and terrace

project area)

well as an office block and hotel on

areas. 24,000 sqm part of the project

DATE STARTED: June 2013

an area of 22,000 sqm. There will

will be used as a landscaping area.

DATE OF COMPLETION: First quarter of

be 154 residences, 84 lofts and 880

In addition to living areas for the

2016

tower flats in Nurol Park. The project

residents of Nurol Park, the project

WEBSITE: www.nurolpark.com

contains housing units for every taste

also includes approximately 70

CONTACT INFO: +90 212 651 13 50

and need with different alternatives

stores, cafés and restaurants in Park

(Güneşli/Sales Office)

from 1+1 to 4+1.

Bazaar open for visitors.


YOUR HOUSE IN TURKEY 2013

In the bazaar keeping the old neighborhood tradition alive, there are stores from greengrocer to butcher meeting all kinds of needs. Nurol Park also features an amphitheater. The Fitness Center, which located at a walking distance from all blocks of Nurol Park, has an indoor swimming pool and sunbathing terraces open all around the year. The project is located on Bas覺n Ekspres Road between arterial roads (TEM and E5). Nurol Park is 7.5 km to Atat羹rk Airport and 230 meters planned Evren Station on the subway line.

PROJECT SHOWCASE 45


46 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013


YOUR HOUSE IN TURKEY 2013

PROJECT SHOWCASE 47

NUROL REIT NUROL Group of Companies was established in 1986. With its halfcentury experience and experienced human capital, the Group operates in 5 main lines of business including construction, defense industry, finance, tourism and energy. Nurol REIT, a part of this big structure, was founded in 1997. Starting its journey with the motto “Investment for Life�, Nurol REIT has become the company with the highest increase in market value on a yearly basis in 2012 with an increase of 402 %. The company meets the demands and needs of its customers by accurately reading the lifestyle of the 21st century and particularly the metropolis needs and produces profitable real estate projects.


48 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013

VADİSTANBUL Maslak, Istanbul

TYPE: Mixed-Use

Vadistanbul is a joint venture of 3 big

First Part: Vadistanbul Terrace

OWNER: Artaş-Aydınlı-Keleşoğlu – AFK

construction companies named of

All Vadi Istanbul Terrace’s apartments

Joınt Venture

Artaş, Aydınlı, and Keleşoğlu. Project

are designed for modern living. They

TOTAL HOUSING UNIT: 1.Phase: 1,111,

is located close to Maslak, Istanbul

are decorated with elegant lines and

2.Phase: 2,000 Total : 3,111

and the famous Sadabad River at the

functional details that offer their

HOUSING UNIT TYPES AND SIZES: In

boundary of Belgrad Forest (Istanbul’s

residents the pleasure that only the

the range of 1+1, 2+1, 3+1, 4+1, 5+1

source of fresh air). Inluding a five-

finest quality can bring. Vadi Istanbul

69.80 sqm - 244.09 sqm

star hotel, residences, shopping mall,

Terrace has unique apartment design

PRICES: TRY 455,000 – 2,213,000

metro station and offices Vadistanbul

that is inspired by the graceful flow of

LAND SIZE: 430,000 sqm

tells Istanbul’s story to the world

water and also some apartments have

CONSTRUCTION AREA: 1,100,000 sqm

through a mesmerizing, unique and

private gardens and the large green

DATE STARTED: December 2012

groundbreaking architectural design.

spaces, all right beside Belgrad Forest.

2014, 2.Phase January 2016 and

Our project includes three parts, each

Second Part: The Avenue

3.Phase: September 2016

with its own unique concept: Vadi

Located in the centre of project, Vadi

WEB SITE: www.vadistanbul.com

Istanbul Terrace, Vadi Istanbul Avenue,

Istanbul Avenue will host favorite

CONTACT INFO: Alpay Çepni

and Vadi Istanbul Garden.

international brands at its shopping

DATE OF COMPLETION: 1.phase: August


YOUR HOUSE IN TURKEY 2013

centre, hotels, business centres,

and basketball courts, and more. The

shopping mall and extraordinary

business centres on Vadi Istanbul

venues. Our project also includes

Avenue are located 800 meters from

a shopping mall in addition to the

Maslak.

main shopping street. Our shopping mall meets all the needs of Vadi

Third Part: Bulvar Residence

Istanbul residents under one roof

A magnificent design, and professional

and will dazzle with its magnificent

resident services, Vadi Istanbul

design and shopping brands. With a

Avenue’s residences are an easy

direct link to the Seyrantepe metro

choice for those who wish to live a

station, our project offers easy

24/7 lifestyle in the heart of the city.

access to destinations of Istanbul.

24/7 professional security personnel,

Indoor and outdoor swimming pools,

a closed circuit camera system, guard-

a fitness centre, a Turkish bath, a

controlled vehicle and pedestrian

sauna, a hot tub, playgrounds for

entries and exits, a visual intercom

the children, running and walking

system in every apartment and fire

trails that run along the river, tennis

and smoke detectors

PROJECT SHOWCASE 49


50 PROJECT SHOWCASE

YOUR HOUSE IN TURKEY 2013


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PROJECT SHOWCASE 51

ARTAŞ GROUP, AYDINLI GROUP

since 2006 under this brand name. It

project, which uses solar power to

AND KELEŞOĞLU

has completed many projects whose

generate electrical power. With a 35-

Leaders of the construction sector

residences have evolved in parallel with

year old heritage, Keleşoğlu is one of

— Artaş Group, Aydınlı Group and

modern city requirements and have

the leaders in our country’s real estate

Keleşoğlu — gathered “for Istanbul” at

played an important role in developing

sector. The company’s residence, office

Vadi Istanbul to show a new Istanbul to

many areas of Istanbul. Aydınlı Group

building, and shopping mall projects

the world. ARTAŞ Group was founded

demonstrates Turkey’s power of design

have been internationally-awarded

in 1977 by Süleyman ÇETİNSAYA. The

and production to the world with its

and are shaping the future of sector.

group, which includes Artaş İnşaat San.

brands. Emphasizing quality service

Keleşoğlu projects yield high profits for

Tic. A.Ş. — a locomotive company — as

and universal values, managing eco-

their investors and boast a high quality

well as 20 other companies, has done

friendly production processes, and

of life and aesthetic and eco-friendly

many residence, office, shopping mall

featuring a world-class customer-

architecture. A star among Istanbul’s

and hotel projects. Paving the way

oriented philosophy, Aydınlı Group has

many shopping malls, Keleşoğlu

in the residence construction sector

had success in the ready-made clothing

continues to add to the quality of life

with its “Avrupa Konutları” brand,

sector as well as construction sector

thanks to its successful architects and

the group has built 9,500 residences

and introduced a first with its Solarkent

engineers.


56 SELECTED PROJECTS

YOUR HOUSE IN TURKEY 2013

Anthill Residence HOUSING UNIT TYPES AND SIZES: 1 bedroom flats are between 86 and 95 sqm, 2 bedrooms flats are between 98 and 121 sqm, 3-4 or 5 bedroom flats can be created by merging units.

LOCATION: Bomonti, Şişli - Istanbul PUBLIC FACILITIES: The complex has a hurray of shops ranging from supermarket, restaurants, pharmacy, dry cleaning, flowerist, hairdresser, a Spa with 12 treatment rooms and one of the largest Fitness complex with indoor and outdoor swimming pools, sauna, Turkish bath, steam rooms, jacuzzi, outdoor tennis court, squash court, indoor ski slope, billiard room, extensive choices of classes and for children there are kids club and an outdoor playground.

DATE OF COMPLETION: 2010 PRICE RANGE: USD 589,000 – 1,968,000 WEB SITE: www.anthillresidence.com

Antriva HOUSING UNIT TYPES AND SIZES: Twin villas are 323 sqm, seperate villas are 570 sqm

LOCATION: Riva, Istanbul PUBLIC FACILITIES: Semi-open swimming pool with children pool, tennis court, basketball court, children playground, panoramic viewed cafe.

DATE OF COMPLETION: 2012 PRICE RANGE: USD 972,000 – 990,000 WEB SITE: www.antriva.com.tr


YOUR HOUSE IN TURKEY 2013

SELECTED PROJECTS 57

Nef Offices Dörtlevent 09 HOUSING UNIT TYPES AND SIZES: 364 Office & 48 Home Office & 16 Retails / 42 – 1,585 sqm

LOCATION: 4. Levent, Istanbul PUBLIC FACILITIES: Foldoffice: Private Cinema, Business Room, Kitchenette, Basketball, Football, Party & Karoke Room, Private Fitness Room, PlayStation Room, Private Studio, Art Room, Entertainment Room, Music Room, Cafe, Video Conferencing, Classrooms, Archive Room and Library

DATE OF COMPLETION: October 2014 WEB SITE: www.nefoffices09.com

Nef Flats Haliç İki HOUSING UNIT TYPES AND SIZES: 312 housing unit, 62 – 204 sqm LOCATION: Haliç, Istanbul PUBLIC FACILITIES: Foldhome: Guest House, Business Room, Private Cinema, Music Room, Playstation Room, Private Fitness Room, Private Studio, Art Room, Basketball, Football, Party & Karaoke Room, Laundry & Ironing Room, Rent a Scooter, Observatory, Pet Consultant, Open-air Party Area, Terrace Garden, Open-Air Cinema, Garden & Barbeque, Gusto Room, Terrace Jacuzzi, City Ski

DATE OF COMPLETION: December 2013 WEB SITE: www.nefhalic.com


58 SELECTED PROJECTS

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Nurol Park

DATE OF COMPLETION: First quarter of 2016

HOUSING UNIT TYPES AND SIZES: Housing unit alternatives from 1+1 to 4+1 with 154 residences, 84 lofts and 880 tower flats.

PRICE RANGE: Minimum unit price is TRY 3,400/sqm

LOCATION: Güneşli, Istanbul

WEBSITE: www.nurolpark.com

PUBLIC FACILITIES: Nurol Park, housing units, includes social areas, courtyards and terraces. It’s being planned to nearly 70 cafés and stores at 24,000 sqm outdoor valley of life and to allow everyone to shop and enjoy the public street of the project. We are creating an open layout both secure and integrated with the pattern of the area. Streets are designed between the housing unit blocks, as a shopping and cafés area. The residents of the project will benefit from the Fitness Center located at a walking distance in Nurol Park. The Fitness Center has an indoor swimming pool and sunbathing terraces open all around the year.

Nurol Tower HOUSING UNIT TYPES AND SIZES: Nurol Tower is consisted 291

DATE OF COMPLETION: July 2014

independent sections including 243 homes, offices or home offices; 36 shops / stores and 12 offices at the base.

PRICE RANGE: The average unit price is USD 6,300/sqm

LOCATION: Mecidiyeköy, Istanbul

WEBSITE: www.nuroltower.com

PUBLIC FACILITIES: Social Club, Sky-Lounge


YOUR HOUSE IN TURKEY 2013

SELECTED PROJECTS 59

Lapis Han HOUSING UNIT TYPES AND SIZES: Type A: 57 sqm, Type B: 95 sqm, Type C: 159 sqm, Type D: 193 sqm, Type E: 195 sqm and Type F: 216 sqm

LOCATION: Kartal, Istanbul PUBLIC FACILITIES: Indoor pool, sauna, fitness centre, kindergarten, study hall and lounge

DATE OF COMPLETION: March 2014 PRICE RANGE: Starts from USD 201,000 (incl. VAT) WEB SITE: www.lapishan.com/eng

Tema Istanbul TYPE: Mixed-use LOCATION: Halkalı, Istanbul RESIDENTIAL UNITS: 3,614 COMPLETION DATE: July, 2015 DEVELOPER: Artaş, Öztaş, Mesa and Kantur WEBSITE: www.temaistanbul.com


60 SELECTED PROJECTS

YOUR HOUSE IN TURKEY 2013

Eclipse Maslak HOUSING UNIT TYPES AND SIZES: In the range of 1+0,1+1, 2+1, 3+1 and 4+1. 56 sqm – 232 sqm

LOCATION: Maslak, Istanbul PUBLIC FACILITIES: Eclipse Maslak which is located at Maslak, Finance Capital of Istanbul, consists of 550 houses, offices and commercial area. The project also accommodates hobby halls and game fields at sports facility which includes an indoors swimming pool, fitness centre, sauna and steam room. There are features like 24/7 controlled vehicle and pedestrian entry-exit, specialist security staff, CCTV surveillance camera system, video intercom system, fire and smoke alarms.

PRICE RANGE: TRY 330,000 – 1,880,000

DATE OF COMPLETION: December 2014

WEB SITE: www.eclipsemaslak.com

KoruFlorya HOUSING UNIT TYPES AND SIZES: In the range of 3+1, 4+1, 5+1, 4+2, 5+2, 6+2 and 7+2. 165 sqm – 390 sqm

LOCATION: Florya, Istanbul PUBLIC FACILITIES: KoruFlorya located in the most enchanting district of Istanbul-Florya houses a new life oriented around hobbies and style of yours and your loved ones. Florya Atatürk Forest on one side, beauty of Marmara sea on the other; KoruFlorya provides 7/24 residence services. KoruFlorya shopping mall and living centre located right underneath the residences bring the most prestigious brands and entertainment with its wide range of food,

DATE OF COMPLETION: 31 December 2013

beverage and amusement facilities. KoruFlorya designed all the details in-house with its covered sports centre and swimming pool,

PRICE RANGE: TRY 1,137,000 – 4,655,000

utility studios, fitness centre, world class turkish bath, SPA and personal care areas.

WEB SITE: www.koruflorya.com.tr


YOUR HOUSE IN TURKEY 2013

Torun Center TYPE: Mixed-use; Offices, residance and shopping mall LOCATION: Mecidiyekรถy, Istanbul COMPLETION DATE: 2015 WEBSITE: www.toruncenter.com/ SCOPE OF THE SERVICE: Elaboration of master TFM strategic plan, Design Review, Operational scenarios (Service Levels), Purchase management (Services and material), Transition management, CAFM customizing; via TSP Consulting

Quasar Istanbul TYPE: Mixed-use; Office, residance and retail LOCATION: Mecidiyekรถy, Istanbul COMPLETION DATE: 2015 WEBSITE: www.quasaristanbul.com SCOPE OF THE SERVICE: Elaboration of master TFM strategic plan, Design Review, Operational scenarios (Service Levels), Purchase management (Services and material), Transition management, CAFM customizing; via TSP Consulting

SELECTED PROJECTS 61


62 SELECTED PROJECTS

YOUR HOUSE IN TURKEY 2013

Mesa Kartall TYPE: Residential LOCATION: Kartal, Istanbul RESIDENTIAL UNITS: 304 COMPLETION DATE: April, 2014 DEVELOPER: Mesa WEBSITE: www.mesakartall.com

Skyland Istanbul TYPE: Mixed-use LOCATION: Seyrantepe, Istanbul RESIDENTIAL UNITS: 688 COMPLETION DATE: 2016 DEVELOPER: Eroğlu WEBSITE: www.skylandistanbul.com

Emaar Square TYPE: Mixed-use LOCATION: Çamlıca, Üsküdar, Istanbul RESIDENTIAL UNITS: 1,000 COMPLETION DATE: 2015 DEVELOPER: EMAAR WEBSITE: www.emaarsquare.com.tr


YOUR HOUSE IN TURKEY 2013

Istanbloom TYPE: Residential LOCATION: Zincirlikuyu, Istanbul RESIDENTIAL UNITS: 170 COMPLETION DATE: February 2014 DEVELOPER: Esin Yapı WEBSITE: www.istanbloom.com

Batışehir TYPE: Mixed-use LOCATION: Bağcılar, Istanbul RESIDENTIAL UNITS: 3,300 COMPLETION DATE: July 2015 DEVELOPER: Ege Yapı Group WEBSITE: www.batisehir.com

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

SELECTED PROJECTS 63


64 SELECTED PROJECTS

YOUR HOUSE IN TURKEY 2013

Soyak Siesta TYPE: Residential LOCATION: Karşıyaka, İzmir RESIDENTIAL UNITS: 2,200 COMPLETION DATE: December 2014 DEVELOPER: Soyak WEBSITE: www.soyak.com.tr

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

Ege Perla TYPE: Mixed-use LOCATION: Konak, Izmir RESIDENTIAL UNITS: 111 COMPLETION DATE: December, 2015 DEVELOPER: iş REIT WEBSITE: www.egeperla.com.tr


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For reservations: Nuran Yıldız nuran@depo.com.tr

Your House Guide in Turkey 2013  

Your House Guide in Turkey 2013

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