YOUR HOUSE IN TURKEY 2012
A Buyer's Guide to Best Recent Projects
your house ın turkey 2012
EDITORIAL 1
your house ın turkey Editor-in-chief Kuyaş Örs Editors Cüneyt Tabanoğlu Fatma Çilo Bayramoğlu Advertising sales manager Nuran Yıldız
WELCOME
Corporate communication director Mürüvvet Can Graphic designer Doğukan Bilgin Publisher Depo Publishing Haci Izzet Pasa Sokak 12/2 Gümüşsuyu, Beyoğlu 34427 Istanbul Printer Ofset Yapimevi Yahya Kemal Mah. Şair Sok. 4 Kağıthane, Istanbul
Turkey remains among the most promising real estate markets and it is increasingly a country that investors need to pay attention to, thanks to its strong growth prospects and favourable demographics. With a GDP of USD 770 billion, the Turkish economy expanded by 8.5% last year, thirdfastest among the Group of 20 industrialized nations, after China and Argentina. The country has a sizable domestic market, a population (about 75 million) that’s young, and plenty of catching-up to do in financial services penetration. All of that spells growth. However, it’s more important to establish the right tax, regulatory and legal
All or some of the content (texts or images) cannot be used without written permission of Depo Publishing. Depo Publishing is not responsible for the accuracy of the information provided by the contributors.
environment to attract finance chiefs and to provide them a skilled workforce. Turkey
Further information Networking Turkey +90 212 251 18 11 info@networkingturkey.net www.networkingturkey.net
This guide you’re holding in your hands attempts not only to reveal current conditions
doesn’t yet have those prerequisites, which is why it falls so low on indexes that try to measure finance centres. However, the country is certainly trying to become a more inviting place for global investors. For instance, the Land Registry Act has been amended recently and the reciprocity law, which has been considered as the main obstacle for foreign investors, has been removed.
of the real estate market in Turkey, but also to provide an insight for both global and individual investors. Hope you enjoy it.
2 Contents
your house ın turkey 2012
YOUR HOUSE IN TURKEY 2012
Your House In Turkey 2012 A Buyer's Guide to Best Recent Projects
4 NEWS
36 Project Showcase
Roundtable dISCusıon
36 GLOW3
12 STILL EARLY FOR ENTHUSIASM REVIEW
40 OnaltıDokuz Istanbul
24 TURKEY IS TAKING ACTION
44 RIngs Istanbul
REVIEW
48 Valle Lacus
AT THE RIGHT TIME
26 restrıctıons are eased for acquısıtıon of real estate ANALYSIS
28 TRANSPORTATION LINES IN ISTANBUL ANALYSIS
32 MAIN DEVELOPMENT AREAS IN ISTANBUL
52 VIaPort VenezIa 56 Yorum Istanbul ResIdences 60 Selected Projects
4 NEWS
your house ın turkey 2012
Deforested lands are on sale until November There are about 500,000 blocks of deforested land on sale with an application deadline of October 30, according to the Finance Minister of Turkey. The total market value of deforested
The government hopes that 2B land
real estate to foreign citizens and
lands, which are also known as
sales will bring a substantial amount
firms. Şimşek said 2B lands cover
2B lands, is estimated at between
of revenue. A law was recently
some 4.1 billion m² of deforested
EUR 6.5 billion and EUR 11.5 billion,
enacted which paved the way to sell
land, which is deemed impossible to
said Finance Minister Mehmet
deforested land. The law has been
reforest. Another purpose of the 2B
Şimşek at a meeting with provincial
controversial as some feel it may lead
law is to legalize constructions and
treasurers of the 12 provinces which
to more deforestation.
solve ownership disputes between
have the most properties within the
the citizens and the state and grant
scope of the 2B lands.
to apply for 2B lands as soon as this
land titles to rights-holders on such
Proceeds from 2B land sales
week and not wait six months. “The
lands.
will be used in decreasing disaster
rights-holders will lose their rights
risks in Turkey, supporting villagers
if they run late in applications in six
at 70% of the market price to rights-
that live off forestry occupations,
months,” he said.
holders and in case of pre-payments
creating new forest land and forest
the government grants a further 20%
improvements, he said, adding that
comes as the Turkish parliament
discount. There are about 500,000
the cabinet will determine how to
approved a law in May, which eases
blocks on sale with an application
specifically utilize the proceeds.
restrictions on the sale of land and
deadline of October 30.
Şimşek also urged rights-holders
The step on deforested lands
The government sells the lands
Property sales to foreigners has boosted Turkey’s fast growing property market is enjoying an influx of foreign buyers after a bill, which took effect in early May, eased property sales to non-Turkish citizens. The Turkish property market has
number is expected to rise even more in
witnessed its largest influx of foreign
the coming period.
has created a significant opportunity
buyers since the founding of the Turkish
According to the Central Bank
for European investors. A bill, which
Republic. In May 2012 alone foreign real
Balance of Payments report, Austria
removes the condition of reciprocity
estate acquisitions in Turkey reached
trademark firms are behind the
and eased restrictions on the sale of
EUR 890 million, which is four times the
acquisitions. To date, the largest real
land and real estate to foreign citizens
total number of real estate purchases
estate purchases by foreigners were
and firms, was adopted in May. Main
completed by foreigners in 2011.
back in 2008 when total purchases hit
opposition Republican People’s Party
EUR 274 million. In 2009, foreigners
(CHP) has appealed to the Constitutional
incredulous given that real estate sales
bought EUR 170 million worth of local
Court to annul and suspend the bill
to foreigners were only EUR 92.8 million
real estate, EUR 255 million in 2010 and
arguing that some provisions in the bill
in the January-April 2012 period. The
EUR 252 million last year.
are unconstitutional.
This number is even more
Turkey’s real estate reciprocity law
6 NEWS
your house ın turkey 2012
A large plot in Ataköy to be up for sale Some 670,000 m² of land in the coastal area of Istanbul’s Bakirköy district, including the Ataköy Tourism Complex, will be put up for sale until the end of the year. The Housing Development
include 144,000 m² of land that has
raise Istanbul’s tourism potential to
Administration (TOKI) and DATI
been leased from the Undersecretariat
unimaginable levels” Karaoğlu said.
Investment Holding have jointly
of the Treasury, and a giant marina
agreed to sell their land in the area,
project of 378,000 m².
tourism zone, and it is in the public’s
as well as the commercial license and
interest to sell the land as one
assets that go with the property, said
property that is subject to sale is
package”, he said.
Ali Seydi Karaoğlu, the head of TOKI’s
670,000 m²,” Karaoğlu said. The
Istanbul Real Estate Office at a press
marina project has the necessary
share in the total value of the Ataköy
conference in August.
approvals, he said. He said he
Tourism Complex”, said Gökhan Kiran,
expects a significant amount of
the CEO of DATI. “DATI was founded by
includes the Galleria Shopping Centre,
revenue from the sale and TOKI may
67 partners from the maritime sector,
Sheraton Hotel and Ataköy Marina, and
start the sale tender process within
and acquired the Ataköy Tourism
was sold to DATI Investment Holding
two months.
Complex for USD 200 million and a
in 2004 by the Privatization Board.
further USD 200 million were invested
TOKI holds simple ownership of the
in terms of air, marine and land
in the complex”, said Kıran.
138,467 m² of land that the complex
transportation, its tourism potential.
is built on.
There is no dispute about the
difficulty in the maritime sector for
development plan, as all of the legal
four years, and there is no sign of
for the complex for the next 26 years,
procedures are over. It is a very
improvement. That’s why the partners
Karaoğlu said, adding that DATI also
attractive location for investors,
decided to sell off DATI. After one year
owns 10,241 m² of property in the
and it is very important for Istanbul.
of talks with TOKI, we brought up the
area. In addition to this the sale will
If the project materializes, it will
idea of a joint sell-off,” he said.
The Ataköy Tourism Complex
DATI holds the commercial license
The Ataköy Tourism Complex
“The total usage area of the
“It is a valuable piece of land
“The area has been declared a
“TOKI holds a 60% and DATI a 40%
“There has been [economic]
8 NEWS
your house ın turkey 2012
Istanbul aims to outperform Dubai It’s now little more than a dusty patch of land in the modern suburb of Ataşehir on the Asian side of Istanbul. Within three years, if all goes according to plan, high-rise office buildings will dominate the site, forming an upstart Wall Street on the Sea of Marmara: the Istanbul International Financial Centre. With the finance centre up and running, Environment and Urbanization Minister Erdoğan Bayraktar told reporters earlier this year, “Istanbul will assume its historical role as a global centre of commerce.”
A global financial centre is a good
dream to have when established centres such as London face reputational damage and regulatory uncertainty. However, Istanbul has a mountain to climb.
By some measures, Istanbul,
straddling Europe and Asia, with 13 million people, is on its way there already. The financial industry has grown along with the world’s 16thlargest economy.
With a gross domestic product
of USD 770 billion, the Turkish
A photographic depiction of the plan
economy expanded by 8.5% last year, third-fastest among the Group
of 20 industrialized nations, after
government’s 2009 action plan to
Turkey’s 35% upper rate. More
China and Argentina, according
develop Istanbul as a financial centre
important, the government’s poor
to data compiled by Bloomberg.
contains 71 points and reads like
record on Internet and media
It has cooled a bit, growing at an
a to-do list the World Bank might
freedoms, a series of legally
annualized rate of 3.2% in the first
prescribe. Highlights include setting
questionable high- profile trials,
quarter of 2012 - a pace that would
up specialist courts to efficiently
and a barely concealed nexus of
be the envy of neighbours to the
resolve disputes, making it easier for
politics and business have left a
west.
foreigners to get work visas, reducing
cloud of suspicion over Turkey as a
Today, the heart of Turkey’s
Turkey is certainly trying. The
rate for foreigners, compared with
and simplifying taxes, and improving
predictable marketplace with a level
financial industry is in Istanbul’s
English-language education in
playing field.
Levent and Maslak districts, on a hill
schools and universities.
overlooking the Bosporus from the
to join the European Union, whether
city’s European side. The assets of
government is willing to do
it succeeds is less important than
all banks licensed in Turkey grew six-
everything it would take. Just as
that it tries. Every step taken to make
fold to USD 710 billion from 2002 to
an example of the competitive
Istanbul a more inviting place for
2012, according to Turkey’s Banking
challenges Istanbul faces, Dubai
global companies will be good for
Regulation and Supervision Agency.
offers a zero percent income tax
Turkey’s economy as a whole.
Still, it’s far from clear the
Still, as with Turkey’s troubled bid
10 NEWS
your house ın turkey 2012
Property prices increased in August According to August data of Turkey Residential Property Indices compiled by reidin.com, the residential sales prices for both existing homes and new homes have been increased. The residential sales prices for
Kocaeli during August 2012.
type, increase of 0.16% in 2+1 flat
existing homes increased 2.44% in
According to the results of “New Home
type, increase of 0.25% in 3+1 flat
Turkey overall,2.29% in Adana, 3.11%
Price Index”, in August 2012 there is
type and increase of 0.42% in 4+1
in Ankara, 3.06% in Antalya, 2.90%
0.32% increase with respect to the
flat type compared to the previous
in Bursa, 2.35% in Istanbul, 2.14%
previous month and in compliance
month.
in Izmir and 1.07% in Kocaeli during
with August 2011 there is 11.87%
August 2012.
increase.
Price Indices uses monthly sample
of offered/asked listing price data,
Additionally, the residential rental
“Trademarked Projects” in Istanbul
Turkey Residential Property
prices for existing homes increased
European side shows 0.54% of
covering over 200,000 houses, while
1.45% in Turkey overall,1.42% in
increase and 0.15% of increase in
New Home Price Index is calculated
Adana, 1.88% in Ankara, 1.74% in
Asian side, the results have shown.
on 62 projects and with a monthly
Antalya, 1.04% in Bursa, 1.13% in
average number of 22,500 properties
Istanbul, 2.60% in Izmir and 1.26% in
an increase of 0.48% in 1+1 flat
New Home Price Index also shows
presented by 24 developers.
Turkish cities to get a civilian outlook A bill on transforming disaster-risk areas, aptly called the Urban Transformation Bill, will hand the renovation of buildings on military land to civilian authorities in a move that will enable the “demilitarization” of cities. The bill paves the way for the Housing
part of the plan to repair structures that
right to appeal decisions concerning
Development Administration of Turkey
are at risk in the event of a disaster.
their property within 15 days.
(TOKI) to take over the job of fixing
buildings on military land where
the Ministry of Environment and Urban
given to property owners to demolish
necessary, as earlier requested by the
Planning in order to commence urban
dangerous buildings. If not demolished
Ministry of Environment and Urban
transformation across the country.
by owners, additional time will be given,
Planning.
The first task is to compile a list of
and a notification issued stating that
structures considered at risk. Owners
officials will carry out a demolition if
military and the Ministry of Defence
of these structures will be required
owners fail to comply with the directive.
will be handed over to the Ministry of
to engage institutions, to be licensed
Environment and Urban Planning. The
by the ministry, and to carry out a risk
reinforcement rather than demolition,
Ministry of Environment and Urban
assessment on their properties.
owners will be provided with loans from
Planning will renovate other public
a fund created for urban transformation
structures after seeking the opinion
structures the ministry is likely to
projects.
of related institutions utilizing the
ask building owners to obtain such
buildings concerned.
an assessment. Should assessments
against those who obstruct urban
Real estate currently assigned to the
The bill aims to solve issues in
Regulations are to be prepared by
While compiling a list of at-risk
At least 60 days’ notice will be
For structures requiring
Legal action will be taken
not be conducted within a set
transformation projects on concerned
Turkey’s 81 provinces concerning
period of time, the ministry will
structures. Public officials charged with
unplanned and uncontrolled
request municipalities or special
the process of urban transformation will
urbanization and is expected to renew
provincial administrations to carry
be penalized should they fail to carry
about 50% of buildings in Turkey as
out inspections. Owners will have the
out their duties.
12 ROUNDTABLE DISCUSSION
your house ın turkey 2012
STILL EARLY FOR ENTHUSIASM Following the amendment on the Article 35 and 36 of the Land Registry Law, Emre Çamlıbel (Soyak Real Estate, CEO), Gürler Ünlü (Strategy Platform for Real Estate, President), Hakan Berktaş (Eskidji Real Estate, General Manager), Işıl Dinçer (TSKB Real Estate Appraisal, General Manager), and Serkan Gül (Hergüner Bilgen Özeke Attorney Partnership, Partner) got together for a roundtable discussion under the moderation of Ersun Bayraktaroğlu (PwC Turkey, Real Estate Industry Leader). The conclusion was quite remarkable. It seems that it is a little early for much enthusiasm on the contrary to the general mood. Acquisition of properties by foreigners and foreign direct investment flow will only increase, if the market conditions are favourable in every aspect.
your house ın turkey 2012
ROUNDTABLE DISCUSSION 13
Ersun Bayraktaroğlu: Today we
The old law was looking for
will discuss the amendment on the
a reciprocity requirement.
“Land Registry Act” through the
Reciprocity was gathered under
new regulation, its impact on the
two main headings: legal and actual
real estate market, supply-demand
reciprocity. For instance; if a UK
analysis and possible strategies
citizen was willing to acquire a
for the future. Such regulations
property in Turkey, there should had
are usually responded positively in
been a legal regulation for a Turkish
Turkey and this one is expected to
citizen to acquire a property in UK
affect the market significantly as
reciprocally.
well. Let’s begin with Mr. Gül just to learn the legal background of the
Additionally, there were some
amendment.
restrictions for specific areas, such as military zones, security areas,
Serkan Gül: Property sales to
and strategic regions. Due to your
foreigners have been added to our
intended purpose, there was a legal
agenda with four or five different
process adapted to acquire a property
arrangements since 1980’s. Each
located in such regions in Turkey.
change in the scope of legislative
There was a restriction for the total
amendments has been cancelled
area of the properties as well. The
several times by the Constitutional
total area of the properties couldn’t
Court. However, sometimes the
have been higher than 10% of the
reasons for cancellation were
total surface area of the district
taken into account, and sometimes
subject to private property and not
excluded, when it came to a new
been higher than 25,000 m2 per capita
amendment.
across the country in general.
14 ROUNDTABLE DISCUSSION
your house ın turkey 2012
not allow foreign legal entities to
foreigners regarding the acquisition
acquire property in Turkey, except
of real estate in Turkey. However,
some rules which can only give you
we have witnessed that sometimes
only easement, and the right to use
these rules were stretched in line
not the deed.
with the country interests. New regulations also allow stretching
Let’s assume that a German company
these rules for some cases within the
establishes a firm in Turkey which
scope of the Council of Ministers’
makes the firm a Turkish company
approach.
with foreign capital. A foreign capital
Serkan Gül
“Even after the amendment, Article 36 still does not allow foreign legal entities to acquire property in Turkey, except some rules which can only give you only easement, and the right to use not the deed.”
company have the right to obtain
Our main expectation is the growth
a property in Turkey as any other
of the real estate market in Turkey.
Turkish companies. New regulation
Foreigners may now acquire lands,
has only changed the application
business premises, and mostly
process and eased some restrictions.
houses. New regulations will surely
Even if you are a junior partner in a
lead to the growth of the market,
foreign capital company you can now
revenues, and employment while
grant permission easier under an exempted procedure. Additionally, foreign capital companies in organized industry and industrial districts are not subject to the law. Ersun Bayraktaroğlu: Some developers are telling that Arabians are now buying houses in Turkey? Your company develops residential projects as well, is there a such
Gürler Ünlü: I have a question. Can
demand for Mr. Çamlıbel?
foreign companies acquire property in Turkey due to new regulations?
Emre Çamlıbel: Representing both
Is there a such thing? Previously,
my company and my industry, I can
foreign companies were establishing
tell you that there is no serious
another firm in Turkey, and the firm
activity currently. But there is
in Turkey was purchasing real estate
a reason for that. We’re not yet
on their behalf.
organized in terms of legal structure
“Representing both my company and my industry, I can tell you that there is no serious activity currently. But there is a reason for that. We’re not yet organized in terms of legal structure and commercial approach.”
and commercial approach. Real Serkan Gül: Article 35 and 36 of
estate sector supports these
the “Land Registry Act” has been
regulations. Why do we support?
amended in the reciprocity rule
Turkish Foreign Affairs strategy is
basis. Article 35 regulates the
always based on the principle of
acquisitions of properties by foreign
reciprocity in both commercial and
natural persons, while Article 36
political sense. For instance, there
determines the acquisitions of
is the principle of reciprocity in the
foreign legal entities. Even after the
visa application as well. Naturally,
amendment, Article 36 still does
there was a reciprocity principle for
Emre Çamlıbel
16 ROUNDTABLE DISCUSSION
your house ın turkey 2012
to rent houses in Turkey instead of
settlement and ownership problems.
buying, and they are renting through
So we should consider these concerns
real estate agents in their own
and work hard to adapt the current
country.
stock to foreigners’ needs. We should also resolve the transparency issues
Işıl Dinçer
“New regulations will surely lead to the growth of the market in the long term, however we should organize well and act collectively.”
Actually, new regulations haven’t
in order to encourage them to get
changed anything in practice. I
involve in development process.
wondered about the practice, so I
The legal process for the permission
had some talks with land registrars.
should be eased as well. Naturally,
They told me the same, anything has
such adjustments are not easy to
not changed yet. This is really funny.
proceed. We should remember
We’re amending the laws in good
potential foreign buyers, who came
purpose. However, we should apply
in 2006-2007 with much enthusiasm
these in practice. Transactions are still taking so much time. Ersun Bayraktaroğlu: You haven’t witnessed any large transactions yet, have you? Hakan Berktaş: No, not yet. There are about 15 major investors in the market and I guess they’re visiting us all. However, corporate investors are doing feasibility studies for the right
increasing the supply and supporting
price and location. They want to be
foreign direct investments.
sure about the acquisition.
If we take a closer look to after the
Ersun Bayraktaroğlu: There is also a
year of 2003, which represents
limitation regarding the acquisition
the current status of the real
of lands. Let’s continue with Mrs.
estate sector, we’ll see that ten
Dinçer. Buyer profile is more or less
thousand houses per year are
certain. Mass purchases are usually
bought by foreigners. This is
done by Arabians or Azerbaijanis in
3-5% of the market of branded
the cities, and citizens of Germany
residential developments. I hope
and UK in holiday destinations. Do
this will be tripled in two years time.
you have a stock pile available to
Unfortunately, we do have nor any
suit this profile? Should we offer
data neither any strategy for second
different stocks for foreign and local
hand homes yet.
buyers? Do the stocks meet their
needs?
“Actually, the competition will be between the greater cities in the future. European cities have the advantages against us, such as good infrastructure and skilled workforce. They are still centres of attraction, despite poor economic outlook. We should raise our cities’ brand value immediately.”
Hakan Berktaş: The data I have is parallel to Mr. Çamlıbel’s, a ratio of
Işıl Dinçer: There are apartments
3-5%. When it comes to second hand
having been sold with servitude
homes this percentage decreases, it
within the stock. They’re certainly
can’t reach even %1. Foreigners tend
aware of the risks caused by
Gürler Ünlü
18 ROUNDTABLE DISCUSSION
your house ın turkey 2012
Ersun Bayraktaroğlu: We’ve
in order to set the goal and to
assessed current problems of the
describe the dynamics of Turkey
market. We all share the same
well. Each developer is now trying
perspective: the enthusiasm for the
to presenting only its own project.
new regulations is just an illusion.
However, this should be the last
However, the real estate market in
step.
Turkey holds a strong potential for acquisitions by foreigners. So, what
Gürler Ünlü: Actually, the
should be our main strategy? What
competition will be between the
do you think?
greater cities in the future. Istanbul is ahead of Turkey, similar to London,
Hakan Berktaş
“The residential and work permit is definitely required as well. I wish they had been arranged with the amendment of the Land Registry Law.”
Emre Çamlıbel: There’s a
Shangai, or Beijing. When it comes
dilemma in the market. The
to cities alone, European cities have
real estate market in Turkey is
the advantages against us, such
still a large market due to its
as good infrastructure and skilled
internal dynamics, demographic
workforce. They are still centres of
and geographic characteristics.
attraction, despite poor economic
However, the total of property
outlook. We should raise our cities’
acquisitions by foreigners will
brand value immediately.
remain small against the size of the domestic market. If we consider
Ersun Bayraktaroğlu: Well, who
only the domestic demand for
should coordinate all these?
properties, the real estate market in Turkey will miss out its real potential.
and returned immediately. I believe that we do have a long
Gürler Ünlü: I would like to
way to go for supplying the best
add something. Actually, we’ve
stock they need.
experienced such problems in the tourism market. Kuşadası and
We’ve observed a significant
Fethiye regions are dominated by
increase in the number of tourists
English citizens, Germans won’t
from Arab countries. They
go there for a vacation. Antalya is
certainly appeal to Turkey, and
a home for Russians and Germans.
they would eventually acquire
I agree with Mr. Çamlıbel, a
property in Turkey. So we need
segmentation is very likely to
a really good marketing strategy
happen in the real estate market.
“We all share the same perspective: the enthusiasm for the new regulations is just an illusion.”
in order to meet the potential demand. It would be the right
Emre Çamlıbel: We should
approach to supply different
certainly find out the right
opportunities addressed to each
marketing strategy instead of
potential buyer. New regulations
asking questions like “How many
will surely lead to the growth
houses can we sell?”, “How much
of the market in the long term,
revenue will we get?”, etc. The
however we should organize well
civil society, the private and the
and act collectively .
public sector should get together
Ersun Bayraktaroğlu
20 ROUNDTABLE DISCUSSION
your house ın turkey 2012
Hakan Berktaş: I think the answer
alternatives for our primary cities,
the problems in practice, I believe
is private sector. We need a
particularly in terms of thermal and
the market conditions will improve
centralized control mechanism. The
health tourism.
sooner or later.
state, more precisely the Ministry
Hakan Berktaş: The residential and
Emre Çamlıbel: I believe urban
of Environment and Urban Planning.
work permit is definitely required
transformation projects, which will
projection should be done by the
as well. I wish they had been
definitely attract corporate investors
Ersun Bayraktaroğlu: We’ve started
arranged with the amendment of the
and create sustainable income, will
with the reciprocity law, but we
Land Registry Law. Many of those
provide substantial foreign direct
find ourselves in a debate on
individual investors come to Turkey
investments. We should immediately
general problems of the real estate
for a peaceful retirement, for an
concentrate on this.
market in Turkey. I guess we do not
extended vacation, and for tourism
expect anything great from new
purposes. We should also provide
Ersun Bayraktaroğlu: In brief,
regulations in the short term.
certain citizenship rights for them.
• The amendment on the Land
Perhaps we should remove the visa
Registry Law (removal of the
reciprocity.
reciprocity law) will affect property
Işıl Dinçer: There is a lot to do. Is this the right start? I believe that
sales positively in the long term.
the amendment might have been
Serkan Gül: I agree with all of
• Existing stock is not enough to meet
the second or the third step. I think
you. I also would like to add one
foreigners’ needs.
we should raise our cities’ brand
thing from the perspective of a
• The market players should organize
value for B and B+ residential
lawyer. The Land Registry Fact has
well and act collectively in order to
projects as well. We’ve observed
been amended, it doesn’t matter
ease the process for acquisition of
that citizens of Arabic countries
anymore whether it’s sufficient or
properties by foreigners.
are likely to visit secondary cities,
not to attract foreigners to acquire
• The public sector is expected to
such as Bursa and Konya, due to
property in Turkey. However, we
lead the way to the market growth.
these cities’ religious heritage
should apply it properly. I will really
• In addition to new regulations,
and historical texture. With the
appreciate that if my client get his/
residential and work permits should
right marketing strategy, Anatolian
her deed easier and quicker with his/
be provided to draw more interest in
provinces could be really good
her passport. Let’s start with fixing
Turkey.
24 REVIEW
your house ın turkey 2012
TURKEY IS TAKING ACTION AT THE RIGHT TIME In cases when the land regulations or civil
of Turkey has decided to bring in new
law in the opposing country vary from those
regulations about reciprocity treaties to be
of Turkey and corresponding transactions do
enacted with countries and their terms and
not match with those in Turkey, maintaining
conditions. Since then, many rumours about
an absolute “equivalence” might not be
the list of such countries have leaked to the
possible. Indeed, some other countries may
press. However, the list of these countries
only be granting limited or not allowing
has not been yet declared officially. For this
any proprietary rights to foreign country
reason, foreigners will have to wait for a
Cansel Turgut Yazıcı
nationals, for political and strategic reasons.
while to make transactions at land registry,
EVA Real Estate
until relevant regulations and legislations are
Appraisal, General
deliberate approach in this issue, due to its
completed.
Manager
strategic geographic location. However, under
even more globalizing circumstances, foreign
to the press, there are several key aspects
capital flow and changing living conditions,
behind the rationale of this amendment of
it came out to be necessary to revise former
legislation, as follows.
Turkey also has been showing a very
According to the information leaked
legislations. Nevertheless, national interests have to be protected on the other side, when
Cıtızens of Gulf Countrıes Allowed To
doing this.
Acquıre Property ın Turkey
Actually, a classification is made in the
There have been problems with
acquisition of properties by foreigners in
purchasing properties in Turkey by citizens of
Turkey from four different aspects.
Gulf and Middle East countries. Since citizens
of these countries could not directly acquire
1. Those who are allowed to acquire
properties in Turkey under absolute
properties before, they were used to establish
reciprocity: Only if Turkish citizens are able to
new legal entities in Turkey to register the
acquire properties in these countries without
properties purchased. By the new regulations,
any restriction, the citizens of those countries
citizens of UAE and Kuwait, which could by
can be allowed to acquire properties without
no means purchase properties before, will
limitation in return.
now be able to acquire properties directly.
On the other hand, citizens of Jordan, Bahrain
2. Those who are allowed to acquire
properties only by permission: Permission
and some other nationals will be subject to
may be granted after an investigation period
permission for the acquisition of a real estate.
of 2-3 months to those, who have applied for a
residence permit.
Turkmenistan could not acquire properties,
although the nations were of similar national
3. Those with limited proprietary rights:
Before, even nationals of Azerbaijan and
Those countries, which are allowed to acquire
origin to Turkey. With the new regulations,
a limited number of properties of a certain
citizens of both countries will be able to
type of residence or business premise.
acquire properties without any limitation.
4. Those who are not allowed to acquire
Formerly, also Iraqis and Iranians could
any property in Turkey: These are by no means
not acquire properties in Turkey. Now, they
allowed to acquire any property in Turkey.
will have the chance of being subject to
permission. For instance, Iranians who are
As of May 2012, Grand National Assembly
your house ın turkey 2012
banned by the United Nations will not be
which are located within Turkish territories,
allowed to acquire real estates. Other Iranian
are preserved, operated and managed under
citizen will be able to buy properties by the
the custody of the Directory of National Real
permission of Ministry of Interior.
Estates under Turkish Ministry of Finance.
Incomes raised from such properties are
Another issue is Iraq citizens; Iraqis will
be allowed to acquire properties under new
collected in a treasury account. However the
regulations with the approval of Ministry
practice in the counterpart country is not
of Foreign Affairs and the permission of
known. Even it seems that involved properties
Ministry of Interior. At this point, different
area protected in both countries, this issue
legal aspects apply, as the Ministry of Foreign
could not be resolved for 70 years.
Affairs is acting on foreign policy issues and
Another issue, which should be clarified,
while the Ministry of Interior is concerned
is that the reciprocity regulations are in
with security aspects.
fact involved with the civil law practice in
the countries on both sides. In Turkey for
Limitation applied to some other
countries depends on the numbers and types
instance, proprietary rights are subject to
of properties. For instance, for countries
the Turkish Civil law. Here, propriety rights
such as China, Denmark, East Timor, Israel,
are based absolutely on land - even if the
Malta and Jordan purchase of residences or
building on the land plot is already torn down,
business premises is limited by one or two
the ownership of the property would not
units of properties. The reasoning behind
change. In contrast, however in some Eastern
such practice is the national security that
European countries and in UK propriety rights
might be threatened, when countries such as
are limited with a certain period of time,
China with higher population and countries of
which is defined in the legal system here
strategic importance as Israel involved.
as “right of superficies”. Under this right, if
the building is demolished or the period of
Moreover, certain restrictions in
connection with coastal regions and coastal
ownership expires, the land plot is returned to
neighbours of Turkey have also been
the original landlord. In other words, the legal
brought in. As an example to such practice,
infrastructure on proprietary rights is not
Greek citizens are not allowed to purchase
equivalent to those applied here. For these
properties in coastal regions, whereas
reasons, the reciprocity principle could not
Ukrainians and Russians will not be able to
be applied and has been avoided until today,
buy properties on the shores of Black Sea.
in order to protect the proprietary rights of
Such practice is reasonable and fair from the
citizens.
perspective of national coastal security.
At this point, the key issue is that if
similar proprietary rights are granted in a Problems wıth Syrıa sınce 1939
country to its own citizens without making
any discrimination, then the reciprocity
As expected, Syria is not even listed
among the countries, for which reciprocity
principle should be applied to this country.
principle will not be applied due to specific
We cannot wait until these countries amend
issues with this country. In the year 1939,
their civil laws or their legal infrastructures.
when Hatay has been included into Turkish
In conclusion, unless national security is
territories, some of the residents have chosen
threatened, countries should welcome other
Syrian nationality and some became Turkish.
country nationals to their properties, under
Under these circumstances, both countries
recent circumstances of globalization. In this
have suspended the proprietary rights of
respect, I believe Turkey is taking the right
such residents. The properties of Syrians,
action at the right time.
REVIEW 25
26 REVIEW
your house ın turkey 2012
restrıctıons are eased for acquısıtıon of real estate Metin Yeşil
Article 35 and 36 of the “Land Registry
country that has been given permission
E-Tapu Consulting
Act” has been amended in accordance
by the Council of Ministers and complying
Manager,
with Law No. 6302. These regulations for
with the legal restrictions. List of
Founding Partner
acquisitions of real estate by foreigners
countries, which are determined by the
went in effect after being published in
council and sent to doctorate of land
the Official Gazette dated 18 May, and it
registries, is unfortunately –contrary to
is expected to affect real estate market in
the transparency principle- unknown yet.
Turkey significantly.
limited real rights of independent and
“Reciprocity Law”, which was in force
The total area of the properties and
since 1934, has been removed with the
continuous nature to be acquired by
new regulations on “Land Registry Act”,
foreign national natural persons cannot be
easing restrictions on the sale of land
higher than 10% of the total surface area
and real estate to foreigners. Citizens
of the district subject to private property
of almost all United Nations member
and not be higher than 300,000 m2 per
countries are now allowed to acquire
capita across the country in general.
ownership of property or limited real rights in Turkey with such new regulations.
Legal Entıtıes
Foreign nationals from more than
180 countries can acquire property
Turkish legislation, 50% or more of
in Turkey, according to the Council of
which are owned by foreign national
Ministers. Thus, citizens of even the most
natural persons and foreign legal entities,
remote countries have the legal right to
which have been established under the
acquire ownership of property in Turkey.
legislation of their own country, are
Legal entities established under
allowed to acquire ownership of property Foreıgn Naturals
or limited real rights, in line with their
business activity specified on their
The Council of Ministers can determine
–by country, person, geographic area, time,
articles of association. In other words, they
number, proportion, kind, quality, quantity
can purchase real estates and mortgages.
and surface area-, restrict, and partially
Same provisions apply to legal entities as
or completely prohibit the acquisition
partnerships created by of the acquisition
of property and limited real rights of
and merger of company shares.
foreign natural and legal entities, where
the interests of the country differ. The
entities within military zones, military
amended Land Registry Act has given a
security zones and similar are subject to
broad authority to the Council of Ministers
the permission of the General Staff or a
on this issue.
military command to be authorized by the
General Staff. Furthermore, acquisitions
Foreigners shall apply to doctorate of
Acquisition of properties by such legal
land registries, of which each province
of properties within special security
has one, in order to acquire property or
zones are subject to the permission of
limited real rights. Applications require
the governorship of the province, where
two basic conditions: being a citizen of a
the property is located. Such permissions
your house ın turkey 2012
are evaluated based on, whether the
acquisition of title deed does threaten
capital companies will only be permitted
country security or not.
to acquire real estate and limited rights in
rem upon obtaining permission from the
Companies with foreign capital, which
According to the regulation, foreign
are beyond the scope of the provisions
governorships. The Regulation stipulates
described above, can acquire and use
that governorships shall establish a
ownership of properties and limited real
commission to deal with such permissions.
rights under the provisions applied to
The Commission shall consist of officers
domestic companies.
from different governmental bodies such as the relevant cadastre office, Provincial
Foreıgn Capıtal Companıes
Directorate of Trade and Industry, etc., and
is obliged to convene at least twice a month
According to the new regulation,
foreign capital companies may acquire
if an application has been made.
real estate and limited rights in rem when
the real estate or limited rights in rem
Commission’s assessment, when deciding
are needed to carry out the activities
to give permissions, shall include whether
of the company as designated in their
the real estate transaction is necessary
Articles of Association (AoA). This rule is
for carrying out the scope of activities
also applicable in cases where real estate
designated in the company’s AoA and
acquired by such companies is transferred
whether the real estate in question is
to another foreign capital company or
located in a military prohibition zone,
where domestic companies formed with
military security zone, strategic zone
domestic capital that own real estate
or private zone. Further, aside from the
are transformed into foreign capital
acquisition of real estate by foreign capital
companies by share transfer.
companies, acquisition of limited rights in
rem by foreign capital companies is also
If a foreign capital company owning
In accordance with the foregoing, the
real estate is subject to liquidation and
subject to the permission procedure.
the real estate is intended to be acquired
by the foreign real or legal persons co-
exemption in the regulation for hypothecs
owning the said company, new regulations
created in favour of such companies.
shall also apply.
In Article 35 of the Land Registry Law,
where all the restrictions are set forth
Such regulation also stipulates that
It should be noted that there is no
foreign capital companies wishing to
regarding real estate acquisition by foreign
acquire real estate and limited real rights
natural or legal persons, hypothecs to be
in rem located in a military prohibition
established in favour of foreign natural
zone, security zone or strategic zone
or legal persons are exempted from such
must obtain Turkish General Staff or
restrictions. However, lawmakers made
Commandership permits or, in a private
no exemption in this regard in Article 36.
security zone must obtain permission from
Effectively this means that a hypothec
the governorship. Real estate and limited
established in favour of a company
rights in rem acquired or utilized in a way
incorporated under the laws of a foreign
that breaches Article 36shall be liquidated
country is not subject to any restrictions
according to the instructions given by the
whereas a hypothec established in favour
Ministry of Finance. Otherwise, it will be
of a foreign capital company incorporated
liquidated and the proceeds shall be given
under the laws of Turkey will be subject to
to the owners.
some restrictions.
REVIEW 27
28 ANALYSIS
your house ın turkey 2012
TRANSPORTATION LINES IN ISTANBUL Beylikdüzü Gürpınar-Cevizlibağ Metrobus
with the new housing projects, housing sales
Line: The line, which has been opened
prices are increasing.
in July 2012, has a route distance of 30
Kadıköy-Kartal Subway Line: The Kadıköy-
km. After the Avcılar-Beylikdüzü line,
Kartal Subway Line, taken into operation in
the Cevizlibağ-Beylikdüzü Gürpınar line,
August 2012, is approximately 22 km long.
constructed as the 4th leg of the Metrobus
Upon the line’s being taken into service,
Line, has been added to the line on which
people using the line are able to get to Kartal
Söğütlüçeşme-Zincirlikuyu-Avcılar services
from Kadıköy in 33 minutes. The subway
Işıl Dinçer
are provided. Upon the completion of the
line passes through important points such
TSKB Real Estate
4th leg of the Metrobus Line, people using
as Acıbadem, Göztepe, Yenisahra, Maltepe,
Appraisal, General
the metrobus line in Istanbul will be able
Cevizli and reaches Kartal. It has been
Manager
to go from Beylikdüzü to Söğütlüçeşme in
decided to extend the Kadıköy-Kartal Subway
82 minutes.
Line up to the Kaynarca area, and when the
subway line is finished, it will be the longest
On the Avcılar-Beylikdüzü route, a
significant increase has been observed in
subway of Istanbul.
housing prices especially in the parts of the
Esenyurt and Beylikdüzü districts close to the
construction started, an evident dynamism
metrobus line, once metrobus construction
had been felt in the housing sector in the
has been initiated. At the Beylikdüzü district,
region. Major companies such as Ağaoğlu
there are numerous housing projects that are
Construction, Dap Yapı, Dumankaya
either completed or under construction.
Construction, Doğa Real Estate have
Bus Terminal-Başakşehir, Bus Terminal-
tend towards this area. Together with the
Olympics Park Subway Line: The subway line
qualified housing projects built and still
that is under construction is 21.6 km in length.
being constructed especially by the major
The subway line which has been constructed
construction companies, it is observed that
as light rail in the first stage from the Bus
housing sales figures are still demonstrating
Terminal to the Bağcılar-Kirazlı region divides
increases in the Ataşehir, Maltepe, Cevizli,
into two branches in the Ikitelli Industrial
Altayçeşme areas, which are located close to
Zone and heads towards Başakşehir and the
the E-5 highway and subway exit points. With
Olympics Park. The Bus Terminal - Başakşehir
the completion of the subway construction, it
subway connection under construction will
is observed that the sales and rental figures
link with the Aksaray – Airport line in Esenler,
in the region have increased by 20% with the
and the Bağcılar – Kabataş line in Bağcılar.
numerous housing projects located in Kartal
especially.
With the beginning of the Bus Terminal
Once the Kadıköy-Kartal Subway Line
- Başakşehir, Bus Terminal – Olympics Park
Üsküdar-Ümraniye Subway Line: The subway
Subway Line’s construction, it is observed that
line, which is currently under construction
companies such as Kiptaş, Sur Yapı, Biskon
and planned to be completed in 2015, is
Yapı have aimed towards this area by housing
approximately 20 km long. The line, of which
projects. The potential plot stocks in the area
groundbreaking ceremony has been held at
is attracting the investors to the region, and it
the beginning of June 2012, starts in Üsküdar
is observed that the plot values and together
and reaches up to Sancaktepe-Çekmeköy,
your house ın turkey 2012
passing through significant points such as
observed that the plot values in the Sarıyer
Altunizade, Libadiye, Ümraniye, Altınşehir,
Maden region have increased.
Dudullu.
On the other hand, the Fulya – Levazım,
With the start of the Üsküdar Ümraniye
Levazım - Akatlar, Zincirlidere – Levazım
Subway Line construction, major construction
Tunnel Projects have been planned in an
companies such as Eviya Real Estate, Sinpaş
inter-connected manner, as an extension
REIT have paid attention to this area. It is
of each other. During the discussions with
observed that the qualified housing projects
the Istanbul Ulaşım A.Ş officials, it has been
in Sancaktepe, Sultanbeyli, Çekmeköy regions
found out that that the Levazım – Akatlar and
are increasing the plot and housing sales
Zincirlidere - Levazım tunnels among these
figures. It is expected that the number of
tunnel projects have not been designed in
housing projects will increase and that the
detail and reached tendering stage yet. On
prices will display a steady increase, upon
the other hand, it has been found out that the
the completion of the subway line. There are
Fulya – Levazım tunnel project construction
numerous housing projects which have been
has not been started yet, although it has been
built or still are under construction by local
tendered.
and major construction companies in the area.
Eurasia Tunnel Project: The project that
will connect the European and Asian sides
The 5.2 km long Şişhane-Yenikapı Subway
Line, 936 meters long Haliç Subway Line, 700
of Istanbul by land way has been planned
meters long Aksaray-Yenikapı Subway Line,
between Kazlıçeşme and Göztepe on a route
are being constructed and planned to be
extending for 14.6 km, together with a 5.4 km
completed in 2013, provide the integration
double-deck tunnel crossing the Bosphorus
between the costal suburban line, Bağcılar-
beneath the seabed. The site preparation
Kabataş Tramway Line, Aksaray-Airport
activities have been completed in the project,
Subway Line, Taksim-Hacıosman Subway Line
which is being constructed 1.8 km to the
and they will encourage people for subway
south of the Marmaray project, excavation
transportation in the area.
works are planned to be started at the end of
September 2012. The Eurasia Tunnel, planned
Additionally, the Bakırköy-Beylikdüzü
Subway Line, Kabataş-Mahmutbey Subway
to be taken into operation in 2015 and to
Line, Bakırköy-Kirazlı Subway Line, Yenikapı-
significantly reduce the transportation time
İncirli Subway Line are subway lines that are
between Kazlıçeşme and Göztepe, has been
being planned by the Istanbul Railed Systems
planned as connected to the two available
Directorate, but have not been designed yet.
bridges crossing the Bosphorus.
Tunnel Projects: The Çayırbaşı-Çırçır Suyu
Subway Line is a subway line of 2,025 m
into operation, it is expected that the
length, starting at Hacıosman area and exiting
transportation times in Istanbul will be
at the Çırçır area. During the discussions
significantly reduced. It is expected for the
held with the Istanbul Ulaşım A.Ş officials,
tunnel to direct the vehicles to the coastal
it has been found out that survey studies
road on the European side, and reduce the
are in progress for a new ‘Tunnel road’ from
traffic density on the E-5 and Tem Expressway
the Çırçır Suyu area to the Zekeriyaköy and
and the bridges; the project allows crossing
Demirciköy direction, but that a project
to the Anatolian Side without using the
currently is not available.
Bosphorus and Fatih Sultan Mehmet Bridges.
Marmaray Project: The construction of
By the Çayırbaşı-Çırçır Suyu Subway Line
Once the Eurasia Tunnel is taken
and the tunnel line towards Zekeriyaköy and
Marmaray, design stage of which was
Demirciköy planned as a continuation, it is
completed in 1998, has been started in
ANALYSIS 29
30 ANALYSIS
your house ın turkey 2012
2004. With this project that has a line length
of approximately 76 km and will allow
side over the 3rd Bridge, after Garipçe,
transportation between Gebze and Halkalı,
passes between Uskumruköy and
railway lines on each side of the Bosphorus
Demirciköy, then following Arıköy, it
will be connected with each other by a
passes through Belgrad Forests, and after
railway tunnel connection passing under
the urban areas of the Odayeri and Ağaçlı
the Bosphorus. In addition, it is planned to
villages are ended, extends to Hadımköy
upgrade the suburban lines on the European
adjacent to Tayakadın and Baklalı. Then
and Asian sides together with the Marmaray
it proceeds through the north of the
Project.
Büyükçekmece Lake, through fields at
Çatalca İnceğiz, and ends at the TEM
The line will enter underground at
The road connecting to the European
Yedikule, move along Yenikapı and Sirkeci that
Expressway Kınalı exit.
are new underground stations, pass beneath
the Bosphorus, connect to Üsküdar that is a
the 3rd bridge will be built between
new underground station and will surface
Poyrazköy and Garipçe, it is observed that a
again at Söğütlüçeşme. Together with those,
distinctive increase has been experienced
it has connections to the Istanbul subway.
in the plot and housing sales prices in
It is believed that the Marmaray Project will
Garipçe and Poyrazköy. Meanwhile, the fact
reduce the people’s transportation times,
that zoned lands at the Poyrazköy region
allow energy and time savings, and also
are limited causes the activity here to be
contribute significantly to the air quality by
slower as compared to Garipçe. On the
reducing the use of motorized vehicles.
other hand, prices are observed to have
3rd Bridge and North Marmara Expressway
increased in areas such as Riva, Tayakadın,
Project: When the construction of the 3rd
Hadımköy, Odayeri through which the
bridge is completed, it will be the longest
expressway will pass. In addition, during
suspended bridge that has a rail system on it.
the discussions with real property
The total route of the Marmara Expressway
consultants, it has been found out that
Project, 100 km of which has been tendered
the values of plots in the Sarıyer Maden
together with the 3rd Bridge, is approximately
region, located close to the bridge, have
421 km.
demonstrated an increase over 50%.
In Poyrazköy, at the place the bridge
After it has been announced that
The crowded population of Istanbul and
will be built, road expansion and new road
the traffic density experienced in general
opening activities have been performed,
have brought along new transportation line
using the forest road also. Upon the
plans. It is believed that the transportation
completion of the roads on September 1st,
lines under construction, built in an
2012, boring activities have been started at
integrated manner, will reduce the traffic
Poyrazköy. The 3rd Bridge is planned to be
density in Istanbul, reduce the people’s
completed in 2015.
transportation time, allow energy and
time savings, plus significantly contribute
According to the approved plan, the
North Marmara Expressway starts at Gebze
to the air quality by reducing the use of
Şekerpınar Balcık. The road passing through
motorized vehicles.
a point close to the Akfırat-Tepeören and
Kurnaköy turn, passes through the forestlands
where transportation lines are being
of Sultanbeyli, then from Alemdağ Forest,
constructed and these activities will
Beykoz, İshaklı, Paşamandıra, Riva and
continue along the routes that the new
Poyrazköy, and connects to the 3rd Bridge.
transportation lines will access.
Property development in the areas
32 ANALYSIS
your house ın turkey 2012
MAIN DEVELOPMENT AREAS IN ISTANBUL Işıl Dinçer
It is possible to note that the Istanbul
Another important project in Seyrantepe,
TSKB Real Estate
housing market has lost a bit of momentum
where excavation works have been started,
Appraisal, General
in 2012 compared to previous years. The
is a mixed use project by Eroğlu Group
Manager
number of projects launched since the
located adjacent to the Türk Telekom Arena
beginning of 2012 has been less, compared
Stadium. Within the scope of the project,
to 2011. The most significant determinant of
in addition to housing units, offices, hotel
this relative slowness in the housing market
and commercial areas are planned to be
was the increase in loan interest rates which
developed. Seyrantepe will become a
was made in the end of last year.
significant housing district as well thanks to
this project. On several new plots in the close
On the other hand, the task of real estate
developers is quite tough. As a matter of
surroundings of this area, new construction
fact, land supplies to develop large scale
activities will be started in the medium term.
qualified projects at the city centre are quite
limited and this situation influences the land
hospital, where the Şişli Etfal Hospital is
prices directly. The land prices also emerge
planned to be moved, is also in progress next
as a significant issue at the decision stage
to the Türk Telekom Arena Stadium.
of developers. Under these circumstances,
areas relatively close to the city centre
are currently in progress in Kağıthane,
particularly with strong connections for
particularly in the Cendere Street. In the
transportation attract the investors. When
project by Mesa-Ferko partnership, ground
we look at the new and ongoing construction
floor is being used as Metro Grossmarket and
projects throughout the city, it is observed
the upper stories planned to be office units.
that some areas are quite dynamic. If we are
SHC project by Sur Yapı and Ofishane project
to examine these areas in brief;
by Eroğlu Group are in the same district
In Seyrantepe, the construction of the
Commercial projects by major developers
as well. The construction of the Nef 11 KAĞITHANE – AYAZAĞA - SEYRANTEPE
Kağıthane project, office and housing project
of Timur Real Estate, is also in progress.
This triangle in the centre has recently
evolved into an area that attracts developers
Meanwhile, the first office project that has
with its close location to the transportation
been completed in the region, Ofispark has
connection roads.
been developed by Tekfen Real Estate.
Having been put on sale in July 2011,
The Ağaoğlu My Home Maslak project is a
ZEKERIYAKÖY
project of 786 units, and excavation works
have been started by agreeing upon with the
Istanbul earthquake map, Sarıyer has evolved
revenue sharing model with Emlak REIT. The
into one of the most significant housing
project will be launched in the 2nd half of
districts of Istanbul, preferred by those who
2012 offering a remarkable housing stock to
demand security and luxury at the same time.
the region. Thus, the area right behind the
Especially the Zekeriyaköy – Uskumruköy area
Maslak region, which is a significant business
has been gaining popularity, following the
area, will be transformed into a qualified
zoning activities that have been initiated and
housing district.
the tunnel construction.
Observed to be the strongest area in the
your house ın turkey 2012
The construction of the Sarıyer –
foreseen that there may be an increase in
Çayırbaşı tunnel, which has been started
the interest in studio type flats by singles
in 2008 within the scope of the “7 Hills / 7
and newly-wed couples, working in the
Tunnels” project, and the connection roads
Maslak – Levent area, now that the tunnel
and the bridges for the intersections have
has been opened.
been completed, and it has been taken
into operation. By the tunnel composed of
established projects by Garanti Koza and
two tubes of approx. 2 km, transportation
Nurol Holding, there are also projects of
between the Hacıosman Bayırı and Çırçır
major companies such as Eczacıbaşı, and
Suyu Region has been facilitated.
Inanlar Group. The Ormanada Project,
which has been started to be built in May
The North Marmara Expressway is
In Zekeriyaköy, in addition to
planned to start at the TEM Expressway
2011 by Eczacıbaşı on a land of 220 acres,
Intersection at the Kınalı region, cross the
is currently the most prestigious project
3rd Bridge to be located between Sarıyer-
in the area. Comprised of 5 different
Garipçe and Poyrazköy, and connect to
types of villas and total 269 independent
Anatolia. Due to the fact that the 3rd Bridge
sections in 4 different types within the
route will pass between Sarıyer-Garipçe and
estate, the project will be offering 3
Poyrazköy, at a location near Zekeriyaköy, it
social facilities. Within the scope of the
is believed that the demand for the area will
facilities, collaboration will be made by
increase by the facilitation of transportation,
renowned companies, and preferences
and that this situation will lead to an increase
aimed to meet all requirements of the
in the plot and housing prices in this area.
estate residents will be made. Houses are
The development that has started by
being sold at unit prices of 4,000 – 4,500
mansion-like homes, with very wide usage
USD/m2, which indicates that the project
areas, at Zekeriyaköy is leaving its place to
is currently the most expensive project of
smaller housing types today. It is observed
the region.
that independent villa type houses and
garden duplex and attic duplex flat type
Zekeriyaköy are Garage Zekeriyaköy Homes,
homes are drawing attention lately.
Kule Homes, Zekeriyapark Homes, Cem
Villas, Feronia Homes, Sultankoru, Gloria
The villa areas in housing projects
Other ongoing projects within
located at Zekeriyaköy vary in a very wide
Zekeriyaköy Homes, Sharman Zekeriyaköy
range from 160 to 700 m2. There are villa
Villas, Kent Optimum, and Parkone.
projects in the region, in which the number
of villas of 160-400 m2 area is higher, and a
initiated in 2012 by İnanlar Group. Among
limited number of mansions of gross 500 m2
these, the Terrace Doğa will be comprised
and above, appealing to a limited segment
of villas planned to be in compliance with
are available.
Zekeriyaköy’s architecture, on a plot of 12
acres. The Terrace Plus will be composed of
In the region, the garden duplex and
attic duplex flats are being constructed with 100 to 300
m2
gross areas. It is known
There are 3 projects planned to be
independent houses with gardens and will be developed on a land of 13 acres. On the
that the most preferred housing type in
other hand, the Terrace Vadi will be located
the area currently is 2+1 and 3+1 garden
on 25 acres of land, comprised to 80 villas
duplex and attic duplex flats of gross
in total offering 1+1, 2+1, 3+1 garden and
150-250
m2
area, and that studio type
attic duplex flats. The unit sales values of
flats of smaller area, generally built in the
houses in the district range between 2,500
1+1 style, are not being demanded. It is
and 3,000 USD/m2.
ANALYSIS 33
34 ANALYSIS
your house ın turkey 2012
KARTAL
it is observed that the initiated projects are
primarily housing projects. The projects
The Kartal Justice Palace project,
subway and urban transformation projects,
under construction in the area are led by
and moving the marina and the available
Torunlar REIT’s Mall of Istanbul, Batı Şehir
industry areas out of the city since they
Project by Ege Yapı and the İstWest project
have been included in the urban area and
by Fer Yapı with the Boyner Group. Mall of
transforming these area to service sector and
Istanbul and Batı Şehir projects, benefiting
housing areas, have transformed the area
from the sizes of the plot areas, construction
into a centre of attraction. The location of
of mixed use projects are planned, where
the Justice Palace in this area has led many
functions such as housing, office, hotel and
lawyers to invest in this area. The increase
SHC are available altogether.
in the number of state and private hospitals
in Kartal lead to a demand for the area by
by Nurol REIT from the Doğan Group is one
doctors and nurses as well.
of the most significant deals in the area
recently.
Comprised of total 10 buildings in two
The Hürriyet Gazetecilik plot purchased
main blocks, Justice Palace’s the total plot area is 123,645 m2, the seating area of the
WEST ATAŞEHIR
buildings on the plot is 83,385 m2 and the
total construction area is 359,208 m2.
its dynamism in an increasing manner
especially by the Finance Centre project.
Looking from the transportation
It appears that the area will maintain
perspective, Marmaray is one of Turkey’s
Within the scope of the project site, where
most significant transportation projects
excavation works have been started, there
by connecting Istanbul’s Europe and Asian
are plots owned by a limited number of real
sides. It will assume an effective role both
property developers in addition to major
for human transportation and for logistics
public institutions. It is estimated that
systems in the near future. Its station at
housing function will be available, although
Kartal, which has assumed a CBD function,
limited, in the area where development
will be a significant transfer point. The
primarily will be in the form of office
Kadiköy-Kartal Subway route, construction of
projects. The Sarphan Finanspark, where
which has been completed and has recently
construction license has been received
been taken into operation, has been planned
prior to the Ministry of Environment and
to extend to Pendik, after the Kartal CBD area.
Urban Affairs’ master plan and construction
currently is in progress, emerges as the
In Kartal, there are office projects
under construction, especially in the close
first project started in the area. The sales of
surroundings of the Justice Palace.
offices and residences within the scope of the project are in progress. Hotel and SHC
BASIN EKSPRES
functions are planned to be included in the
scope of the project in addition to offices
Kartal on the Anatolian Side and the Basın
Ekspres Road with close surroundings on the
and residences. The Metropol Istanbul
European Side both look like construction
project, which is a Varyap – GAP joint
site cities. As the major advantages of the
venture where housing units have started
Basın Ekspres Road, closeness to the Atatürk
to be sold recently, emerges as another
Airport and its position as one of the CBD
significant project which has a considerable
areas on the European Side may be listed.
housing stock.
Although there are investors who have plots
and investors looking for plots in the area,
construction in the area are taken into
When the projects planned and under
your house ın turkey 2012
consideration, it is believed that the
region, on the north of the E-5 Highway,
major requirement of the region in
demonstrates dynamism in housing supply.
the near future will be powerful mass
Especially housing projects developed by
transportation projects. From the
Dumankaya Construction attract attention
transportation point of view, it is known
in the area.
that there are mass transportation projects
planned in the area at the top scale.
type flats that appeal to families, it is
observed that studio, 1+1 and 1.5+1 type
Upon the implementation of the
In Tuzla, in addition 2+1, 3+1 and 4+1
Finance Centre project, a revival has been
flats are also in demand. Such houses are
observed in the housing and office market
generally preferred by university students
in the area, which was thought to have
or the segment using the Sabiha Gökçen
reached saturation. Since the plot area
Airport for business purposes.
within the Finance Centre project area will
be limited, it is believed that the prices of
composed of 1+1, 1+1.5, 2+1, 3+1, 4+1 flat
projects to be constructed in this area will
types, and it includes 476 independent
be relatively higher as compared to other
units in total. On the other hand, the Evora
projects in West Ataşehir.
Istanbul to be built by Teknik Yapı in a
The Çınarlı Bahçe project by Iş REIT is
revenue sharing model with Emlak Konut TUZLA
REIT emerges as a project comprised of
4,700 independent units.
Examining Tuzla and close
surroundings from the viewpoint of the housing market, it is observed that the part of the area remaining on the north of the E-5 Highway is quite dense for housing projects, which are primarily appeal to the medium income group.
In Tuzla, due to being close to the
Sabiha Gökçen Airport, Sabancı and Okan universities, it is observed that the Aydınlı
ANALYSIS 35
36 Project Showcase
your house ın turkey 2012
GLOW3 Çekmeköy, Istanbul
type: Housing Project
M
A.Ş. and Glow3 is the distinguished
tennis and tens of benches around
owner: Mom Yapı-Avrupa Holding
housing project of Mom Yapı,
its large garden are the outdoor
Total housing unit: 239
developed and built in Çekmeköy
facilities. For indoors; children
Prices: TRY 218,000-796,000
which is the most favorite new
playgrounds with Ping-Pong, pinball,
PPayment conditions and banks:
residential district of Istanbul known
PlayStation and alike activities,
Halk Bank, Garanti Bankası, Bank Asya
with its solid ground. Glow3, built
pool café, fitness area, saunas and
or payment with in the company
with quality and comfort emphasis,
changing rooms are to be named in
14,000 m2
Land size:
om Yapı is the Construction
jogging paths, open air fitness centre,
and Real Estate Development
2(two) universal sports ground for
Company of Avrupa Holding
basketball, football, volleyball and
has been handed over to its owners
Glow3.
Construction area: 50,000.57 m2
at the end of June 2012. The project
Date started: 2010
is fully equipped with every modern
from the new Şile highway and
Date of completion: 2012
opportunity of public housing.
newly built underground network
Web site: www.glow3.com
of this developing residential area
Contact info: +90 216 527 26 03-04
pools, sunbathing terraces, 2(two)
of Istanbul. The highway and the
info@momyapi.com.tr
children playgrounds, cycling and
underground give the area hence
Adult and children swimming
Glow3 is only few steps away
your house 覺n turkey 2012
Glow3 a unique advantage as per the transportation. The Japanese architect Tatsuya Yamamoto designed the complex as 7 blocs in which there are 239 apartments from 1+1 to 4+1. In Glow3 there are also 360 indoor parking spots.
Every detailed of confortable
living is projected in the planning of the apartments; the wardrobes, all the appliances and the infrastructure for the air conditioning are to name a few.
Glow3 is ready to start a new,
confortable and safe life where the only decision is to choose the moving furniture.
Project Showcase 37
38 Project Showcase
your house 覺n turkey 2012
your house ın turkey 2012
Project Showcase 39
Mom Yapı A.Ş. Mom Yapı (www.momyapi.com.tr) was established to fulfill the building needs of its mother company Avrupa Holding A.Ş. www.avrupaholding.com.tr. It has completed the construction of several office buildings in Istanbul, Ankara and Izmir. Mom Yapı has been reformed to pursue the construction and real estate development business opportunities in a more proactive way starting from 2008. The first large housing project of Mom Yapı is GLOW3 (www.glow3.com). Esenşehir Mah. Sarıgazi Yolu Cad. Kanuni Sok. No:3 Yukarı Dudullu Ümraniye 34773 Istanbul T +90 216 527 26 03 F +90 216 527 26 05 info@momyapi.com.tr
40 Project Showcase
your house ın turkey 2012
OnaltıDokuz Istanbul Zeytinburnu, Istanbul
type: Residence Owner: Astay Real Estate Construction Investment and Tourism Co.
O
naltıDokuz Istanbul, the first
arcade lies underneath the residential
residental project of Astay
blocks. With hairdresser, shoe
Real Estate in Istanbul’s rising
shining, SPA, restaurants and all the
Total housing unit: 496
neighborhood, Zeytinburnu, brings
other service elements, OnaltıDokuz
Housing unit types and sizes: 1+1 -
together green and blue in a luxurious
Istanbul makes everyday a refreshing
6,5+2 (92 m2 – 482 m2)
way. From top to the bottom each
and confortable day.
Land size: 28,000 m2
unit oversees a panorama of Marmara
Public facilities: Outdoor swimming
Sea, Golden Horn and Bosphorus in an
centre, tennis court, basketball
pool, indoor swimming pool, fitness
encompassing perspective.
court, jogging court and other sports
area, sauna, steam room, mini market,
facilities are open for service all
children playground, walking area,
496 residential units from 98 m2 to
OnaltıDokuz Istanbul comprises m2 .
Open and closed pools, fitness
seasons for the inhabitants. Special
tennis court, basketball court, green
482
area with fountain
27 storeys are finished and most of
centre is not also omitted. For the
area: 154,000 m2
Three towers of 36, 32 and
kids playgrounds and a day care
the units are sold and delivered to the
convenience of the owners, a car
Date started: 2010
owners.
rental service, 2nd hand real estate
Date of completion: 2012
The complex, brings together all
advisory services, baby sitting,
Web site: www.onaltidokuzistanbul.com
the utilities and services for the needs
interior cleaning, bill payment
Construction
Contact info: +90 212 444 4 169
of inhabitants. A 25,000
m2
shopping
services and dry cleaning services
your house 覺n turkey 2012
are among the numerous services provided. A fully articulated concierge desk can plan even the smallest detail. All the maintenance and repair is handled by qualified technicians in Onalt覺Dokuz Istanbul. In short, Onalt覺Dokuz Istanbul provides the safest environment for inhabitants at the very centre of the city, thanks to a 24 hour security service.
Project Showcase 41
42 Project Showcase
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your house ın turkey 2012
Project Showcase 43
astay ASTAY was established in 2004 with the vision of developing real estate projects to enhance the quality of living of its residents and to create value. ASTAY aimed at using the development opportunities in the right time and turn those opportunities to investments. Istanbul Four Seasons Hotel Bosphorus and Four Seasons Sultanahmet, OnaltıDokuz Istanbul and Academia Apartments are the projects that reflect ASTAY’s vision. ASTAY does not only construct residences but also devises and develops projects which constantly increase the investment values of units it markets.
44 Project Showcase
your house ın turkey 2012
Rings Istanbul Sancaktepe, Istanbul
R
ings Istanbul is being built by
other’s windows or doors. Residents
Selin Yapı on a 238,000-m2 area
can enter perfectly heat and sound
adjacent to Aydos forest, one of
insulated condos through their own
the two biggest forests in Istanbul. The
lifts or stairs. All condos are equipped
first stage of the project, created by the
with the latest technology, including
type: House, residence, shopping mall,
award-winning architect Hakan Kıran,
IP TV, IP telephone infrastructure
school and public facilities
comprises three separate sections:
and fiber-optic cable with private
Owner: Selin Yapı
Vista, Siesta and Rings Suites. They
storerooms.
Total housing unit: 1500
include different housing options
Housing unit types and sizes: 1+1,
catering to all preferences, from 1+1 to
area including cascade gardens,
2+1, 3+1, 4+1 and 5+2 duplex
5+2 duplex in Siesta Houses, 1+1 to 4+1
terraces, private grove, orchards and
Prices: TRY 255,000 – 741,000
in Vista Houses, and studio condos to
surrounding parks, as well as a 3-km
Land size: 238,000 m2
2+1 in Rings Suites.
walking and cycling track that allows
Construction area: 400,000 m2
residents to live a healthy and peaceful
Date started: April 2011
comfort and have an unobstructed
life. All condos, except 1+1 units, are
Date of completion: May 2013 (Stage 1)
view in three directions. These airy
allocated two parking spaces.
Web site: www.ringsistanbul.com
units are open to 360–degree sunlight
Contact info: +90 216 444 86 00
and designed not to look into each
Estate Awards “Mixed Project”, Rings
The houses offer perfect living
The project has a 75% green
Winner of the Europe 2011 Real
your house ın turkey 2012
Istanbul differs from the other projects for ‘Rings Club’, its 40,000-m2 public facilities, which is the most extensive in Istanbul. Rings Shopping Mall will be the biggest shopping mall in the region, and boasts stunning horizontal and semi-open architecture. Rings Istanbul is also candidate for Breeam and Leed certificates for its Rings AVM and Rings Suites stage.
Also included in the project are
Bilfen Kindergarten and Primary School, one of the most prestigious education institutions in Turkey.
Located 8 minute from Sabiha
Gökçen Airport, the first stage of Rings Istanbul will be delivered in May 2013.
Project Showcase 45
46 Project Showcase
your house 覺n turkey 2012
your house ın turkey 2012
Project Showcase 47
SelİN Yapı Founded in 2003 to carry out construction works for Selçuklu Holding’s industrial companies, Selin Yapı has built numerous industrial plants and shopping malls to date, including the İlko Pharmaceutical Plant – the biggest pharmaceutical investment in Anatolia – the İlko Argem R&D Centre at Hacettepe University Technocity, production plants for Mehtap Mutfak Eşyaları and Sentez Ambalaj and the Selçuklu Business Centre in Izmir. It has been building Rings Istanbul on its own land in Sancaktepe, Istanbul, which is Selin Yapı’s first housing project.
48 Project Showcase
your house ın turkey 2012
Valle Lacus Büyükçekmece, Istanbul
type: Villa
Monotype Villas – net 669 m²
K
is developing its’ own project Valle
includes a total of 8 bedrooms
Prices: USD 1.500.000 - 1.750.000
Lacus on Kulak Construction Co.’s site.
including a master suite, a guest
Land size: 110,000 m²
suite, 4 bedrooms with a bathroom, a
Construction area: 50,000 m² villa
accomplished the Valle Lacus project
standard bedroom and a servant living
& 4,000 m² public facilities
in Büyükçekmece region, containing
area. A specially landscaped courtyard
Date started: 01/09/2012
44 villas within 110,000 m² of its own
heading down to the 11 m² basement
Public facilities: Indoor & Outdoor
land, formed in a total of 50,000 m²
floor, a room for GYM, sauna, steam
pool, fitness centre, sauna and steam
gross total construction area, 60,000
and resting rooms, an (optional)
room, terraced restaurant, 2 tennis
m² landscaping area and 4,000 m²
screening room, an exclusive 72 m²
courts, a basketball court, childrens’
public facilities.
heated pool, an indoor garage and a
play area
titanium alloyed roof cladding system
Contact info: Cenk Yazıcı
by the architect Turgut TOYDEMİR is a
with natural ventilation.
Sales Coordinator
candidate of the BREEAM CERTIFICATE.
+90 212 283 09 43
All villas in the project have 1007
heating and cooling expenditures
cenkyazici@klk.com.tr
m² gross and 669 m² net area of
were reduced to minimum with the
Owner: Kulak Inşaat Tic. ve San. A.Ş. Total housing unit: 44 Housing unit types and sizes:
LK Construction Co. , the main
usage, 180 m² terrace alongside an
real estate development group
approximately 2,000 m² garden.
of the Kulak Construction Co.
KLK construction Co. has
The Valle Lacus project designed
Each and every villa in the project
Within the scope of project, the
your house 覺n turkey 2012
air-based heat pumps. with the aid of special biologic purifying systems, the recycling in grey waters are accomplished.
Public facilities are offering a
different way of living in nature with its indoor and outdoor swimming pools, a fitness centre, sauna and steam rooms, outdoor sport courts, its terraced restaurant and a generator system capable of servicing the every villa.
Project Showcase 49
50 Project Showcase
your house 覺n turkey 2012
your house 覺n turkey 2012
Kulak Co. Since 1943, our company is proceeding business with consecutive 69 years of experience. Within these years, Kulak Co. has accomplished thousands of projects, including American Ministry of Defence & U.N.D.P. As a result of our sensitivity about worker health, business health and environment, Kulak Co. has been awarded with with ISO 9001:2008, BS OHSAS 18001:2007, ISO 14001:2004 certificate of quality. Alt Zeren Sok. No:33 Levent/Istanbul/T羹rkiye T +90 212 283 09 43 F +90 212 283 09 46 www.klk.com.tr info@klk.com.tr
Subsidiary Of Kulak Construction Co
Project Showcase 51
52 Project Showcase
your house ın turkey 2012
ViaPort Venezia Gaziosmanpaşa, Istanbul
type: Residence, Shopping Centre, Hotel and Offices Owner: Via & Gürsoy Group Total housing unit: 2,200
Y
ou no longer have to travel to
Venice can now be found in Istanbul...
Venice to experience Venice.
In short, everything that makes Venice
The delight of Venice with its
Venice and more is rising at your side,
Housing unit types and sizes: 1
historical texture, peerless canals,
in Istanbul with Via Port Venezia, one
bedroom, 2 bedrooms, 3 bedrooms and 4
and architectural esthetic is now in
of the world’s largest projects!
bedrooms apartment types are available
the European side of Istanbul. Rising
Min. size 62 m2 – Max. Size 244 m2
in Gaziosmanpaşa, Via Port Venezia
Venezia are something else. The
Prices: USD 123.445 – 415.878
offers you a life like a vacation, far
delicious pastas and lasagna, its
Land
size: 82,000 m2
Cafes and restaurants at Via Port
from the stress of Istanbul. The choice
world famous coffees, thus
Date of completion: November 2014
of apartments in various dimensions,
everything of Italian food culture is
Public facilities: Shopping Centre,
offices with varying sizes to suit your
here with more to spare. Of course,
Walkways, Cinema-bowling,
business, shopping centre, social
not only Italian delicacies, but cuisine
Camellians & Green Spaces, Food &
facilities and much more are at Via
of the whole world, hence all the
Beverage, Kids Club, Health Club,
Port Venezia.
flavours you seek are at Via Port
Playgrounds for Kids, Indoor &
Venezia!
Outdoor Swimming Pools
quality brands in the world together
Web site: www.viaportvenezia.com
from A to Z! The latest creations, trends
healthy living in our Venice! Availing
Contact info: +90 216 444 8 842
followed by the world... Everything
yourself of membership packages,
info@viaportvenezia.com
can be found at Via Port Venezia, as
each more advantageous than the
Via Port Venezia brings the highest
You will not be able to escape
your house ın turkey 2012
Project Showcase 53
next, and begin life anew at Via Port
* Get ready for a wonderful life in
Thus it is truly 3+1! If you wish to
Venezia with the Serenita Fitness
Venice! A Venice that belongs to you
experience Venice more than Venice,
& Spa. Gym, cardio Pilates, group
completely... Enjoy the chance to
the 3 bedrooms units of Via Port
exercise studios, Turkish Hamam,
experience Venice not for 4 days and
Venezia are just for you.
sauna, jacuzzi, steam room and
3 nights, but lifelong with 1 bedrooms
lounges. This vast area will have it
units where you will furnish Italian
not less- to offer than Venice.
all! The standard of living in Via Port
architecture according to your style.
For instance Venice has gondolas
Venezia will begin with health!
* Who wouldn’t want to set up a fine
and canals. So does our Venice...
Via Port Venezia is designed to
Via Port Venezia has more –
life in Venice? The extraordinary
Furthermore as the Tramway line
delight everyone. It is structured not
architecture, those peerless canals,
passing by its front gate offers the
only with the best quality homes, but
cruising on gondolas... Then come to
easiest transportation to Istanbul, the
with social facilities where you will
our Venice, Via Port Venezia... Choose
new Subway line to be constructed
spend your free time in the best way
the 2 bedrooms unit you wish and step
will even further your transportation
without boredom. With green areas
onto a peerless life in Venezia.
network in Istanbul. It is 20
and walking tracks... Via Port Venezia
* Your joy will increase threefold! At
minutes from Taksim and Beşiktaş,
offers so many alternatives
the heart of Istanbul, with Venetian
and 15 minutes from the Atatürk
in one place, that a perfect life you
architecture, and right next to your
International Airport. Thus, it is far
could not even find in Venice awaits
job... Its plus is easy transportation to
removed from the stress of traffic,
you on the European Side at Istanbul.
everywhere in the city, even abroad...
and right in the middle of Istanbul!
54 Project Showcase
your house 覺n turkey 2012
your house ın turkey 2012
Project Showcase 55
VIA & GÜRSOY GROUP Having begun a new journey together the VIA & GÜRSOY GROUP are now changing the face of the European Side of Istanbul with their long years of experience! They are giving a new asset to Istanbul with their very first joint venture. VIA & GÜRSOY GROUP will continue with big investments and powerful projects without breaking speed. Considering their success and the admiration they have enjoyed with their first joint venture, Via Port Venezia as a new bar, and striving to do even better, they will be at your service with concept projects that will be the first of their kind in the world.
56 Project Showcase
your house ın turkey 2012
Yorum Istanbul Residences Bayrampaşa, Istanbul
NEW INTERPRETATION OF
LIFE MADE EASIER
type: Residence
ENJOYING LIFE
Imagine a life where you will forget
Owner: Yorum Insaat and Turkmall
While designing the Yorum Istanbul
that you live in a crowded city even
Total housing unit: 558
Residences we went beyond the
if you actually live at the centre of
Housing unit types and sizes: 1+1 /
stereotypes and reinterpreted
Istanbul, where you will devote more
2+1 (3+1 - 3+1 dubleks / 4+1 dubleks
enjoying life in Istanbul. We
time to yourself and your family,
(sale is completed )
embedded in this life what an
enjoy the bright sunshine every
Prices: 1+1 TRY 335,000 – 387,000;
Istanbul resident had not yet
morning and exercise in the fields
2+1 TRY 472,000 – 564,000
experienced before; comfort,
among tens of different shades of
Land size:
21,000 m2
pleasure, entertainment, peace,
green.
Construction area: 51,000 m2
safety and various social activities
Date started: October 2010
all together. These possibilities
not only provide you opportunities
Date of completion: December 2011
made life much more colorful and
within the complex but it will also
Web site: yoruminsaat.com.tr
blissful.
make your life much easier outside.
Contact info: Head Office-
Its location is crucial for comfortable
Tophanelioğlu Cad. Arduman İş
designed to be the place where you
transportation within the city. It’s
Merkezi No: 4/3-A Üsküdar / Istanbul
can redefine your expectations and
only two minutes walking distance
T +90 216 651 93 00
fulfill your dreams.
to the subway station and a quick
Yorum Istanbul Residences is
Yorum Istanbul Residences will
your house ın turkey 2012
Project Showcase 57
drive away from the access points
away into the nature because you
opportunity worth of gold due to
of TEM and E-5 highways. When you
will feel as if you live right at the
its 2 minutes walking distance to
are living in Yorum Istanbul, you are
heart of nature. With its 75% green
one of the biggest shopping malls
living just a few minute-distances
area and unique landscape design,
in town; Forum Istanbul, subway
away from the heart of Istanbul.
Yorum Istanbul refreshes you each
connection to Ataturk Airport and
morning and gives you maximum
two central highways in the city. In
pleasure in life.
addition to these, its construction
HEALTY, FIT AND ENERGETIC Yorum Istanbul Residences offers
quality, central location, optimum
you possibilities you have always
INVESTMENT WORTH OF GOLD
architecture, plenty of advantageous
dreamed of all at once. You can enjoy
The concept of Yorum Istanbul
facilities, easy transportation and
the outdoor and indoor pools, sweat
Residences also reinterprets
colorful social activities make this
off in the fitness centre, and play a
the understanding of smart and
project a pivotal investment of both
tennis game with a friend or make
profitable investment.
today and the future.
memories with your children in the
playground so that you can tell them
is one of the most profitable and
about the fun times in the future.
rapidly developing regions of
Istanbul, Yorum Istanbul Residences
When you live in Yorum Istanbul,
you will never feel the need to run
Located in Bayrampaşa which
stand out as an investment
58 Project Showcase
your house 覺n turkey 2012
your house Äąn turkey 2012
Project Showcase 59
YORUM CONSTRUCTION Yorum Group has been active in the industries of substructure, constructions of shopping centres, offices, housings, retail, energy and aircraft. In addition to the Forum Istanbul project – which is the biggest shopping centre of Europe- Forum Trabzon, Forum Mersin and Forum Marmara Shopping Centre are also projects successfully completed by Yorum Construction. The latest project ,Yorum Istanbul Residences is completed within only 15 months and hundreds of families have started to enjoy their new life.
60 Selected Projects
your house ın turkey 2012
Akbatı Residences
Location: Esenyurt / Istanbul, TURKEY
Housing unit types and sizes: 350 residences together with one of
Public facilities: Concierge services offered on 24 / 7 basis,
the largest shopping malls of Istanbul which is named as Akbatı Shopping
indoor and outdoor swimming pools, sauna, steam bath, pilates
Mall, including standard apartment flats comprising 1 bedroom to 4,5
hall, TV-Lounge room, business room, and a verdant garden full
bedrooms as well as loft apartment flats, apartment flats with terraces,
of lavender odour. In addition, Akbatı Residences has a direct
penthouses, and duplex apartment flats between 67 m2 to 294 m2.
connection to Akbatı Shopping Mall which includes approximately 200 stores, 9 theaters, restaurants which bring global cuisines together, playing and education fields for children, a Festival Park with a capacity of 5,000 people; and the Square of Restaurants, which is one of the most important passage points of Akbatı and hosts a wide range of different tastes.
Date of completion: December 2011 Price range: TRY 265,000 - 1,418,000 Web site: www.akbati.com www.akbatiresidences.com
Çukurova Tower Housing unit types and sizes: Residence, Studyo - 1+1 - 2+1 - 3+1 Location: Istanbul / 40° 53’ 55,3” N 29° 13’ 13,7” E Public facilities: Swimming pool, Children’s pool, Tennis changed from, Children’s play area, Cinema hall, Walking track, Fitness centre, Study Centre,Cafe lounge,Back Up Concierge Service
Date of completion: 31 October 2014 Price range: USD 90,000 – 450,000 Web site: www.cukurovatower.com
your house ın turkey 2012
Selected Projects 61
OnaltıDokuz Istanbul Housing unit types and sizes: 1+1 - 6,5+2 (92 m2 – 482 m2) Location: Zeytinburnu, Istanbul Public facilities: Outdoor swimming pool, indoor swimming pool, fitness area, sauna, steam room, mini market, children playground, walking area, tennis court, basketball court, green area with fountain
Date of completion: 2012 Web site: www.onaltidokuzistanbul.com
Rings Istanbul
and spa, grove and orchards, 3 kilometers of cycling and walking track, resting and recreation areas
Housing unit types and sizes: 1+1, 2+1, 3+1, 4+1 and 5+2 duplex Date of completion: May 2013 (Stage 1) Location: Sancaktepe, Istanbul Price range: TRY 255,000- 741,000 Public facilities: Outdoor and indoor pools, sports fields (basketball, volleyball, football, tennis, and mini golf), fitness centre
Web site: www.ringsistanbul.com
62 Selected Projects
your house ın turkey 2012
Yorum Istanbul Residences Housing unit types and sizes: 1+1 / 2+1 (3+1 - 3+1 duplex / 4+1 duplex ( sale is completed )
Location: Bayrampasa/ Istanbul Public facilities: In Yorum Istanbul you can make an energetic start to your day by jogging in the green fields as large as 16000 km2 and then cool off at the indoors or the outdoors pool. After a big healthy lunch at the café you can catch a glimpse of the daily paper in the park while your kids are playing in the playground. You
Date of completion: December 2011
can also enjoy a tennis game with a friend, play basketball or mini football with your neighbors. If you like going solo, you can plug in
Price range: 1+1 TRY 335,000 – 387,000; 2+1 TRY 472,000 – 564,000
your headphones and sweat off at the gym or go outdoors and play golf until the dinner is ready.
ViaPort Houses & Suites
Web site: www.yoruminsaat.com.tr
Public facilities: Crowne Plaza Istanbul Asia (An unforgettable five star hotel is close to Sabiha Gokcen International Airport , Formula Circuit and down town , located in the Asian Side of Istanbul, one of the city’s most prestigious neighborhoods where business meets leisure. The hotel welcomes its guests with 336 spacious and well-
Housing unit types and sizes: 58 m2 – 205 m2 Residences
equipped deluxe guest rooms and suites; Spa and Wellness Center and Convention Center), ViaPort Outlet Shopping (More than 1.000 national
Location: Kurtköy - Istanbul
and international brands, cinema, bowling, amusement park, ponny, gokart), Health Club, Gardens, Indoor &Outdoor Swimming Pool
Date of completion: September 2013 Price range: USD 110,000 - 500,000 Web site: www.viaporths.com
your house ın turkey 2012
Selected Projects 63
Tac Mahal Prestij TYPE: Mixed-use LOCATION: Esenyurt, Istanbul RESIDENTIAL UNITS: 970 COMPLETION DATE: October 2014 DEVELOPER: ULUHAN GROUP WEBSITE: www:tac-mahal.com
Batışehir TYPE: Mixed-use LOCATION: Bağcılar, Istanbul RESIDENTIAL UNITS: 3,143 COMPLETION DATE: December 2014 DEVELOPER: Ege Yapı Group WEBSITE: www.batisehir.com
Florya Ekşinar Konakları TYPE: Residential LOCATION: Florya, Istanbul RESIDENTIAL UNITS: 230 COMPLETION DATE: December 2012 DEVELOPER: Eroğlu Group WEBSITE: www.floryaeksinarkonaklari.com
64 Selected Projects
your house ın turkey 2012
Soyak Bahçe&Bahçe TYPE: Residential LOCATION: Bahçeşehir, Istanbul RESIDENTIAL UNITS: 294 COMPLETION DATE: 2013 DEVELOPER: Soyak Real Estate WEBSITE: www.soyak.com.tr
Bahçeli Vadi Çengelköy TYPE: Residential LOCATION: Çengelköy, Istanbul RESIDENTIAL UNITS: 58 COMPLETION DATE: October 2013 DEVELOPER: Dekar Yapı WEBSITE: www.bahcelivadi.com
Yasemin Evleri TYPE: Residential LOCATION: Selçuklu, Konya RESIDENTIAL UNITS: 240 COMPLETION DATE: April 2014 DEVELOPER: Seha Yapı WEBSITE: www.sehayapi.com
In association with...
Real Estate Investors & Developers in Turkey
TÜRKİYE
The 5th Annual
TURKEY
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200+ international and local private equity & institutional investors, developers, property companies, lenders, fund managers & institutions connect over informal discussions. Access Turkey Capital group Aerium Turkey Al Jawhara group Astas Holding blackstone blg Capital All material throughout is subject to change without notice.
bPA International group Cacist Cenor group Dedeman Real Estate EA Real Estate
Glenn Aaronson chairman Forum Turkey Fund
Imad Abulaban president & ceo CapitalStone Holding
Joseph Bonner chief investment officer Mubadala Pramerica Real Estate Investors
Eyüphan Boyvadaoğlu chairman & managing director Metro Properties
Dr. Bilge Kağan Ceylan executive vice president Halk Real Estate Investment Trust
Dr. Frithjof Fuchs managing partner Eriapartners Real Estate Investment
Buket Hayretci first vp, turkey Aareal Bank AG, Istanbul Representative Office
Andreas Hohlmann general manager Ece Türkiye Proje Yönetimi
Tobias Levey chairman Bio Istanbul
Jason Lucas executive director Amstar Global
EbRD Eroglu Yapı Extensa Istanbul Ferko garanti bank genel Yapi gurallar Yapi les Partenaires ottomans Motel one Development odak group Peakside Capital Pramerica Real Estate Investors Retfund Tab gida Tahincioglu gayrimenkul The world bank TMD Procons Turkmall Real Estate Van Den berk group Zorlu Property ...and many more...
A glimpse of the 20+ discussion topics Retail Real Estate in Turkey – What’s on the investors menu? International Capital Flows – Is Turkey becoming more attractive? Istanbul Real Estate – It’s a goldmine but where to dig first? New Turkish property laws – Releasing the investor floodgates?
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66 Selected Projects
your house ın turkey 2012
Istanbloom TYPE: Residential LOCATION: Zincirlikuyu, Istanbul RESIDENTIAL UNITS: 170 COMPLETION DATE: December 2013 DEVELOPER: Esin Yapı WEBSITE: www.istanbloom.com
Safi Espadon Residence TYPE: Mixed-use LOCATION: Kartal, Istanbul RESIDENTIAL UNITS: 136 COMPLETION DATE: 2014 DEVELOPER: Safi Real Estate WEBSITE: www.safiespadon.com
Platform Residence TYPE: Midxed - use LOCATION: Merter, Istanbul RESIDENTIAL UNITS: 111 COMPLETION DATE: 2013 DEVELOPER: Eroğlu Group WEBSITE: www.platform-merter.com
your house ın turkey 2012
Selected Projects 67
The Istanbul Residence TYPE: Residential LOCATION: Veliefendi, Istanbul RESIDENTIAL UNITS: 351 COMPLETION DATE: December 2014 DEVELOPER: YDA Groupp & Kuruluş Construction & Kiptaş WEBSITE: www.theistanbulveliefendi.com
G Plus TYPE: Residential LOCATION: Güneşli, Istanbul RESIDENTIAL UNITS: 550 COMPLETION DATE: December 2013 DEVELOPER: Mar Yapı WEBSITE: www.gplus.com.tr
Mall Of Istanbul TYPE: Mixed - use LOCATION: İkitelli, Istanbul RESIDENTIAL UNITS: 1,200 COMPLETION DATE: H2 2013 DEVELOPER: Torunlar REIT WEBSITE: www.mallofistanbul.com.tr
68 Selected Projects
your house ın turkey 2012
Şehrizar Konakları TYPE: Residential LOCATION: Üsküdar, Istanbul RESIDENTIAL UNITS: 208 COMPLETION DATE: 2013 DEVELOPER: GAP Construction & Emlak Konut REIT WEBSITE: www.sehrizar.com
Elysium Serene Kandilli TYPE: Residential LOCATION: Kandilli, Istanbul RESIDENTIAL UNITS: 136 COMPLETION DATE: September 2013 DEVELOPER: Ofton Construction WEBSITE: www.elysiumserene.com
Aktaş Boğaziçi Evleri TYPE: Residential LOCATION: Kandilli, Istanbul RESIDENTIAL UNITS: 81 COMPLETION DATE: December 2012 (stage 1), July 2013 (stage 2) DEVELOPER: Aktaş İnşaat WEBSITE: www.aktasbogazicievleri.com
your house ın turkey 2012
Selected Projects 69
Brandium Ataşehir TYPE: Mixed-use LOCATION: Ataşehir, Istanbul RESIDENTIAL UNITS: 1,150 COMPLETION DATE: 2013 DEVELOPER: Emay Construction ve Erko Group WEBSITE: www.brandiumatasehir.com
Four Winds Residence TYPE: Residential LOCATION: Kadıköy, Istanbul RESIDENTIAL UNITS: 420 COMPLETION DATE: 2013 DEVELOPER: Taş Yapı WEBSITE: www.tasyapi.com
Göktürk Yalınevler TYPE: Residential LOCATION: Kemerburgaz, Istanbul RESIDENTIAL UNITS: 146 COMPLETION DATE: 2014 DEVELOPER: Keleşoğlu Construciton & Zilal Construciton WEBSITE: www.yalinevler.com
70 Selected Projects
your house ın turkey 2012
216 Butik TYPE: Residential LOCATION: Çekmeköy, Istanbul RESIDENTIAL UNITS: 114 COMPLETION DATE: February 2014 DEVELOPER: 216 Yapı WEBSITE: www.216butik.com
Foresta Sarıyer Evleri TYPE: Residential LOCATION: Sarıyer, Istanbul RESIDENTIAL UNITS: 214 COMPLETION DATE: December 2012 DEVELOPER: Turyapı Construction WEBSITE: www.foresta.com.tr
Maximoon Residence TYPE: Residential LOCATION: Esenyurt, Istanbul RESIDENTIAL UNITS: 321 COMPLETION DATE: December 2013 DEVELOPER: Yalçıntepe Group WEBSITE: www.maximoonevleri.com
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72 NOTES
your house 覺n turkey 2012