The World Meets in Cannes
MIPIM, the leading international real estate fair, is beginning in Cannes, France. Turkey is one of three Countries of Honor, alongside Brazil and Russia. The annual fair, which is being organized for the 25th time this year, is expected to attract more than 20,000 visitors from 90 countries.
GIANT MEETING IN CANNES
The world’s largest and most significant real estate and commerce fair MIPIM, which
is represented by Alkaş in Turkey, will this year bring together international investors, urban
planners, shopping mall centers, architects, the residential sector, municipalities and hotel chains.
Turkey is an honorary country, along with Brazil and Russia in the fair due to the increasing power of the Turkish economy and Turkish firms’ increasing speed of growth. Significant brand and names from the sector will participate in the fair this year, as 28 brands will open stands and 698 people from Turkey joined individually in the fair last year. More than 20,000 people from 90 countries are meeting in this fair.
TURKEY IN 11 SESSIONS
MIPIM is creating a great opportunity to follow the trends in the world and network with and learn about the actors in the world market. MIPIM has a significant role in representing real
estate projects to the whole world and in enabling the brands that want to take their place in the international arena to make significant contracts. A total of 11 sessions will be organized in the fair,
including addresses from state officials from Turkey, as well as significant names from the real estate sector and experts. Headlines such as “International Istanbul Finance Center and Periphery,” “2014
and beyond: What’s next for Turkey,” and “Why should we work with Turkish architects?” will be discussed in the fair that will take place between March 11 and 14. Also, Prime Ministry Investment
Agency President İlker Aycı will address foreign investors in the session titles “Why one should invest Turkey,” and will declare a report about the real estate sector in Turkey. The fair will start with an opening cocktail sponsored by the NEF and Turkey’s representations will be given in several places at the fair. Turkey is once again the sponsor of the Investor Club, which is visited by thousands of board
chairmen who participate in MIPIM.
MIPIM IN NUMBERS
Participating countries: 90
Exhibition area: 19,000 m2
Expected visitors: 20,000
Number of investors: 4,300
Participating firms: 2,000
Number of international developers at the fair: 1,350
Number of CEOs and chairpeople at the fair: 3,000
Number of journalists accredited for: 460
MIPIM 2014 TURKEY SESSIONS
11 March, 10.00-10.30
REIDIN Session/ 2014 and beyond: What’s next for Turkey?
Mete Varas, Business
Serdar Gucar, CEO, IMS
Raouf Ghali, Chairman PM Group,
Matt Pullen, Investment Director,
March 11, 10:30-11:00
REIDIN Session/ Expo 2020 and beyond: what’s next for Dubai and the GCC Region?
Ahmet Kayhan, CEO, REIDIN
Nicholas Maclean - CEO - CBRE
Faris Mansour – Investment
Director - Mubadala
March 11, 11:00-11:45
A closer look at urban transformation projects: Work and targets in Turkey’s different cities.
Erden Timur, Founder, Nef
Faruk Göksu, Founder, Kentsel
March 11, 12:00-12:45
GSIP Session/ Listen to the foreign investors: What foreign investors suggest for investing with success in Turkish real estate
Ersun Bayraktaroğlu, Real Estate
Sector Country Leader PwC
Jason Lucas, Chairman, Amstar
March 12, 13:00-13:15
Deloitte Turkey reveals real estate sector report: An economic outlook and the next three to five years hot topics in Turkey’s real estate
Özkan Yıldırım, Partner, Deloitte
March 12, 14:30-15:00
Blue Room Session 1
Why should you invest in Turkey?
Ilker Aycı, Chairman, Prime
Ministry Investment Agency
March 12, 15:00-16:00
Blue Room Session 2
Turkey-Istanbul: The international financial center and hub: significant steps for a center on a global scale
Peter Grant, Wall Street Journal
Avi Alkaş, Chairman, Alkaş
Consultancy – Chairman JLL
Uğur Özgüven, Founder
Chairman, master architect,
March 13, 13:00-13:45
Developers are discussing the real estate sector…
Alp Çiçekdağı, Managing partner,
Kent Development (Moderator)
Özcan Tahincioğlu, Chairman,
Mehmet Even, Deputy General
Manager, Zorlu Real Estate
Kazım Köseoğlu, Managing
Partner, Esas Holding
March 13, 14:00-14:45
GYODER Session/Dynamics of real estate market of Turkey: Where Turkey stands in the world of emerging markets, branding city Istanbul and expectations from the future
Özlem Gökçe, Vice President
Haluk Sur, President,
Nate Shanok, General Manager,
March 13, 15:00-15:45
ÇEDBİK Session/Turkey’s vision on sustainable buildings and cities: threats, opportunities, trends
Dr. Duygu Erten, Chairman,
Turkish Green Building Council
- CEO, Turkeco (moderator)
Alaeddin Babaoğlu, Founding
partner & Chairman, Amplio
Mesut Arslan, General Manager,
March 13, 17:00-18:00
Architects of Turkey on the stage with Kalebodur! Why should we work with Turkish architects?
Cüneyt Özdemir, Journalist, CNN
Murat Tabanlıoğlu, Architect,
Partner, Tabanlıoğlu Architects
Prof. Celal Abdi Güzer, Architect,
Middle Eastern Technical
Gökhan Avcıoğlu, Architect,
Gökhan Avcıoğlu Architects
Enis Öncüoğlu, Architect,
Chairman, Öncüoğlu Architects
Murat Kader, Architect, Partner, 2
NEXT STOP IS FRANCE AFTER DUBAI PROMO
Vadistanbul, a project by the Artaş Group, the Aydınlı Group and Keleşoğlu Construction, will be
introduced to foreign investors in Cannes, France, during MIPIM between March 11 and 14. The “Bulvar” (Boulevard) section of Vadistanbul, which was recently promoted in Turkey, will be also be exhibited at MIPIM. Several international firms and investors are reportedly interested in this section of the project that includes offices, stores and hotels. 2 BILLION-LIRA INVESTMENT Vadistanbul is being realized through a 2 billion-Turkish Lira investment excluding the value of the building plot.
Vadistanbul consists of three separate parcels of land. In the “Bulvar” section, there is a 760-square-meter shopping street, a 70,000 m2 shopping mall, 180,000 square meters of office space in nine blocks, fivestar luxury hotels, stores, restaurants and cafes. The first section of the project,
Vadistanbul Terrace (Teras), which consists of residences, will be delivered to customers in July, as sales are continuing from a starting price of 507,000 liras.
A LIVING HUB
Room options can satisfy any demand, including 1+1, 2+1, 3+1, 4+1 and 5+1 duplex. As the rough construction work has been completed, 70 percent of residences are already sold. According to
the project, Turkey’s first private metro line will pass through Vadistanbul and be connected to the metropolitan metro network. With its connections to the Trans-European Motorway (TEM), metro
and the roads to the third bridge over the Bosphorus, as well as its proximity to Atatürk Airport and the third airport of Istanbul which is being built, Vadistanbul Bulvar will be a living hub.
SPECIAL PRICE FOR OFFICES
The offices in the Bulvar, which is the heart of Vadistanbul, are attracting attention with their high investment value and are currently on sale with prices exclusive to the launch, starting from $3,400 per square meter. Drawing inquiries from several foreign investors, the international sales and marketing operations for Vadistanbul Bulvar are being directed by Jones Lang LaSalle (JLL).
VALUE ALREADY UP BY 25 PERCENT
The first section of Vadistanbul, which hosts 1,111 residences, has already increased its value 25 percent. After life starts at the project, the area will become home to 35,000 people. The first phase of Vadistanbul will be completed and delivered in July 2014, the second one in May 2016.
NEW CHANCES AT TABLE
KUZU Group Member of the Board of Directors, Özen Kuzu, said the MIPIM is very significant for the Turkish real estate sector as it brings together the most effective actors from the international estate
sector and provides access to numerous construction projects and capital sources across the world. “Turkey’s investment opportunities are told to international investors at MIPIM. I have no doubt
that Turkish firms will take the advantage of the MIPIM, which is a significant opportunity. In this fair, which brings together investors from across the world and is one of the world’s most important
real estate fairs, the development and changes of Istanbul, which tops the cities that can be invested in among the international investors, as well as meetings about investment opportunities in the city, will be discussed,” said Kuzu, adding that they are proud Turkey is honorary country in MIPIM 2014.
INVESTMENT IN TURKEY ON THE RISE
Kuzu said foreign investment in Turkey had increased after the law of reciprocity was approved. “It is possible to support this rise by taking advantage of international arenas such as MIPIM,” he added. “We have the Spradon Valley project, where life begins for the Kuzu Group. There is a good movement in our project thanks to the immediate delivery advantage as the sales continue while few residences remain unsold. The families are settling in their houses while the sales continue. In our project there is health, peace, security and now life,” said Kuzu.
3 MILLION PEOPLE TO BE ENTERTAINED YEARLY
Positioned on a plot of land 1.6 million m2 in Halkalı Atakent, Tema İstanbul encompasses not only 4,000 residences, but also commercial areas such as offices, a shopping mall, hotel, stores and a thematic entertainment park. Tema World will be completed by the MESA, ARTAŞ, ÖZTAŞ, KANTUR-AKDAŞ joint initiative group and will be built in a 400,000 m2 area. The park will be built with $400 million of investment and will host 3 million people annually. Tema World will open its doors in 2016,
and will attract people from all ages with its fiction stories and different and colorful themes.
LARGE SOCIAL FACILITY
The residence project is Turkey’s first project with a master plan and 84 percent of its area has been allocated for a special landscape, including a green area, and will be constructed at approximately 334,000 m2 area. The project, which will have 61 blocks with 3-12 and 18-30 stories, will have, in total, 3,614 residences, which are in different types such as 1+1 room or 4+1 room with sizes from 68 m2 up to 195 m2. Tema İstanbul will have 3,000 m2 area of social facilities, including five open and one closed swimming pools, a fitness center, outdoor and indoor sports and activity spaces, multipurpose sports fields and tennis courts. Tema İstanbul residences have 285,500 m2 of green area and also having a parking garage with around a 7,000 vehicle capacity, as well as a parking lot with a 650 vehicle capacity.
Around 7.5 houses are being sold in Tema İstanbul, which has a consistent sales graphic. Approximately 4,000 workers are completing the basic structures of roughly 14 houses a day.
The project has increased its value 15 percent so far, and it is expected to bring in 40 percent to
its investors when it is completed. The delivery of residences in Tema İstanbul, which was
launched in July 2013, is planned to take place in June 2015, earlier than its promised date of July
2015, with the high speed of construction.
TEMA in numbers
• Seven Eiffel Towers could be built with the 50,000 tons of iron that have been used in Tema İstanbul’s residential area alone.
• The project area is 50 times bigger than Istanbul’s Taksim Square.
• The residential area is being built on an area as big as 50 football fields or 800 basketball courts.
• There will be a square with a 20,000-person capacity in Tema İstanbul’s residential area.
ISTANBUL AND BURSA TO BE SHOWCASED
The Turkish construction sector saw the sale of over 1 million houses in 2013, while
this number was 87,639 during the first month of 2014. Foreigners bought 1,207 houses
in January. 1,207 houses sold off to foreigners Bak Yapı which completed the real estate projects of Istanbul Prestij Park in Istanbul’s Esenyurt district and Bursa Prestij Modern in Bursa is participating in the MIPIM fair, where Turkey is announced as an honorary country. Bak Yapı, prepared to express
the investment opportunities in Turkey, particularly in Istanbul and Bursa, to the foreign investors in the honorary tent, will tell doubtful foreign funds that investment in lucrative projects in Turkey will never lead to disappointment.
OPENING UP TO EUROPE
The company, which has been realizing its plans to take steps into Europe since the end of last year, will continue to hold investment meetings with companies from Germany and Italy during the fair in Cannes. Bak Yapı Deputy Board Chairman Ferhat Bakgör said they are participating in this fair, believing in both Turkey and their company’s potential and strength.
“Turkey has never been a real estate alternative that causes foreign investors to have losses, as long as they choose the right company and location. We believe we can struggle with the pessimistic picture of Turkey that we might come across abroad by telling them about reality of the country and investment opportunities in Turkey. For real estate developers like us, it is time to show our courage and determination abroad, instead of withdrawing into ourselves. This is why we paid more attention than ever to this year’s Cannes real estate Fair,” said Bakgör. 11 apartments sold a day In Bak Yapı’s Prestij Modern project located in Bursa, 11 apartments are sold a day on average. The project is planned to be completed as of June 2016. The sales continue at the company’s project in Istanbul’s Esenyurt district titled as “Istanbul Prestij Park.” Around 2,000 houses out of the total of 2,392 house project have been sold up to this date. Around 25 percent of these sales are made with foreign
investors. The sale price of the houses has increased to 159,000 Turkish Liras now,
while it was 119,000 Liras during the launch of the project. The first stage of the project
will be delivered December 2014.
KIDSTOWN RİVA PROJECT HOUSES 136 APARTMENTS
The Kidstown Riva residences project made by Eyfel Yapı near the shores of Riva in Istanbul’s Beykoz district is being developed with children in mind. Built on 40,500 square meters (m2) of land in a place which brings together the clean air from the sea, the river and the forest, the complex comprises a total of 136 housings.
APARTMENTS WITH SIX ROOMS AND GARDEN
Officials have said the complex will be formed by villas built with a modern architectural style and nestled within nature. There are four types of apartments in the project: 70 m2 apartments with two
rooms, 94 m2 apartments with three rooms, 138 m2 apartments with four rooms and garden and 200 m2 apartments with six rooms and garden. A total of 35,000 m2 inside the complex has been spared for a green area. “Kidstown Riva will draw the attention as a village that will help families
and children to escape from the intense life of the metropolis and spend quality time
with their loved ones,” officials said.
42 MASLAK FOR ART-SEEKERS
BAY Construction, which marks its 41st anniversary this year, has kicked off a new project, blending housing with art in Istanbul’s Maslak district, the heart of finance on the city’s European side. “What makes us different as Bay Construction is the perspective with which we look at life. Art, environment and life style are all part of our philosophy. When you take 42 Maslak, for instance, it is the only project of its kind that includes a curator,” said Erol Özmandıracı, member of Bay
Construction’s executive board. “We are offering living spaces nested within art, what we call in fact as ‘Artful Living.’ We want to convert the district into a living art area. Our 42 Maslak project also includes restaurants, entertainment centers in adequacy to the profile of the project and its concept of art. 42 Maslak will not only be the center of Maslak, but the heart of Istanbul as well. Spaces for living with high added-values will come together at 42 Maslak, ”Özmandıracı said.
GREEN BUILDING CERTIFICATE
Özmandıracı also said the horizontal offices planned in the project under construction have received a LEED Platinum green building certificate based on their “performance.” “In all its projects, Bay Construction cares about energy efficiency and sustainable life. 42 Maslak will also provide energy
efficiency thanks to its green building features, which not only make it nature-friendly, but also reduce operating costs. There are 20,000 projects with LEED certificate as of the end of 2013. So only
a few number of projects have been able to obtain it, which clearly shows that Bay Construction has a particular place in the sector,” Özmandıracı said.
DELIVERY AT THE END OF 2014
According to Özmandıracı, 42 Maslak comprises of 16 penthouses and 472 apartments. Along with
horizontal offices that can go from 300 to 10,000 square meters, there are 91 home office options
between 76 square meters and 188 square meters. Özmandıracı also said the ceiling height of penthouses would be as high as 8 meters and those would also include swimming pools.
115 HOUSES IN ÇAMLICA
MESA is rising on a 42,500-square-meter area in Çamlıca, Istanbul’s most elite living area. MESA
in Çamlıca is a few kilometers away from the Boğaziçi Bridge, Şile Road, Kadıköy and Üsküdar
districts, boasting a historic and natural atmosphere, as well as a panoramic Istanbul view. MESA
officials said the project is a horizontal one that is in harmony with the area’s structure and fabric and have given further information about it.
“The project included 5 detached villas and 20 residency blocks with two or three stories. The villas, which are in limited numbers in MESA in Çamlıca, cover an area of 950-squaremeters. The large and comfortable living spaces in the villas can also be seen in MESA in Çamlıca’s other residences. Apartments with 3+1 rooms in two- and three-story buildings are designed with the size of a 244.95-square-meter area, while the 4+1 room apartments have a 268.3-square-meter area. MESA in Çamlıca has 115 houses in total, including 4+1 duplex houses, some of which are 326.85 square meters in size, while others are 328.4 square meters in size. The great attraction to and expectations for this special project have been reflected on the sales, which started before the launching of the project, said the MESA officials.
80 PERCENT IS GREEN AREA
The MESA officials also gave more information about the Çamlıca project’s social fields. “Eighty percent of the field is planned to be social facility and a green area. Many facilities, such as indoor and outdoor swimming pools, a fitness center, apparatus gymnastics, sauna and multipurpose game room will be located on the 800-square-meter area to meet the needs of the residents of MESA in Çamlıca,” said the officials. “Vehicle traffic will be completely underground forthe project, where technology, quality and security will be the top priorities. There will be no traffic on the ground except foremergency situations and vehicles will be taken underground in the entrance of the residential site and will be taken directly to their residences in MESA in Çamlıca. Atotal area of 33,000 square meters of green are is allocated.
ISTANBUL IN TOP 10
AFTER the 2012 legislation that removed the obstacles on foreigners who want to buy real estate in Turkey, especially Russian, Middle Eastern and Asian investors are attracted. Istanbul, as a metropolis supported by a strong economy and benefiting from an emerging market, remains as one of the favorites of foreign investors in 2014. According to “the Emerging Trends in Real Estate 2014” report, released by PwC US and the Urban Land Institute (ULI), Istanbul is still in the Top-10 European cities for investment in the 7th place. Last year, foreigners who bought property in Turkey started to be given residence permits. The fact that the period for residence permits is also increased from three months to a year has become an advantage for those who want to sell the real estate that they own
in Turkey. Before the 2012 law, 2-4 percent of real estate buyers were foreigners. Now this ratio is increased to 5-10 percent on average, and even to 20-30 percent in some projects. Real estate sector in Turkey will have 5 billion dollars in revenue in the short term, which would rise to 10 billion dollars in medium term. It is predicted that the number of foreigners buying real estate in Turkey will increase even more in 2014. “Until today, foreigners had been buying real estates
which were designed for Turkish customers. From now on, we’ll also design projects for
foreigners,” officials say.
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1,207 HOUSES SOLD OFF TO FOREIGNERS
Around 1.1 million (1,157,190) houses were sold in 2013 across Turkey. With a calculation, it means 3,170 houses changed owners in a day, which makes 132 houses an hour in 2013. During the period in question, the number of houses sold in a minute was two. The construction sector, which has broken the sales records over the past five years, started 2014 with high motivation. The number of houses sold in January 2014 was 87,639. The number of houses sold to foreigners last month was 1,207, which is 36 percent more than the sales to foreigners in January 2013. Antalya ranked first in housing sales to foreigners in January with 464 houses. Antalya is followed by Istanbul with 243 house sales, Sakarya with 119 house sales, Muğla with 75 house sales and Aydın with 70 house sales. In total housing sales, Istanbul ranked first with 17,489 housing sales. Ankara ranked second with 10,141, and İzmir came third with 5,300.
FAIRS INCREASE SALES
TSKB Real Estate Evaluation General Manager Makbule Yönel Maya said contractors enabled
İncreasing their sale volumes in the fairs they attend and by using contracted marketing firms. Maya said the rate of sales to foreigners in branded residence projects in Istanbul had reached 10 percent over the past two years. Foreign individuals in high-income groups are choosing particularly Istanbul’s central districts and areas that have a seaside view, said Maya, adding districts such as Beşiktaş, Şişli, Kağıthane, Ataşehir and Zeytinburnu are among those areas. Maya said individual investors who have lower amounts in their investments prefer sub-centers such as Bahçeşehir and Ispartakule. Maya said apart from individual investors, corporate firms are also attracted to the Turkish market.
*Bu bir ilandır.