04.07.2008 16:14:45 |
Banks have started offering credit with low interest rates for environment-friendly housing projects in the aftermath of the successive initiation of these projects by real estate companies. The houses that can benefit from this credit opportunity, dubbed “Environment Friendly New Generation House Credit,” need to embody certain characteristics. İş Bank, which pioneered the practice, carries out an evaluation of the projects based on 50 points. The projects, which manage to obtain a point surpassing 30, are categorized as environment-friendly residences and are granted the right to benefit from the credit opportunity. The interest rates for these projects decrease by 0.12 percent declining to 1.48 percent from its level of 1.60 percent. “The impacts of global warming are being felt on an increasing scale. Consumers begin to pay more attention to environment-friendly residences parallel to the increased sensitivity toward environmental problems,” said Ömer Çelebi, İşbank's director of personal loans. “As a bank that operates with the principle of institutional social responsibility, we aim to facilitate the development and spread of environment-friendly technologies through the initiation of this project that has been implemented for the first time in Turkey,” he added. “The houses will be evaluated on the basis of four major categories including water use efficiency, the type of construction materials, energy consumption and design,” Çelebi said. |
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03.07.2008 13:10:23 |
The Istanbul-based Ağaoğlu conglomerate will deliver the houses in the first stage of My World Starland Project to their owners in Istanbul's Ataşehir district from June 30 to July 21. The company, which presented the fundamental characteristics of the project in January, is delivering the houses two months earlier than scheduled. Those who would like to purchase houses in the project pay 12.5 percent of the total cost in advance and start paying the rest seven months later at no interest. Meanwhile, those who would like to start paying even later than seven months are provided with the opportunity to start the rest of the payments 10 to 13 months later on the condition that they pay a greater percentage of the total cost in advance. The project provides residents with a wide range of facilities including Ağaoğlu's social and sports facility My Club, which exists in all the projects of the company and has squash courts, aerobic centers, beauty parlors, sauna, Turkish bath, physical fitness centers, spa and hair saloons. |
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01.07.2008 16:03:04 |
Kazım Karabekir Temel, chairman of Kayseri Real Estate Agents Chamber, has drawn attention to the stagnation in the real estate sector. “The prices of houses have decreased by 25 percent, but still no increase in the purchase and sale of houses has been observed. We are looking forward to the return of Turkish expatriates for momentum in the sector,” Temel said. “The price of a house valued at 60,000 euros in Kayseri decreased to 45,000 euros,” said Temel, adding that it is an extremely appropriate time to purchase houses for those who have enough wealth. “Turkish expatriates living in Europe could be the sole remedy that would be able to solve this adverse situation in the real estate market. They are our sole hope for a revival in the market,” Temel said. Meanwhile, Temel also said those who buy houses through bank credits should be cautious. “Those who would like to purchase real estate should not start taking bank credits before asking for the advice of real estate agents. Otherwise they will run into a huge amount of debt,” he said. |
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01.07.2008 15:50:42 |
Akın Construction Company is undertaking the construction of 'Gönül Evleri' in Istanbul's Kağıthane district, on an area of 7,300 square meters. The project comprises 105 apartments with 2+1 and 3+1 floor plans and the size of the houses in the project varies between 98 and 201 square meters. The prices of the 98-square meter houses range from YTL 198,000 to YTL 236,000, while the prices of the 113-square meter houses from YTL 238,000 to YTL 266,000. The prices of the 201-square meter houses with terraced gardens are sold at YTL 275,000, while the prices of the 156-square meter houses with terrace roofs are sold at a price of YTL 322,000. The customers of the houses can pay 50 percent of the total price in advance and can pay the rest through loan installments ranging from 12 to 60 months, with interest rates varying between 0 percent to 1.25 percent. The construction of the houses in the project began in August 2006 and the company plans to complete the project this August. |
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28.06.2008 16:12:57 |
Investors in global commercial real estate achieved a lower return last year as a result of falling prices in the U.K., according to researcher Investment Property Databank. The total return, including valuation gains and rental income, fell to 11.5 percent in 2007 from 14.7 percent a year earlier, London-based IPD said in an e-mailed statement Friday. The U.K. was the only country among the 22 developed economies covered in the report where commercial property investors lost money. “IPD's first global index is documenting the complex and far from synchronized process of decline from the 2006 world market peak return,” IPD Director Ian Cullen said in the statement. Returns are set to decline further this year as banks make acquisitions more expensive and harder to finance as they grapple with losses and writedowns totaling almost $400 billion from investments in subprime mortgages, putting pressure on prices. |
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28.06.2008 16:06:56 |
Rising mortgage rates in the U.S. are driving up the cost of buying a house even as prices fall, making property more expensive across the nation, according to a new study by Zillow.com, an online provider of home valuations. Monthly payments on 30-year fixed mortgages are 6 percent to 10 percent higher in 41 of the top U.S. housing markets than they were two months ago. First-quarter prices have declined from a year earlier in 88 percent of those areas, Zillow said. “We're going to need about a 30 percent decline in house prices if you are going to keep payments stable,” said Morris Davis, a former senior economist with the Federal Reserve and now a real estate professor at the University of Wisconsin-Madison's School of Business. Seven Federal Reserve benchmark cuts since September have failed to lower mortgage rates as banks have curtailed lending after taking writedowns or credit losses of more than $400 billion from investments in mortgages. Rates for 30-year fixed-rate home loans were about 6.3 percent when the Fed first reduced its target federal funds rate nine months ago. They're now just under 6.45 percent, data from Bankrate.com show. Zillow based its calculations on almost 25,000 mortgage offers to potential homebuyers with credit ratings of at least 680 out of a possible 850. The would-be buyers sought bids through Zillow's Mortgage Marketplace, a new service that helps consumers shop for home loans. Zillow's main business provides U.S. home valuation estimates based partly on sales data. Unfortunate pickle: The average monthly mortgage payment rose $131, or $1,572 a year, since the beginning of April in the 41 areas surveyed, Zillow said. The figure is controlled for population. “The story here is not so much how much more it will cost you over the life of the loan, but how much less house you can buy,” said Greg Rand, managing partner of Prudential Rand Realty in Westchester County, New York. “It's an unfortunate pickle that we're in.” Prudential Rand has more than 700 sales associates and a mortgage brokerage that arranges financing. Home prices in 20 U.S. metropolitan areas fell in April by the most on record, according to the S&P/Case-Shiller home price index, and new home sales declined 40 percent in May from a year ago, according to the U.S. Census Bureau. Sales of previously owned homes in the U.S. rose in May from the lowest level in at least nine years as a slide in prices lured some buyers into the market, the National Association of Realtors said. U.S. housing was less affordable in April than the previous month even as sales increased in some markets, the Realtors data show. The composite homebuyer index fell to 129.8 in April from 130.6 in March. A value of 100 means that a family with the national median income has exactly enough income to qualify for a mortgage on a median-priced home.Fed rate reductions have historically lowered mortgage rates. From Jan. 3, 2001, to June 25, 2003, the Fed cut rates 13 times. Mortgage costs fell eight times and rose five times, according to North Palm Beach, Florida-based Bankrate.com. |
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24.06.2008 10:28:09 |
Turkey ranked 38th in the “Enabling Trade Index,” featured in the Global Enabling Trade Report 2008, which explores the factors enabling trade in individual economies. Published for the first time and covering 118 economies worldwide, the Global Enabling Trade Report 2008, released by the World Economic Forum, aims to present a global analysis of the large number of measures that can facilitate trade. The index measures factors, policies and services facilitating the free flow of goods across borders. It breaks the enablers down into four areas, namely market access, border administration, transport and communications infrastructure, and the business environment. Turkey ranked eighth among 118 countries in terms of market access. On the other hand, its transport and communications infrastructure is less developed than in most European countries, and its border administration is rated “comparatively inefficient,” with a rank of 55th. According to the report, there is a lack of transparency in the Turkish market, with Turkey ranking 51st in terms of transparency. Moreover, the regulatory environment could be more conducive to the cross-border flow of goods, with more supportive policies encouraging foreign direct investment and less restrictive policies on the hiring of foreign labor. Hong Kong and Singapore occupy the top two positions in the index, followed by Sweden and Norway. Canada, Denmark, Finland, Germany, Switzerland and New Zealand complete the top 10 list. |
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21.06.2008 16:45:25 |
The Four Seasons chain opened the doors of its second Istanbul hotel, situated on the shores of the Bosporus on the city's European side, last weekend. “It is a great joy for us to open our second hotel in this beautiful city. Istanbul is a city that unites different cultures and designs,” said the hotel general director and regional head of the Canadian-owned chain, Marcos Bekhit. “The synergy between the two hotels will provide the opportunity to approach Istanbul with two different perspectives and look at the city through taking into account its diverse dimensions,” Bekhit added. The 166-room Four Seasons Hotel Istanbul at the Bosphorus features a new building, designed in a traditional Turkish architectural style, along with an original Ottoman palace. The hotel features an indoor swimming pool with heating system, Bosporus views, spa, nine care rooms, sauna, a special deluxe suite, three Turkish baths and a fitness area. The inner side of the hotel has a modern, simple design, reflecting the coastal position of the hotel. Meanwhile, the parts of the hotel that feature Turkish architecture and traditional works of arts are reminiscent of the summertime lives on the Bosporus of Ottoman nobles. In its use of the ancient structure, this second hotel differs substantially from the original Four Seasons Hotel Istanbul Sultanahmet. But despite differences between the appearance and design of the two hotels, both facilities resemble each other with respect to the high standards and quality of services rendered to clients. |
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20.06.2008 09:20:55 |
Turkish Real Estate Investment Company Doğa Real Estate Agency completed the construction of a sample apartment in the Hanımeli Evleri project in Bodrum's Hebil Bay, reported Turkish weekly Ekonomist Sunday. The project is a complex consisting of four types of apartments in different sizes, varying from 95 to 195 square meters. Consisting of 59 apartments, 13 of which are duplexes, the apartment prices range from 285,000 euros to 589,000 euros. “We developed a functional plan considering the basic needs of residents,” said a partner of Doğa Real Estate Agency, Ali Duek, noting that the apartments are designed in conformity with Bodrum's traditional architecture. The project provides various facilities, including a massage saloon, a fitness center, a concierge, laundry as well as housekeeping and shopping services. The Hanımeli Evleri project also has two swimming pools and a large parking lot. Golf carts provide transportation as the use of cars is banned within the site. |
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17.06.2008 09:45:59 |
Manhattan apartments costing $1 million or less saw weaker demand as cutbacks by Wall Street firms meant few shoppers and an increase in the number of dwellings for sale, Barron's reported, citing a real-estate appraiser. Miller Samuel, the appraiser, said the number of Manhattan apartments for sale rose to 6,194 in March, up from 5,133 in January, the weekly newspaper reported in its June 16 issue. The Streeteasy.com Web site found that prices had been cut for about 530 apartments by at least 5 percent during the past 30 days, Barron's said. Financing has become more difficult during the credit crisis, Barron's said, and lenders are requiring larger down payments and higher personal credit scores. The weakness in some demand, however, may bode well for the U.S. housing market, since New York tends to experience weakness later than the rest of the nation, Barron's said, citing economist Gregory Heym.Luxury apartments in Manhattan starting at about $8 million will retain their prices and won't register any year-over-year declines until 2009, Barron's said, citing Heym, economist for Terra Holdings. |
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13.06.2008 12:54:44 |
The number of construction projects in the country seeking harmony with nature and offering a sustainable lifestyle with more efficient energy and water usage is gradually increasing. The new projects include the Doğan subsidiary Milpa Group's Milpark Konutları in Istanbul's Esenyurt district; Propa İnşaat's Sarıyer Park; Soyak's Mavişehir project; A-Z Yapı's Meritlife Kent; Doğa Real Estate Agency's Emirgan Evleri, Selenium Country and Doğa Meşepark projects; Teknik Yapı's Dilman Towers; and Sinpaş's Lagün project. Thanks to savings of 250,000 tons of water a day, the Milpark Konutları project could save as much as 50 percent in water consumption annually. Meanwhile, Propa İnşaat has installed solar panels in its Sarıyer Park project to increase energy savings while still creating a luminous atmosphere in the building. Additionally Turkish construction company Soyak has implemented an insulation system and double insulated glass panes in its Mavişehir project. Turkish construction company A-Z Yapı distinguishes domestic solid waste such as paper, plastic, glass, tin from biological waste. Companies are showing concern about the future of natural resources because 30 percent of the country's resources have been exhausted in the last 30 years, posing a threat to the future of construction sector because of the industry's heavy reliance on natural resources. It is, therefore, expected that the issue of environmental sustainability will show up much more frequently in new construction projects. Sustainable housing Sustainable development is a pattern of resource use that aims to meet human needs while preserving the environment, ensuring that these needs can be met not only in the present but also into the future. The sector requires more financing to construct sustainable housing projects due to the higher price of materials, infrastructure costs and the land-use ratio. It is estimated, however, that the high cost of sustainable housing construction will decline in line with a rise in the number of such projects. Many consumers are becoming conscious of the dire situation of the environment, and are showing an increasing preference for purchasing sustainable houses. Sustainable housing reduces costs and water usage, and offers improved security. Meanwhile, housing investors, though willing to launch nature-sensitive projects, are a bit hesitant about the future of the sustainable housing sector given the high costs associated with it. |
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10.06.2008 15:47:05 |
The Levent Loft Bahçe Project offers some of the first apartments in Istanbul designed in the “loft” concept, in which old factories and storage buildings are transformed into modern living spaces The project, launched by the Akfen Real Estate Investment Partnership (REIT) and Turkish company Sağlam İnşaat, consists of 82 apartments in 23 blocs in the Levent district. With prices starting from $510,000, it drew more than 1,000 applications during the pre-application period. The project began when an earlier renovation, the 144-unit Levent Loft Project -- the first such loft-style renovation -- attracted many investors when it was completed and put up for sale. As a result, the company decided to initiate the Levent Loft Bahçe project on a 2,000 square meter area just next to the earlier building. With apartments from 100 to 210 square meters each, the project features 16 different apartment designs. The units were put up for sale last Thursday, and the companies plan to complete the project by September 2009. “People are willing to purchase residences in the surrounding area of their offices. Therefore, we designed our apartments not only for the upper classes but also for middle-income groups,” said the chairman of Akfen Holding, Hamdi Akın, adding, “We offer 100 square meter apartments which are appropriate especially for the people who work in the Levent area.” He emphasized that the Akfen Group will continue to build loft-style apartments if the company can find appropriate buildings in the Levent district, as well as on Büyükdere Street. “The brand equity of the projects held in the surrounding Levent area should be high, and, for this reason, Akfen prefers to work with professionals from different fields at various stages of the project,” said Akın, noting that the company plans to consult with experts regarding further investments. There are, however, urban planning issues on Büyükdere Street, because the municipality has separated the area's business centers from its shopping malls. However, Akın claims the Greater Istanbul Municipality plans to resolve this issue in the near future.“The improvements in infrastructure had fallen behind the fast-growing pace of a region as a commercial center, and we hope that the municipality will manage to redesign the street soon,” he concluded. |
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07.06.2008 12:13:24 |
The government should provide subsidies for the private sector operating in the real estate market, instead of conducting separate construction projects, according to a recent report. The report was prepared by the American Affordable Housing Institute upon the request of the Association of Real Estate Investment Companies (GYODER). The Affordable Housing Institute, which carries out projects in Egypt, Kenya and South Africa to enable people from low-income groups to acquire properties at reasonable prices, also drew up a roadmap for Turkey's real estate sector. “In Turkey, where there is a need for 600,000 houses to be built each year for the next 10 years, it is better for the government to accept the responsibility to provide loans,” said David Smith, head of the Institute. Similar to the enterprises supported by the governments of Mexico and the United States, the Housing Development Administration of Turkey (TOKİ) should also consider the supply part, Smith emphasized. “Mortgage banks should offer loans for making the buildings earthquake-safe,” said Smith and noted the importance of having a house renting association especially when apartments payable by long-term arrangements are considered. |
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05.06.2008 18:19:44 |
Turkish construction company Taksim Yapı recently finished its Pera Evleri project in Istanbul's Ataşehir district. The project was built by Yüksel Tourism İnşaat, which also built the Taksim Hill Hotel and Taksimoda café. It features a central location, just a few minutes from strategic sites such as the Bosporus Bridge. With two apartments per storey, there are three types of apartments ranging from single to quadruple room suites. Project prices range from YTL 240-340,000 ($195,322-$276,706). The company offers apartments from 120 to 170 square meters. Around 80 percent of the project's total construction area is devoted to its outdoor grounds. The apartments are equipped with luxurious facilities, including high-quality tiles, ceramics and appliances. The project includes parking lots, an open-air swimming pool, bicycle paths, basketball courts, sport centers and a children's playground. Pera Evleri is also notable for its high quality security system, as well as its heat and sound isolation systems. |
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31.05.2008 16:32:04 |
A new apartment project in Taşdelen, a developing area on the Anatolian side of Istanbul, will offer 1+1 and 2+1 apartments designed for small families, single people or those looking for a small office. Promising fresh air and a life in the woods and away from traffic jams for those who prefer small residential places, CornerTown, is designed by Koytür İnşa and is part of the Corner Project, comprised of CornerPark, CornerTown and CornerBazaar. The apartments, 94 in total, differ in size between 74 and 232 square meters and are priced from YTL 149,320 ($122,000) to YTL 464,000 ($380,000). Constructed on an area of 12,000 square meters, the project is set to be complete at the end of 2009. Standing out with its proximity to such central parts of the city as the TEM highway, IKEA, REAL Meydan, Boğaziçi and the Fatih Sultan Mehmet Bridge, CornerTown itself includes a covered parking lot, covered swimming pool, sauna, fitness center, cafes, children's playgrounds and sports center. |
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28.05.2008 11:18:22 |
Egypt, the Arab world's most populous nation, expects the value of mortgages to triple to 3 billion Egyptian pounds ($561 million) this fiscal year, Investment Minister Mahmoud Mohieldin said yesterday. Egyptians are using real estate to hedge against inflation, Mohieldin said at a housing conference in Cairo. The number of property units in Egypt is growing at 11 percent a year, he said. The current fiscal year ends June 30. “Our challenge now is increasing demand,” Mohieldin said. Egypt has undergone a boom in real estate in the past two years as builders from the Persian Gulf such as Emaar Properties PJSC and Damac Holding embark on property projects. Real-estate and construction account for 8 percent of the country's gross domestic product, Housing Minister Ahmed El-Maghraby said at the conference. The government has started building 100,000 low-income housing units this year, he said. Egypt's inflation rate rose to a three-year high of 16.4 percent in April, exceeding the government's target range for a fourth consecutive month. |
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British mortgage approvals for house purchase were the second weakest on record in April and nearly 40 percent lower than at the same time last year, a survey showed yesterday. The British Bankers' Association said approvals for home loans made a feeble recovery to 38,704 last month from March's record low of 35,546. That was well below the six-month average of nearly 42,000. "March was the record low and April is the second lowest ever, so you cannot call that a recovery," said Michael Saunders at Citigroup. "The housing market remains extremely weak." Approvals for equity withdrawal and other purposes also remained weak at 33,720, down 26 percent on a year ago. Re-mortgaging activity rose, however, and was more than 20 percent up on a year ago as homeowners shopped around for lower rates. "Pressures on household finances, stalling house prices and tighter lending criteria in response to lower liquidity are all constraining demand for house purchase and equity withdrawal loans, which are both well down on levels last year," said BBA director of statistics David Dooks. "In contrast, there is an active remortgaging market as people switch lenders to obtain better deals."The BBA said underlying net mortgage lending rose 5.4 billion pounds on the month in April after a 5.2 billion pound increase in March. |
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24.05.2008 09:30:06 |
The real estate sector is experiencing a 20 percent decline in demand, however this gives buyers the edge, said real estate agents, evaluating the impacts of the recent crunch. Most people accept that there is ongoing stagnation in the sector. “The construction companies are constructing thousands of houses as they expect that demand will meet this amount of supply and the market will come to an equilibrium soon. But nobody thought that the sector would require cash for the purchases,” said Başak Soner, a member of the executive board of TURYAP, one of the leading Turkish real estate agencies. She added that the customer profile has changed in recent years. Today, people in the 25-35 age group are also potential buyers, she added. “We have to find proper ways to sell the excessive supply of apartments. The constructors have to reduce prices,” said Soner and added, “The market conditions are very favorable for cash holders to buy their favorite apartments at reasonable prices.” There are also great opportunities for tenants to become house owners, added Soner. |
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23.05.2008 10:10:37 |
India's second-largest developer, the Mumbai-based Lokhandwala Infrastructure has made its way to Dubai as Lokhandwala Builders International where it builds, wheels and deals some of the city's most sought after real estate. Dubai's booming real estate industry has attracted investors from the expatriate community and especially Indian and Pakistani natives with British or U.S. citizenship who are rushing to the new hub between Europe and Asia, a short flight between their two homes, Jean Soriano, Lokhandwala Builders International's sales coordinator, told the Turkish Daily News. “Indians go back to Dubai instead of Bombay where real estate is more expensive,” she said. Real estate in Dubai offers an excellent investment choice with premiums of at least 30 percent in three years and the law allows homebuyers to sell their property after their first down payment. The developer has completed and sold out the Lady Ratan Manor located in the International City, and handover of apartments is expected next month. Soriano said homeowners are already re-selling their apartments. Construction on a 25-storey building, Eden Gardens located in Dubai's Sports City just started this month and studios and 1-bedroom apartments are still available for sale. Six months ago construction on 27th Square, a 10-storey residential building was launched also in International City and a fourth 24-storey project with residential and commercial property is underway and will be announced in three months. Property on these two projects will be put up for sale within the next few months, said Soriano. Prices on Lokhandwala Builders International's property range from 700,000 dirhams ($190,000) for studios, 1 million Dhs ($272,000) for one-bedroom flats, 1.2 million Dhs ($326,750) for two-bedroom flats and 2.5 million Dhs ($680,700 ) for three-bedroom flats. |
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23.05.2008 10:09:37 |
Most people prefer to purchase homes differing in price range between YTL 60,000 ($48,000) and YTL 90,000 ($72,000) according to a questionnaire conducted by Kent Konut, an affiliate of Kocaeli Metropolitan Municipality. Some 23 percent of nearly 5,000 participants of the questionnaire opted for the 75 square meter apartments, which are designed as 2+1 and priced at YTL 40,000 ($32,000), while some 17.5 percent of the participants prefer 115 square meters. These apartments are designed as 3+1 and cost YTL 89,000 ($72,000). Some 14,9 percent said they could be interested in an apartment that is 95 square meters, which would be 2+1. The price set for that apartment is YTL 73,000 ($58,000). Meanwhile, the remaining 9 percent said they would prefer 140 square meter apartments, which would be a 3+1, and priced at YTL 112,000 ($90,000). The general preference of the participants is the low cost apartments, according to the results obtained by the questionnaire of Kent Konut. While the 2+1 and 3+1 apartments seem to be popular among the participants, the 1+1 apartments are not opted for due to their small sizes. The participant also said that they would expect the monthly payments of the apartments to be in between YTL 600 ($483) and YTL 1,000 ($805), while the deposits should be around YTL 20,000. |
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22.05.2008 09:44:07 |
The increase in land prices had previously made it difficult to launch affordable housing projects but now the housing sector is under pressure from a drastic increase in the price of basic raw materials needed in the construction sector, namely iron, cement and steel. Moreover, due to overall economic stagnation, contractors are unable to increase their prices, despite these rising costs. The pressure on prices could be alleviated by a decline in interest rates, according to some in the construction industry. Many argue that this is an ideal period for real estate purchases. “There has been a 20 percent fall in the volume of real estate transactions. The construction costs rise, while iron prices double,” said chairman of Altın Real Estate Agency, Nuri Özelmacıklı, adding, “I do not expect any extreme boost in the real estate market this year. There might be only temporary changes.” House and workplace prices may boom at some point, so those who buy this year may ultimately reap huge profits next year, said Özelmacıklı. He added that the real estate sector is similar to the stock exchange. You should buy a property when the price falls and sell when it rises. |
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19.05.2008 15:20:35 |
With 54 years of experience in the construction sector, FDB Yapı prepares to launch the Ak Club Residences project in Antalya, a city on the Turkish Riviera. The project represents the first “home-hotel” concept in Turkey, and brings a new understanding of management to the city. The project is expected both to meet the needs of the foreign investors who want to invest in property in Antalya, and to contribute to the economy with professional management of the facilities that offer the comfort of a five-star hotel. A first in Turkey, the Ak Club Residences project offers a profitable means of investment. The owners will be able to make continuous profits by renting out their apartments at luxury-hotel standards day by day. In other words, the homeowners will be shareholders in a luxury hotel in Antalya. Turkey's first home-hotel project, the first stage of which is set to be completed by the end of 2009, will be comprised of four stages. The project will include a total of 1,200 apartments of different sizes. “We will form a modern, comfortable and secure building system thanks to the technological structure that will be equipped with a self-sustaining smart house automation system,” said Fatih Deniz Bıçakçı, chairman of FDB Yapı. The Ak Club Residences project has been developed to remove the difficulties faced by the owners of secondary homes, said Bıçakçı and added, “the secondary homes have fixed costs such as security, maintenance and repair, although they are only used for a short period of time. These costs will be removed with this home-hotel project.” |
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17.05.2008 15:13:35 |
Shock and anger greeted the announcement from Ankara on May 7 that gave the green light to tourism hotels and developments for building up to five storeys high on Bodrum peninsula coastlines. While speculators and big companies may be rubbing their hands in glee that their lobbying efforts in the capital have paid off and they can now develop the land they have been buying up, the ordinary people of Bodrum who have to live here are dismayed, worse, feel betrayed. Bodrum is unique. As one resident, Antonella, said, “Drive the length of the Turkish coast and which town is different?” Bodrum is the only major town with the height limit and the style of houses and yes, hotels, that make it different. “France, Spain, most of Turkey- wherever you go, there are high-rises. Our visitors constantly comment on how wonderful Bodrum is,” she said. Online forums have been running hot, and that is amongst people not only living here but also homeowners and regular visitors who live in the UK and around the world. Their concern is not about losing their sea views and their access to the beaches, but what it does to the whole ambiance of Bodrum peninsula. It seems that a campaign has developed online to bombard the Culture and Tourism Ministry with e-mails to protest against the decision. So what really has happened? On May 7, the Culture and Tourism Ministry's General Directorate of Investment and Establishments sent a directive dated April 28, 2008 (numbered 75327) to all Bodrum municipalities. The directive is a crucial revision of building height limits for the peninsula allowing “visible basement floors,” thereby permitting the number of floors to be increased up to five. The directive ties in with the overall development plan (the 1/25,000 scale plan) for Bodrum and districts, which is currently under final revision by the ministry following extensive public discussion in Bodrum over the last five years. A low building-height limit has been applied in Bodrum since the first town planning scheme was instituted in1981, reflecting vernacular architecture, and no doubt prompted by the first one or two “large” hotels built that went up to five floors, one of which still stands on the beach of Bodrum town. Basement floors by most rational people's understanding means underground or partially under ground-level floors. However, according to the new revision plan, those “basements” can actually be seen from four sides of the building. The irony is not lost on anyone that one Turkish word for “basement” is “bodrum.” Some recently built hotels and other buildings already transgress the rules of the current Bodrum Building Plan, and there is a general belief that the directive is rubber-stamping illegal buildings as well as opening the way for increased amounts of towering development. The first comment came from Gümüşlük Mayor Mehmet Ülküm. He said, “Five storeys violate Bodrum's traditional building view. Bodrum is known for its two-floor white houses all over the world. We will be appealing against this decision through legal channels.” Filiz Dizdar, spokeswomen for the combined environmental groups, said, “This is the death penalty for Bodrum. But we will turn it back from the scaffold. Bodrum has a unique view and geography with its white two-floor homes. This is the most important feature and makes Bodrum what it is. We are not going to consign Bodrum to the five-star hotels which don't contribute anything unique to tourism.” Bodrum Chamber of Architects head Mahmut Yıldırım and committee member Ayla Figen Narin both commented. Narın said, “If this plan receives final approval as it is, ‘Bodrum' simply won't be ‘Bodrum' anymore. It is outrageous to call a four-sided, clearly visible floor a ‘basement.'” Yıldırım said, “They only want to increase the number of beds in tourism, but never think about the quality of the tourism experience.” When first told of the announcement, Antonella and Vincent were aghast, “Oh my God, that would be the end of it!” “Isn't that what they want?” asks Charlotte. “Is this Bodrum's punishment for being different?” |
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17.05.2008 15:10:30 |
Construction of U.S. single-family houses in April dropped to the lowest level in 17 years, even as building of condominiums and townhouses rebounded. Builders broke ground on 692,000 single-family homes at an annual rate, down 1.7 percent from March and the fewest since January 1991, the Commerce Department said Friday in Washington. Total starts jumped 8.2 percent to a 1.032 million pace that was higher than forecast as construction of multi-family units increased 36 percent following a 35 percent drop in March. Lower prices and bigger incentives have yet to revive demand for houses, indicating builders will need to come up with even more discounts to attract buyers. Stricter lending rules, job losses and growing pessimism about the economy signal sales will not rebound quickly. Building permits, a sign of future construction, rose 4.9 percent to a 978,000 pace, reflecting gains in both single- and multi-family units. Starts increased in three of four regions, led by a 24 percent jump in the Midwest. Construction rose 19 percent in the West and 3.6 percent in the South. Starts dropped 13 percent in the Northeast. |
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16.05.2008 09:14:38 |
The Social Responsibility for Urban Transformation Conference, organized by Altınanahtar Magazine with the support of Urban Land Institute Turkey (ULI Turkey), will be held at Istanbul Grand Cevahir Hotel on May 22. İNDER, an association for constructors, ÇEDBİK, an environmentalist association, the Spinal Cord Paralytics Society of Turkey (SCPST), Turkey Disabled Foundation (TSD) and ecological association Temiz Dünya are also supporting the event. The subject of the conference is “The Nature and People Sensitive Urbanization.” The first session will be devoted to the discussion of sustainable urbanization and nature-friendly structures. In the second panel experts will talk about existing physical obstacles in the structures and how to abolish them. Like all other sectors, housing and construction sector has important responsibilities to the environment. With this concern, the sector intends to design nature-friendly buildings by then. The questions of how to construct nature-friendly buildings and what are the innovations in the construction sector will be discussed during the conference. |
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15.05.2008 16:56:26 |
Real estate agents have been badly affected by the widespread crunch in the construction sector. Many real estate agents, who enjoyed a golden time in 2005 and 2006, are about to go bankrupt. “For weeks, there have been 39 keys sitting in my office, either for rent or sale. Real estate agents have never experienced such trouble before,” said Mesut Güleroğlu, head of the İzmir Real Estate Agents Society (İZEKO). He also noted that the number of keys at his office for properties waiting to be sold usually do not exceed three or five, and most of them would be gone in 10 days at the most. There has also been financial contraction in the second-hand housing sector, as the boom in housing loans as well as stagnation in the market has led consumers to act cautiously, which has, in turn, caused the business of real estate agents to stagnate. “In student districts like Bornova and Buca, houses which were worth YTL 700 ($559.85) last year cannot be let out to tenants even for YTL 500 ($399.89) this year. Meanwhile, second-hand apartments cannot be sold even at half price,” said Güleroğlu. |
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14.05.2008 13:16:30 |
The Association of Real Estate Investment Companies (GYODER), which was established in 1999 by the representatives of existing and founding Real Estate Investment Companies (REICs), organizes the Eigth Turkish Real Estate Summit on June 4-5 at the Swissotel Istanbul. Selecting the theme of “Turkey's Real Estate Potential for 100 Years,” members of Turkey's real estate sector will focus on the investment opportunities and the problems of the sector in participation with leading figures from the world's real estate sector during two days in seven sessions of the summit.The economic outlook of the sector, investment environment, shopping mall investments, Turkey's affordable housing project report concerning the need of housing of people with low income, real estate opportunities in tourism, office, logistics and Turkey's cities with real estate potential will be the main focuses of the summit.“We will additionally organize an international real estate fair, which Istanbul lacks considering it is a city having one of the world's greater real estate potentials, within the framework of the next year's real estate summit,” Turgay Tanes, board member of GYODER, told a press conference in Istanbul Monday.“Turkey will face a housing deficit nearly of 700,000 houses within the next 10 years and 20 percent of the families will be able to afford the prices to buy a house. We investigated independently that what kind of financing models should be implemented and how the structural changes can be made in order to help low income people to purchase houses in ‘Affordable Housing: The Need of Housing of Low Income People and the Suggestion of Solutions' report, which will be presented during the real estate summit,” said Emre Çamlıbel, GYODER board member and Soyak General Directorate. “Turkey's real estate sector has developed within the last three years and it is continuing to grow. We see nothing to fear about concerning the growth of the sector. Istanbul will keep to be the star of the real estate. And also Turkey have a great real estate potential which guarantees the next 100 years,” said Nurhan Azizoğlu, GYODER's vice chairman. |
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09.05.2008 09:26:37 |
Starting its operations in 2001, Türk Barter, one of Turkey's barter system implementers, plans to buy more than 2,500 houses, 4,000 second-hand vehicles and 30,000 mobile phones to remarket this year. Türk Barter, which operates in the fields of credit, factoring and leasing, will also offer the opportunity of zero-interest loans for five years to those who intend to buy houses. All companies with abundant stocks as well as those firms that still keep their goods and houses in their hands in order to make profit, are invited to work with our company, said Sırrı Şimşek, the chairman of Türk Barter, who also announced this year's company targets at a press conference yesterday. �Türk Barter steps in for the completion of some dead construction projects, and purchases the whole project for remarketing. We can call the whole process �barter bondage,' said Şimşek, who further noted, �We also provide zero interest loans for five years as Barter Credit; however, we charge five percent commission for this activity.� |
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07.05.2008 11:48:42 |
Following in the footsteps of real estate firms such as Güneri İnşaat, Mimart Yapı and Soyak, which have launched new payment plans to counter stagnation in the sector, some banks have decreased loan interest rates to 1.14 percent in 1 year-installment periods and to 1.32 percent in 20-year installment periods. The decrease in the interest rates facilitate those who own a house. Launched with the slogan “Big Interest Rebate,” the campaigns encourage those who want to own a house to take bank loans with reasonable payment options. The increase in the interest rates of housing loans and global fluctuations brought property sales to a standstill. With the coming of spring, financially strong real estate firms have begun to develop new payment plans as alternative to the banks to spur the sales, which have been interrupted as a result of rising interest rates. Some construction firms create reasonable interest rates by entering partnerships with the banks while some others prefer to offer the payment options and housing loans themselves. The real estate firms have begun to come up with different campaigns and payment plans depending on the consumer prices index, gradually rising installments and interim payment options. The campaigns mainly aim for the current demand to be directed to the projects at hand. The usual competition in construction projects for social facilities, their price and their architectural design has helped ensure the most reasonable financial model. This, in turn has led to many campaigns regarding the payment options to be applied in the construction projects. Avrupa Residences project in Istanbul's Halkalı district, conducted by the joint partnership of Özsaya and Gün-Er İnşaat, is an example of these campaigns with the slogan, “First move in, then pay.” Mimart Yapı, on the other hand, has issued a new campaign titled “Happy Final Campaign” for the apartments in the last stage of the Armina Houses in Istanbul's Bahçeşehir district. Aiming at the tenants and those who want to buy a house in the first place, the firm facilitates its customers to move in their house by paying a small amount of their deposit. A rebate of 10 percent also awaits potential owners. The second campaign launched by the firm is the initial payment of 25 percent, an installment period for five months and payments every six months with no interest rate. The firm also offers credit options in partnership with some banks for its other projects, which include many facilities from swimming pools to the tennis courts. |
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06.05.2008 17:56:56 |
New restrictions will be placed on property sales to foreigners in Turkey following the Constitutional Court's latest verdict canceling the government's previous legal arrangement. On a district basis, the land appropriated for sale to foreigners must not exceed 10 percent of the overall land included in the development plan for a district. The parliamentary Justice Commission has approved a bill that includes an amendment to article 35 of Turkey's existing Land Registry Law. The Republican People's Party (CHP) criticized the bill during discussions in Parliament. Zeki Adlı, director of the Turkish Land Registry Directorate, said that the amount of land allowed to be sold to foreigners has been decreased by one third since the government took the Constitutional Court's latest verdict into account. In compliance with the new legal amendment accepted in Parliament, foreign nationals will be allowed to purchase immovable property of a maximum of 10 percent of a district's appropriate land. For instance, while the total amount of land to be sold to foreign nationals in Antalya was 10,363 hectares according to the government's previous amendment, it decreased to 3,607 hectares with the new amendment accepted by Parliament. The amount decreased to 2,022 hectares in Muğla district. Meanwhile, Osman Ertuğrul from the Nationalist Movement Party (MHP), in his statement regarding the disadvantages of property sales to foreigners, alluded to the establishment of the state of Israel through land purchases from Palestinians. Halil Ünlütepe from the CHP and Faruk Özak, the public works minister, repeated the fierce discussion they had had in Afyon in 2005. “You keep doing this. You did the same three years ago in Afyon, too,” said Özak, who criticized Ünlütepe's remarks accusing the government of acting heedlessly. However, Özak and Ünlütepe were reconciled after hugging each other at the end of the parliamentary meeting. What will the new bill bring? The cabinet will have the authority to restrict foreign purchases in water, energy, mining, agricultural lands and areas protected due to their historic, religious and cultural characteristics, according to the new bill. In addition, the cabinet will be responsible for restricting foreign purchases of immovable property on sites protected for their special flora and fauna, and lands with strategic importance because of national security interests. Considering a district's status in terms of its infrastructure, economy, energy capacity, environmental condition, culture, agriculture and security condition, the cabinet is to have the authority to determine a different percentage for property sales to foreigners, under the condition of it being no more than the set 10-percent level. The governor's office will report any changes in area size of a district's building scheme to the parliamentary Justice Commission. |
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06.05.2008 17:55:55 |
Constructed by Ertaş Ulusoy İnşaat, a partnership of Ertaş İnşaat and Ulusoy İnşaat, in Gebze's Çayırova district, the Akse Yaşam Houses project offers apartments priced between YTL 92,000 ($73,000) and YTL 385,000 ($305,000) excluding VAT. The apartments, which can be purchased over a 14-month installments period upon the condition of paying at least 20 percent in cash, are to be delivered in May 2010. Located on an area of 15,500 square meters, Akse Yaşam Houses includes a total of 400 apartments in seven blocks. The project offers both standard and duplex apartments varying in size from 59 to 246 square meters. The number of rooms differs from 1+1 to 4+1 apartments. Standing out due to its social facilities, Akse Yaşam Houses offers an open swimming pool, recreational and sunbathing terraces, children's playgrounds, walking and running paths, a multi-purpose sports ground, a sauna, a Turkish bath and a fitness center. The project also includes a covered parking lot and a mini grocery shop. Akse Yaşam Houses, built in Gebze's Çayırova Güzeltepe district, is located 5 kilometers from the city center, 10 kilometers from Istanbul Park, 15 kilometers from Sabiha Gökçen Airport, 10 kilometers from the Darıca Eskihisar Ferry Wharf and 5 kilometers from the Gebze Industrial Zone. |
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03.05.2008 09:17:24 |
Property prices, which as a result of the global crisis have not risen for some time, mark a good opportunity for those who want to buy a home. Prices have come to a standstill despite the rising costs as companies have experienced difficulties in selling their projects for some time. Construction companies, which cannot see their future clearly, constantly launch new campaigns to overcome the sales problems. The companies offer many opportunities to their customers, such as low deposits and interest rates, installment deferrals and rebates in cash purchases, besides the low house prices. However, the question remains, how long will the construction companies hold out? The top managers of construction companies expect prices to rise from June onwards parallel to the rising costs, and to peak in September. Many other companies, meanwhile, warn customers to make a thorough assessment of the recent campaigns. Many companies have begun deceiving customers by first increasing prices and then offering rebates on the already increased prices, according to the companies. Some other companies make up for the rebates offered in interest rates in the overall price of the property, or they apply high installment rates to the lowered prices. “The construction sector has entered a revival period since 2003, which is a good opportunity for the companies that produce construction materials. They attempted to increase prices by two or even three times the inflation rate. Material prices increased by 50 to 60 percent while inflation was 9 to 20 percent. Low and middle-income groups had difficulties in buying homes, while the high-income groups preferred to wait. Moreover, the housing loan interest rates, which had dropped to 0.95 percent, have now increased to 1.5 percent again,” said Erdoğan Bayraktar, chairman of the Mass Housing Administration(TOKİ), who also noted that there was an excess of housing as a result of the fact that those who had no experience in the construction sector entered this business, giving rise to a period of stagnation. “We all expect that there will be an increase in house prices as a result of the rising costs. Now is a good time to buy a house. However, people should be selective in their purchases instead of making quick decisions. The mortgage crisis originating in the United States has also affected Turkey to some extent. However, there is still a rising supply and demand for houses in Turkey. People are waiting for prices to go down. This, however, does not seem to be possible while the demand is this high,” said Feyzullah Yetgin, CEO of the Real Estate Investment Partnership (GYO). |
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29.04.2008 13:48:42 |
Constructing the “Bizim Evler” project, which includes 724 apartments in 17 blocks in coordination with the Mass Housing Administration (TOKİ) in Istanbul's Bahçeşehir district, İhlas Holding has started delivering the title deeds to customers who have completed their payments. “The Bizim Evler project is a part of an extensive group of projects such as Ispartakule, which will include 18,000 apartments on seven million square meters of land. This will be an exceptional district of Istanbul by merging with the nearby districts,” said Erdoğan Bayraktar, chairman of TOKİ, adding that Istanbul will become more and more beautiful with these kinds of visionary projects. “Bizim Evler” project is a candidate to become the most classy residential area in Istanbul with both its access to easy means of transportation and the decent environment,” said Yavuz Özgün, vice chairman of the board of directors of İhlas Holding, who further added that İhlas Holding has added one more link to the chain with this project. About 90 percent of the project has been allocated to green spaces. Set to be delivered in 2009, the project offers many priorities such as special relations among neighbors, said Özgün. Bizim Evler project includes a covered swimming pool, fitness center, cafes, restaurant, tennis court, basketball and volleyball courts, walking paths and round the clock security. |
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28.04.2008 11:03:51 |
An affiliate of the Greater Istanbul Municipality, KİPTAŞ company will put 2,020 flats up for sale in Istanbul's Silivri district. The second stage of Silivri Houses will be completed and up for sale from April 25 to May 16. The flats are reasonably priced and can be bought with monthly installments starting at YTL 337 ($262). Thr projects targets families. The 75 square meter flats have two bedrooms plus one lounge. Constructed within the public housing project, the flats offer monthly installment periods of up to 120 months. Buyers have the option of not making any payment for the first 18 months, which grants housing credit with the interest rates of 0.95 percent. The first stage of the Silivri Houses with 1,230 flats attracted much attention and it is expected that the second stage, which includes 2,020 flats of 75 square meters each, will also be sold out soon. Having green areas, a primary school and children's playgrounds Silivri Houses will also include PVC windows with insulating glass, laminated parquet, TV satellite system, exterior covering with heat insulation and French balcony. |
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25.04.2008 16:51:00 |
With a panoramic view of Bodrum, Ottoman Life Konak Residences have been put up for sale at prices starting from $105,000. Constructed by Ottoman Life, an affiliate of Pet Holding, in Muğla's Bodrum Turgutreis on the Turkish Riviera, Ottoman Life Konak Residences await their owners. Designed by modernizing the Ottoman architectural style, the residences address both the domestic and international investors. The residences are comprised of three-storey blocks, with one apartment on each floor. Including a total of 57 apartments, the project was completed in the summer of 2007. In the project whose 70 percent have already been sold out, the prices start from $105,000. The flats offer white goods, air conditioner, water heater, television and many other “life-easing” facilities as standard. The terraces and gardens of the apartments are suitable for barbecue parties. Konak Residences also grant professional support for the interior decoration of the apartments upon request. The project stands out with its sports ground, sauna, deep and shallow swimming pools, cafes, restaurants and the “summer houses plus hotel” concept.
http://www.turkishdailynews.com.tr/article.php?enewsid=102657 |
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21.04.2008 13:09:32 |
The Bank of England will unveil today a plan to swap government bonds for commercial banks' mortgage debt in an effort to unblock the home loan market and ease the effects of the credit crunch on consumers. "The Bank will be making money available to the British banking system ... the idea behind it is it will open up the market and it will begin the process of opening up the mortgage market, " Finance Minister Alistair Darling said yesterday. Pressure has been growing on the British government and the Bank of England to do more to resolve a mortgage debt crisis threatening to slam the brakes on the economy and which is contributing to a slump in support for Prime Minister Gordon Brown. Darling told the BBC that he would make an announcement to the British parliament on Monday afternoon.The BBC reported on Friday that the package involved swapping 50 billion pounds ($99.80 billion) of government bonds for mortgage-backed securities. |
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18.04.2008 11:05:26 |
Property sales in Turkey increased at a mere rate of 0.46 percent last year when compared to 2006, according to data from the Turkish Land Registry Directorate.
The increase in the financial value of total sales, on the other hand, was 23.4 percent. Last year, a total of 1,383,847 homes were sold with prices amounting to more than YTL 46 billion ($35 billion). Sales increased by 10.16 percent in 2003; 19.5 percent in 2004; 12 percent in 2005; and 1.05 percent in 2006.
42.3 percent increase in monetary terms in Istanbul
The data from the Turkish Land Registry Directorate showed that Istanbul was the city, which hosted properties highest in value. The mega city witnessed the sales of 202,027 homes in 2007, which cost YTL 17.6 billion ($13 billion). Accordingly, sales increased by 7.13 percent and the total sales costs by 42.3 percent when compared to the previous year.
Ankara experienced a different situation; sales in the city decreased by 0.13 percent with 134,562 homes sold. However, the total sales cost increased by 19.48 percent amounting to YTL 4.76 billion ($3.6 billion). İzmir, in western Turkey, also witnessed a decrease in property sales to 72,929 in 2007 while the number was 78,028 the previous year. Both the number of properties sold and the total sales cost in Antalya, a hot spot for international as well as domestic tourists in the south, on the other hand, increased to 52,325 in 2007 while the number was 50,707 in 2006. The total sales cost also increased from YTL 1.72 billion ($1.3 billion) to YTL 2.02 billion (1.5 billion).
Hakkari, the least popular place to buy property
Hakkari, in eastern Turkey, witnessed the least property sales again. Both the number of properties sold and the total cost of sales dropped from 549 to 431, and from YTL 10.39 million ($8 million) to YTL 4.85 million ($3.7 million) respectively. Moreover, cities like Denizli, Eskisehir, Kayseri, Konya, Balikesir, Erzurum, Diyarbakır, Malatya, Muğla, Sinop, Rize, Giresun, Tekirdağ, Yozgat and Karaman also experienced a decrease in the rate of property sales.
2003-2007 Property Sales Rates
Year Number of sales Increase in percentage
2003 1,017,805 10.15
2004 1,216,492 19.52
2005 1,362,672 12.01
2006 1,377,007 1.05
2007 1,383,847 0.46
(ISK-MTN)
http://www.turkishdailynews.com.tr/article.php?enewsid=101971 |
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17.04.2008 10:37:43 |
The "Investate '08 – Turkey Coasts Real Estate Investment" conference will be held this year on May 24-25 at the popular resort town of Bodrum on the Turkish Riviera. Home sales to foreign nationals in Turkey are not declining; they have been brought to a halt, Ali Güreli, Ikon Events chairman, told a press conference. The conference will be organized by Ikon Events and Akin Nalça Modular Spaces Noting that Ikon Events is trying to complete construction projects targeting Turks and foreigners alike, Gürel said, “With this conference we aim both to evaluate these difficulties and their possible solutions, and to introduce our projects on the coastlines to sector professionals and consumers. We expect a total of 2,500-3,000 people to attend the conference on the first day, when topics such as the environment, nature and historic values will be discussed while the second day we will talk about the problems on the agenda by the investors, architects and mayors." With regard to questions about any decrease in the foreign interest to homes in Turkey, Güreli said “There was an excess of construction projects targeted to the foreign people initially; however their architectural plans were not well-planned. Many foreign people bought houses from these projects in the first stage, and then they told the people around what kind of problems they faced. The people began to talk about these problems in these countries. The second stage saw the formation of more selective customers.” The core of the problem is that it is necessary to leave restrictions behind once the permission for a given project is given. The rules in Turkey begin to change when the construction firms are in the middle of a project. You start a project thinking that you have the permit, however, this permit can suddenly be annulled while you are going on with it. This ambiguity deters both the investors and the customers, said Güreli, regarding the regulations that restrict the ownership of houses by foreigners in Turkey. Güreli also said “it can take years to take a permit for an investment in Turkey. For instance, there is an investment worth $2 billion by the Kazakhstan and Russian investors in the Güllük Gulf on a land of 5 million square meters; however it cannot progress since there are fish farms on the 6 bays in the land, which has seven bays in total. It is compulsory to show that Turkey is a reliable and established country, and offers good opportunities for the foreign investors, to gain those investments back.” |
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12.04.2008 15:41:41 |
HSBC, Europe's biggest bank, unveiled a bold plan to grab a bigger slice of the UK's mortgage market on Wednesday, exploiting rivals' weakness in the global credit squeeze and offering some respite to homeowners. HSBC has an underweight position in UK mortgages, with just 3.6 percent of the market, and is targeting some of the 1.4 million customers who come off cheap fixed-rate deals this year and face sharp rises in mortgage repayments. "For the size and stature of HSBC, it's absolutely punching below its weight," said Louise Cuming, head of mortgages at price comparison site, www.moneysupermarket.com. "This will buy them market share very quickly ... It's a bit of news that I don't think any other lender can afford to follow." Borrowers will need a deposit of at least 20 percent of the value of the property, however, so many higher-risk customers will not be able to take advantage of HSBC's offer when their current fixed-rate deals expire. Lenders have withdrawn thousands of products and raised rates as their funding costs have jumped and as the housing market and economy have slowed. A survey by number one lender HBOS on Tuesday said house prices fell last month at their sharpest rate since the recession of the early 1990s. |
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11.04.2008 14:07:55 |
Spanish building firm Sacyr Vallehermoso said it would sell its 33.3 percent stake in France's Eiffage but will first have to tie up any legal problems remaining from a long and bitter dispute. Sacyr said it agreed with Eiffage to sell the shares to French institutional investors at 63 euros per share, a deal, which will give it a capital gain of around 30 million euros but, more importantly, give it some relief from its huge debt. Sacyr's shares rose 4 percent in early trade in reaction to the deal but later settled back to stand a net 2.4 percent higher at 23.13 euros by 0825 GMT. Eiffage was 1 percent higher at 60.43 euros. "The market isn't looking at the capital gains for Sacyr at all but is valuing the fact that it has finally managed to extract itself from the French company after its investment got involved in legal complications," one trader said. The sale ends a long and often bitter saga, which culminated last week with a French court ruling that Sacyr did not have to make a full bid for the French public works company. Sacyr first announced a 5 percent stake in Eiffage in February 2006 but Eiffage chairman Jean-Francois Roverato rejected any merger with Sacyr in colourful style "Cooperation yes, copulation no," he said. |
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10.04.2008 09:14:31 |
The 242 flats of White Side Apartments are for sale at prices ranging from $150,000 to $600,000. The White Side Apartments were constructed on a 13,000 square meter site in Istanbul's Çekmeköy district. The project, light and functionally designed, includes flats with floor plans from 1 +1 to 3 +1 as well as 70 to 136 square meter lofts. The construction of the project, with partners being TAGO Real Estate Office, ABINVEST, LAREF and the Northern European Real Estate Fund, was undertaken by Hazinedaroğlu-Özkan İnşaat. The White Side Apartments include social and recreational facilities, such as the W Lounge, Fit Club, open-air activities areas, a café, a billiard room, a multimedia room, table tennis facilities, a swimming pool, sauna and massage rooms. Located near the Dudulu- Bostancı and Çekmeköy-Üsküdar metro stations, which will open in 2011, the project also stands out with its proximity to the bridges, easy means of transportation and central location. The owners are protected against fire, gas leaks, floods and theft via “smart home security sensors.” Heating controls in the flats can be managed by remote control. Also, customers have the opportunity to inspect the house with the technical team, which also offers service for six months after a home is sold, to determine what remains to be completed. This program aims to deliver the apartments fully completed. |
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10.04.2008 09:13:20 |
Turkey is expected to face a substantial housing deficit in coming years as a result of several factors, including a population increase, migration, the need for renovations and urban transformation projects. Turkey needs an average housing supply of 300,000 to 350,000 houses annually, although the rate of home ownership is 65 percent, according to data obtained from the Istanbul Trade Chamber. Fifty-five percent of the total housing supply in Turkey consists of houses without housing permits or certificates, while 60 percent are houses over 20 years old, and 40 percent require some kind of maintenance work. The renovation of houses, together with the exchange of current homes for higher-quality homes, are also contributing to the country's potential housing deficit. The data reveals that Turkey will face a housing deficit of up to 5,542,000 houses in the coming eight-year period through 2015. The population increase is considered to be the factor leading to a deficit of 2,880,000 houses. Migration will create a deficit of 760,000 houses and the remaining deficit of 652,000 houses will come from the need for renovations. It is also predicted that 1,250,000 more houses will be needed as a result of urban transformation projects. |
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07.04.2008 13:54:02 |
Constructed in İzmit's Sapanca district in northwestern Turkey, Sapanca Country offers skiing and trekking opportunities in the Kartepe district and water-skiing in Lake Sapanca. Sapanca Country, which Lineer İnşaat has constructed on an 11,000-square-meter area, comprises a total of 15 villas, each measuring 185 square meters and containing four bedrooms and a lounge on one or two floors. Located in the outskirts of Kartepe, an increasingly popular ski resort, the villas start at YTL 270,000 ($209,000). Each residence has a 22-square-meter terrace, as well as a winter garden, a cellar, a storage room and a balcony. Sapanca Country, whose construction is still underway, is set to be delivered late this year. The project, which offers the beauty of four seasons far from noise and congestion, amid nature, fresh air and an assortment of activities of Sapanca, is being constructed in accordance with the latest earthquake regulations. Facilities include a swimming pool, a Jacuzzi, a garden and recreational and sunbathing facilities, as well as parking space for two vehicles. The project, 100 kilometers from Istanbul, and 15 kilometers from İzmit, also offers convenient transportation to big shopping centers nearby. |
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07.04.2008 13:52:32 |
A board member of the Real Estate Consultants' Federation voiced the opinion that the relationship between sellers and customers gained a new dimension with e-trade applications, as a result of the developments in information technology related to the spread of the Internet, while also noting that this resulted in increased growth in some sectors while seriously damaging real estate agencies' business. “Both the different marketing opportunities that the technology offers, and the contracting business by the state cause real estate dealing to lose its popularity as a professional occupation,” said Burhan Coşkun, board member of the Real Estate Consultants' Federation and chairman of the Adana Real Estate Agencies' Occupational Chamber. Adding that real estate agencies, which act as an intermediary between the seller and the buyer in return for a commission, were going through the hardest period in their history, Coşkun also said, “the primary reason for this is that e-real estate agencies offer service 24 hours, seven days a week. Many Web sites also bring potential buyers and sellers together without any need for professional service by a real estate agency via their free advertisement services. As a result, real estate agencies are having financial difficulties although they agree to minimum charges to sustain themselves.” “Real estate agencies lose customers with each project conducted by the Mass Housing Administration of Turkey (TOKİ), which constructs thousands of building projects and offers these houses to customers via direct sales. Customers tend to buy houses from TOKİ without asking a real estate agency for professional service,” Coşkun also said. |
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05.04.2008 09:48:40 |
It is expected that the paint sector of $1.2 billion, which is dominated by water-based paints and light colors, will expand by 10 percent this year, compensating last year's growth rate of 8 percent. The sector income derives by 80 percent from renovation and by 20 percent from usage in new houses. The paint sector, which experiences different rates of demand and transactions depending on the season, starts its new season in April or May. There are 20 big companies operating in the sector in Turkey, and the total number including smaller companies amounts to approximately 1,000. As a result of the hegemony of bright colors in furniture, curtains and accessories, the preference in wall paints is also shifting toward light colors, white and its different tones. It is expected that the lightest colors, perceived as tranquil, elegant and peaceful, will make their marks on this year's trend. Noting that the annual consumption rate in Turkey's decorative paint segment was 300,000 tons, with a growth rate of 10 percent every year, Erol Mizrahi, CEO of Polisan, also added, “there has been an increase in the consumption of water-based paints as a result of the change in consumer preferences. Given the period of accordance with the EU, water-based paints are expected to rise further in consumer preference as a result of the limitations on the production of solvent paints from 2010 onward. The vitality of the construction sector together with the rising demand also leads to an expansion in the paint sector, increasing the number of paint companies.” |
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05.04.2008 09:46:10 |
The Levent Auto Industrial Estate and the Atatürk Industrial Estate in Istanbul's Maslak neighborhood have become the most valuable lands in Istanbul after the sale of 96,505 square meters of land owned by the Highways Administration in Zincirlikuyu to the Zorlu Group for YTL $800 million. The repair yards located in these two industrial estates have also gained in value with a price of $10,000 per square meter. The price of these repair yards, which were unknown 10 years ago, now starts from $1 million. Saying that they received offers from six real estate agencies for the land, Mustafa Keskin, chairman of the Maslak Atatürk Auto Industrial Estate Trade Corporation Chamber, added, “the international firms which are interested in our land enter their proposals via various real estate consultancy companies, while the Turkish firms come to the meetings via their own land associations. One of these firms is Taşyapı, which carried out the Mashattan project.” Pointing out that Nurol and a Canadian firm also entered proposals for the land of the auto industrial estate, Keskin also added, “after the sales of the land owned by the Highways Administration in Zincirlikuyu, the industrial estates entered the list of the most expensive lands, leading to a substantial increase in prices. The repair yards, which were formerly sold for YTL 250,000 ($195,000), now cost $1 million. Everybody is of the opinion that the district needs a change of mission. There are thousands of sharers of this land, who have their deeds. They have to be informed about the sales first, we do not have the right to speak for them.” |
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04.04.2008 11:11:00 |
Life insurance is important while deciding to but a house, according to the Insurance and Reassurance Companies Union (TSRŞB). “This ensures the continuity of the system. In the event of the death of the loan holder, the debt is compensated by the insurance company, and the heirs can own the property without any difficulty,” the union said. TSRŞB said life insurances covering the risk of death and made at the time of the housing loan prevent the grievance and protect the loan holder. In the event of no life insurance, the heirs confront a substantial amount of loan debt, and if they cannot pay this debt, they are dispossessed. There are also insurances that cover the overall payment of the loan by the insurance company if the debtor falls out of work, or quits work temporarily as a result of an emergency. Reminding that the insurance system is common in the countries where the housing finance has been used for years, TSRŞB said “the system aims to prevent the injury of the general structure of the system, of the secondary-market investors, of credit institutions and consumers in the event of any risk. The public institutions, sector organizations and the media corporations have important tasks to ensure the reinforcement of the system. " |
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04.04.2008 11:09:39 |
The 'RealEstate Eurasia' Fair, which is the only real estate and investment fair supported by the Istanbul Real Estate Commissioners Trade Corporation, International Real Estate Committee (FIABCI) and the Central Europe Real Estate Unions Network (CEREAN) will take place at the TÜYAP Fair Center from June 12-15. Held by İpekyolu Fuarcılık to enable the creation of a coordination point for firms operating in the real estate and investment sector across the world, RealEstate Eurasia will host around 250 projects and products from countries like Turkey, United Arab Emirates, Kuwait, Qatar, Bahrain, Kazakhstan, Ukraine, Spain and Italy. It is expected that 15,000 professional visitors from more than 60 countries will meet the participant firms. Moreover, thousands of international investors, project owners, engineers, architects and elite real estate agencies will make use of the new investment opportunities during these four days. Being a candidate to become the biggest fair of Europe and Asia, and one of the few important fairs in the world, RealEstate Eurasia includes international property investors, A and B class housing projects, smart houses, villa and luxury construction projects, shopping centers, plazas, business centers, residences, mass housing, land offices, landscape firms, recreational and social facilities builders, management and consultancy firms, banks, finance and insurance associations, property construction and sales companies and domestic and international real estate associations. |
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HSBC unit halts home lending First Direct, the online and telephone banking unit of HSBC Holdings Plc, has suspended mortgage lending to new customers after receiving five times the normal volume of applications. The unit of Europe's biggest bank by market value received more applications after other lenders increased the cost of loans, said First Direct spokesman Rob Skinner yesterday. LONDON – Bloomberg Spain suspends Colonial property stock The Spanish markets authority suspended trading yesterday in shares in property group Colonial, which faces financial difficulties. Colonial is struggling under a pile of debt, which totaled 8.9 billion euros at the end of 2007, and is in the process of selling assets in an attempt to raise funds. The company said late Monday that it was prepared to sell its interest of 84 percent in its French subsidiary SFL. MADRID- Agence France - Presse Toyota, Honda post declines Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co., Asia's three largest automakers, posted U.S. sales declines in March as tightening credit and record gasoline prices damped demand. Toyota tumbled 10.3 percent, the fourth monthly drop in a row, while Honda slipped 3.2 percent and Nissan fell 3.8 percent, the companies said in separate statements TuesdayNEW YORK – Bloomberg Chinas Shougang drops Mount Gibson bid Chinese steel maker Shougang said yesterday it has given up its bid for a stake in iron ore developer Mount Gibson after the Australian government ruled against the takeover. Shougang is one of many Chinese companies attempting to secure resources overseas and the decision Monday by Australia's Takeovers Panel was a blow to that effort.SHANGHAI – The Associated Press Petroplus to shut Coryton unit Petroplus Holdings, Europe's biggest independent refiner by capacity, is planning to carry out work this month on a unit that produces diesel, jet fuel and gasoline at its plant in Coryton, southeast England, two people with knowledge of the plans said. Heather Zorge, spokeswoman for Zug, Switzerland-based Petroplus, declined to comment on the shutdown. LONDON - Bloomberg Oando revises plan to pay Shell Oando Plc, Nigeria's biggest retailer of petroleum products, will revise its offer to pay about $626 million to Royal Dutch Shell Plc for stakes in two Nigeria fields. Oando agreed on Feb. 25 to buy Shell Nigeria Exploration & Production's 49.8 percent stake in offshore licenses 125 and 134. Some “principal” conditions of the deal “will not be satisfied,” the Nigerian company said yesterday. LONDON - Bloomberg |
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03.04.2008 14:23:07 |
Erdal Eren, chairman of the Turkish Contractors Association (TMB), said in a statement that the global crisis in the real estate sector recently started affecting the economy. He added that contractors had an excess of houses on hand and this oversupply would greatly damage the real estate sector. He reminded that contractors offered housing loans at rates not even provided by the banks in their advertisements. Eren said: “These contractors are trying to resist, however, some of them will encounter financial difficulties soon. This will lead them to sell the properties on hand either for prices lower than their real market value or by losing money, thus scaling down their profit margins. Some others will go bankrupt as a result of the negative affect on the cash flow.” Noting that the association did not expect last year's growth in the construction sector to carry on to this year, Eren said that there was not any increase in the allowance in the public sector when compared to last year. According to Eren, the real estate sector will experience vitality if the Ministry of Communication implements the “build-operate-transfer” model this year. |
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01.04.2008 09:59:39 |
The recent movement in the global markets and the increase in housing loan interests have led the real estate sector to experience a period of constriction, causing a decrease in prices. Sabri Ateş, chairman of the Istanbul Real Estate Commission Agents Chamber, said the crisis of mortgage loans, which began in America as a result of the delay in back payments, and spread to European countries, has also spread to Turkey. Noting that the talks on the close of a political party in addition to this crisis have led to congestion in the sector, Ateş added that the sector had constricted by 50 percent since there have been almost no transactions for a long time. Noting that construction firms were undertaking many projects, however could not sell them, and many firms apart from the big institutionalized ones had even gone into bankruptcy, Ateş said: “The construction firms cannot start their projects because of financial difficulties. Despite saying that the construction projects would be concluded in two years, now they try to lengthen this period to six to seven years when talking to their customers. Moreover, the interest rates are quite high, and we think they will keep rising in 2009, aggravating the current crisis in the real estate sector”. |
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31.03.2008 11:06:05 |
British house prices fell for the fifth consecutive month in March, bringing the annual rate of increase to its lowest in 12 years, a key survey showed on Friday. The Nati | | | |