Real estate development in Turkey
Last Updated: 2023-07-27Real Estate Development in Turkey
Real estate development is a series of works carried out by several parties to complete a real estate development project that returns profit and benefit to them, real estate development is one of the forms of real estate investment that produces many profits in the real estate market, and the developer company is one of the most important things that must be taken into account when buying a property in Turkey, so the team of Mersat Real Estate Company does not offer any offers to its customers before a wide study about the real estate companies developed
The concept of real estate development and real estate developer:
Real estate developer:
It is a person or company that develops a specific area or site or rebuilds and modernizes an existing entity, the real estate developer has multiple options and accurate knowledge of the real estate market, the fate of the project and the goal of developing it after its completion period, and he is the coordinator between the various activities of the development process and he is the one who transforms the creative idea from paper into reality on the ground.
The real estate developer is not a contractor or real estate consultant, but rather a development manager, who provides the best idea for the project, through detailed feasibility studies, sources of financing, selecting the best consultant, the most appropriate contractor, and developing a marketing plan for the project and its sale strategy, and we find that the real estate developer spends his time between searching for the appropriate places for development and dealing with financial institutions, construction offices and contractors.
The idea is of great importance in real estate development, but it is more important to study its application correctly away from the risks of market fluctuations after the completion of the project, and any idea must be studied and examined in all its aspects well, through wise planning and comprehensive feasibility studies.
Real estate companies provide this service by searching for lands with important and distinctive locations to carry out real estate development and construction projects, whether at the level of small investments or large investments at the corporate level, this is done through an Imtilak team specialized in this field and consulting engineers versed in the Turkish real estate market.
Real estate development is divided into:
1. Construction within the new emerging areas in Turkey so that closed residential complexes, apartments or villas or both are built within the same complex, which is considered one of the most successful projects, but needs the capital of companies or a group of investors, and this type of project is characterized by the demand of Turks and foreigners, especially after the high income of the Turkish citizen in recent years and the latter's thinking to raise his standard of living.
2. Construction in areas within cities on land or demolition of old buildings and the construction of new ones instead, as the Turkish government encourages this type (demolition of the old and new construction), which is called reurbanization and is spread a lot in Istanbul real estate.
Real estate development does not end with the sale of the residential unit and its delivery to customers, but it is necessary to focus on evaluating the services provided and standing on the opinions of customers after the end of the real estate development process.
Elements of real estate development:
These elements are grouped with a successful triangle, the three corners of which are the merchant, the contracting company and the real estate agency.
Merchant: He is the financier of the real estate development project.
Contracting Company: which will implement the real estate development project according to the plan submitted to it.
The real estate agency is the link between the financier and the construction company, and it is also responsible for managing and supervising the real estate development project, providing the idea and economic feasibility studies for proposals and investment projects through the Real Estate Development Studies and Research Department, and then marketing the project and achieving the largest percentage of sales.
What are the features of real estate development in Turkey:
We must not forget that Turkey is characterized by its many and wonderful natural terrain that fascinates the eyes and disperses minds from what is around it, as the land is the basis for any real estate investment work, and as long as it is available, there are no obstacles blocking the road, and its mild climate, in addition to many other things that we will not be able to talk about all of them from museums, castles, seas, straits and others, which attract tourist investors.
Almost the most important factor is the shift that moved Turkey from its previous location to its current location, which raised it from what it was exponentially and was a major reason for attracting real estate investors to its land.
We must point out the expectations that the coming years will witness an increase in economic development that will make it at the forefront of the world's countries in competition, as we see it is rapidly and unexpectedly spreading.
What are the essential elements of any real estate development project in Turkey:
In the beginning, there must be the original merchant who owns the capital for the project as a whole, secondly, the company that will implement the plan set in the desired property must be present, and later there must be another company that will be the link between the owner of the money and the company that will implement the work on the ground, as it will be responsible for the entire project and supervise it, and finally market the productive work.
What are the tasks of the competent authority for real estate development in real estate in Turkey:
First, it is responsible for the process of searching for real estate in Turkey that is empty and suitable for the establishment of investment on it, and these empty Turkish properties must be fruitful and there are all the necessary services, and this company has the duty to show investors who have no experience on the right places in order to put their money in them reassuringly, so this company has an indicative function in the first place, in addition to delivering them to internal cladding companies and processing apartments, and they must be first-class companies And reliable as well, and in the end the developer has to market the investors' properties properly in order to bring them the highest prices.
The foundations of the success of any real estate development project in Turkish real estate:
There must be a basis on which the successes of any project of any kind are based, real estate development has clear foundations that cannot be denied, first you must own the investment management department, which helps the developer to manage and maintain his capital, he needs this management as he will not be able to manage all his business alone and in one moment, that the developer must also own a studies and research department specialized in this field that works permanently to bring The latest information that has occurred in the real estate market , and you must have an advisory team to study the economic feasibility of each project you submit to receive and also this advisory team will provide you with a list of future expectations that will result from this project such as its price, the amount of demand for it, and so on.
The real estate development project in Turkey is one of the most pioneering projects in this country currently, as it is in terms of work, it is easy and simple, and in terms of material returns, it is endless dense.
What are the elements of success and progress of real estate development?
- Studies and research department in the real estate company to follow the market permanently and update its data.
- Investment Management Department, due to the importance of the developer's ability to manage the capital that is employed in his projects, especially since he is usually busy with more than one real estate development project.
- A scientific advisory team specialized in preparing economic studies for investment proposals and projects, these studies are analysis, future perception and expectations of market trends, prices, performance and quality of the project.
The success of real estate investment is closely related to the reputation of the real estate developer company, which is known by the experts of Mersa Real Estate Company, who can assess the feasibility of investment through several elements, including the professionalism of the real estate developer, here we can tell our customers that we only build our partnerships with professional developers to bring you to the best investment.
Editorial Mersat Real Estate Team©
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