Feb 5, 2023

What is the Real Estate Development in Turkey

The real estate market in Turkey is characterized by its strength and diversity, as it covers all types of real estate including villas, houses, farms and lands where the demand for these projects is huge, and the main reason for this great demand is the fact that these types of projects has huge profits and high success rates.

On the other hand, real estate development projects, led by real estate developers, have received a lot of acceptance, and the demand for them has increased recently, as a result of having contributed to making a successful experience, and crowned with huge profits for many investors, in addition to a lot of services and facilities provided by real estate companies in Turkey. These companies have the most important role in contributing to the success of this type of project.

What is real estate development?

Real estate development is the process of improving and developing real estate or land to achieve a greater value greater than the previous one. This development includes the structural and aesthetic improvement of old and neglected real estate, and may include the development of residential, industrial, commercial, or service projects. The real estate developer studies the market, analyzes needs, and responds to them by designing and building real estate projects that meet those needs.

Real estate development includes many activities such as land purchase, project planning, construction financing, construction management, marketing and sales, and even post-construction property management. It aims to improve the use of land and enhance its real estate value, whether that is through renovating existing old buildings or creating new projects.

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Who is the real estate developer?

The real estate developer may be a company or a person, in both cases, the real estate developer makes the necessary modifications and developments to the property to be modernized or modified. This person is usually an expert in the field and is familiar with all the necessary procedures for this process, and his options are multiple, his knowledge is accurate and strong in the real estate market, and he puts the necessary ideas and improvements on paper and transfers them on the ground to become a reality.

Types of real estate development in Turkey:

Turkey is witnessing a remarkable real estate renaissance that reflects the progress and economic transformation that the country is experiencing. The real estate developer plays a vital role in this context, as he is considered a major driver of improving infrastructure and enhancing the real estate value of all types of real estate. Turkey is distinguished by its geographical and cultural diversity, which reflects the diversity of real estate development projects, whether in large cities such as Istanbul and Ankara or in coastal and rural areas. Thus, the real estate developer has a vital role in transforming visions into reality, which contributes to achieving development and improving the quality of life in various parts of the country.

Real estate development in Turkey is divided into several sections, including:

Construction within new areas: It targets newly built and developed areas. Its goal is to ensure new and luxurious residential buildings. Today, it is considered one of the most successful and distinguished real estate and investment projects. Such projects, of course, require huge capital, they are usually supervised by large construction companies that are well-known within the Turkish market and have great financial capabilities.
Demolishing old buildings and restoring them: It is popular in Turkey and is called “urbanization.” This process differs from the previous one. The procedures here are not partial and the repairs are not limited to certain matters, they may be complete repairs.

Elements of real estate development

Real estate development elements are the basics that the real estate developer must consider and work with to ensure the success of the project, which include:

Market and demand analysis:

This is done by studying the real estate market in the region to understand the needs and trends of consumers.
Identifying the gap in the market and seizing investment opportunities.

Location and land:

Choosing the appropriate location that suits the project scope and market needs.
Evaluating the land in terms of area, natural topography, and infrastructure.

Design and Planning:

Developing modern and attractive designs for the project.
Planning for green spaces, infrastructure, and all amenities, facilities and social services.

Financing:

Securing the necessary financing through several methods, such as: bank loans, investments, or partnerships.
Preparing an economic feasibility study to evaluate the profitability of the project.

Licenses and Permits:

Obtaining the necessary government permits and building licenses to ensure compliance with local and legal regulations.

Infrastructure and services:

Ensuring the availability of infrastructure such as electricity, water, and transportation.
Providing community, educational, health, and recreational services such as schools, hospitals, and commercial centers.

Marketing:

Drawing up and using an effective marketing strategy to attract investors or buyers.
Using appropriate marketing methods to effectively promote the project.

Management and Maintenance:

Determine a successful system for effective project management.
Develop a plan for maintaining facilities after completion of construction.

Contributors in the real estate development

The real estate development process includes interactions with a variety of parties involved in the project. These main parties that usually work in the field of real estate development include:

Real estate developer:

It is the body responsible for organizing and implementing the real estate project. He identifies sites and analyzes the financial and economic aspects of the project. His role includes project design, construction organization, and marketing.

Investor:

The investor may be a person, a financial institution, or a company provides the necessary financing for the project in exchange for profit sharing or any other financing intention.

Governmental entities:

Government departments typically provide the necessary licenses and permits for the project, and play a role in ensuring compliance with environmental and building codes and regulations.

Contractor and architect:

Each of them implements the project based on the design developed by the real estate developer. This includes the construction process, architecture and project management.

Real estate broker:

He participates in marketing and selling properties to the real estate developer, and helps him find buyers or investors for the project.

Legal and financial consultant:

He provides legal and financial advice to the real estate developer in various aspects of the project.

Features of real estate development in Turkey

Turkey is one of the most famous countries in the world at the economic level. It is a country with a great economy and achievements that cannot be underestimated. Its advantages in this regard are almost endless, the most important of which is its unique geographical location; as the link between Asia and Europe and an important gateway for both the East and the West. It has a moderate and distinctive climate, wonderful nature, and many elements that are in the interest of the real estate and investment market. In addition to the efforts made by the Turkish government to improve its real estate development through planning and building projects and developing a future vision aimed at improving and raising the level of challenge among countries of the world, the advantages in it are endless, and it is the ideal and reassuring choice for any real estate developer or investor.

Real estate development projects are fruitful and important projects, their elements are clear and specific, and they require ideal management and organization, like other projects, in order to bring profits and successes to the project owner.

Real estate development in Turkey is one of the most important things that Turkey is witnessing, and it is not limited only to modernization and adding a modern touch to real estate, but it is much more than that and is an important positive addition to the Turkish economy and a correct and necessary step taken in the field of real estate.

For inquiries about real estate development in Turkey, do not hesitate to contact us via WhatsApp, here. The real estate consultant in our company, Akarkom International Real Estate, will contact you immediately.

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