Learn about the concept of real estate development in Turkey
Turkey and the real estate market in Turkey are moving for the better significantly, as the real estate market is not limited to buying, selling, profit, returns, and revenues, but the real estate market in Turkey is witnessing a constant development, as developers in this market seek to provide the best of their ideas, research, and studies to serve all these elements of the real estate market more comprehensively. In this article, we will try to get to know more about the concept of real estate development.
What is the concept of real estate development?
It is every successful profitable business or investment that includes modification works such as partial or total repair of old or neglected properties, renovation, and modernization of existing buildings, or purchase of vacant lands, then establishing a new project on them, then marketing and selling it after that.
Who is the real estate developer?
Any person or company that develops an area or site or reconstructs and renovates an existing building. The real estate developer has multiple options that precisely surround the real estate market, the future of the project, and the goal of its development after its completion period. He is also the coordinator of the various works of the development process, and he is the one who transforms creative ideas into reality. The real estate developer is not considered a real estate contractor or consultant, but rather is a development manager that provides new and advanced opportunities and ideas by studying the financial sources of projects and looking tirelessly for the most advanced places for real estate investments.
Real estate development in Turkey:
There are two divisions of real estate development in Turkey:
-The first: is the constructions that are within the newly developed areas in Turkey, so that residential complexes, apartments, villas, or both are built together within the same complex, which is considered one of the most successful projects, but it requires a large capital from companies or a group of investors, and this type of project is very popular.
-The second: is the construction that takes place in areas within cities on vacant lands, or the demolition of old buildings and the establishment of new ones instead, with great encouragement from the Turkish government for this type, which is called re-urbanization and is widely spread in the city of Istanbul. One of its most prominent features is the rapid circulation of capital and this type of project targets Turks and foreigners who wish to reside permanently in Turkey.
Elements of real estate development in Turkey:
1- The merchant: or the financier of the real estate development project.
2- Contracting Company: It is the company responsible for executing the work according to the plan submitted to it.
3- Real Estate Agency: It is the link between the financier and the construction company. It is also the body responsible for project management and supervision, presenting the idea and economic feasibility studies for investment proposals and projects through the Studies and Research Department concerned with real estate development, and then it is responsible for marketing the project and achieving the largest sales percentage.
What are the services provided by real estate companies with the aim of real estate development are:
1- It works to guide foreign investors and developers to places experiencing real estate growth and an increase in the internal demand of the Turkish real estate market.
2- It works to find suitable lands for establishing projects on which developers may wish to establish their projects.
3- It studies the economic feasibility of real estate projects in detail and presents the best ideas to obtain projects that suit the Turkish market and achieve the best profits for developers and real estate investors.
4- You participate in real estate development with investors or link them to the best trusted real estate development companies in Turkey to carry out construction and cladding work.
5- Marketing real estate projects through its great experience in the field of real estate marketing and the wide customer base that it owns abroad and at home.
And with this, we have known in more detail the concept of real estate development in Turkey, and what is meant by the real estate developer, as we have known the parties and elements that work to make real estate development in the Turkish market, its sections, and services provided by the prestigious real estate companies in Turkey a success. Activities that benefit Turkey with economic growth because of their impact on attracting Turkish and foreign investors to establish their projects and achieve high profits for them and Turkey with benefit and interest. We hope that we have succeeded in answering your questions regarding this topic.