Real estate development in Turkey
The success of real estate investment in Turkey, given the lack of knowledge of many foreign investors in the Turkish language and also the legislative systems depend on the use of real estate companies specialized in conducting transactions of buying and selling property in Turkey, provided that these companies are reliable and have a good experience in the Turkish real estate market, such as Alhuda Real Estate Company, which has a staff of experts and consultants who speak many languages, foremost of which are Arabic, English, Farsi, Urdu, and French, in addition to the Turkish language in which the transactions for buying property in Istanbul are carried out anywhere in Turkey.
Among the most important tasks of real estate investment companies in Turkey, is "real estate development", what is meant by and what is the role of the real estate developer and how can the foreign investor distinguish the successful real estate developer?
What is real estate development?
The term real estate development is applied to every commercial process that includes a successful investment in the real estate field by doing many tasks, including adjusting real estate or repairing old ones, whether in whole or in part, in addition to buying lands and setting up a project on them in an innovative way to commercialize and sell it and make profits of it.
Real estate developer in Turkey
The word real estate developer is not limited to individuals, as it is also applied to companies that undertake the task of real estate development by undertaking the development of a region or place or updating a pre-existing property.
It is required that the real estate developer be well versed and familiar with the real estate market in Turkey, as he or they are ultimately not a contractor or broker, but rather the person or institution responsible for choosing the best creative idea and embodying it on the ground through a detailed study of the economic feasibility and the necessary expenses and funding sources with the selection of the best real estate consultant and the best construction company to build the project and also a plan for marketing, selling and managing after-sales services
The real estate developer must ensure that the investor follows up all the above-mentioned details and coordinates between those charged with all the tasks of the real estate development process to ensure the embodiment of the creative idea away from market fluctuations and risks, i.e. preparing a comprehensive study and tight planning.
In general, real estate development also includes properties that are built within promising real estate areas, especially those modern residential complexes that contain many offers for buying property in Istanbul or villas in Istanbul and other properties such as commercial offices, shops, and warehouses.
These types of properties are witnessing the turnout of many local investors in Turkey as well as foreigners because of the impressive success they achieved in terms of returns and the continuous rise in the prices of Istanbul apartments in these new areas.
On the other hand, there is also real estate development within the regions that exist within the cities centers, where old or neglected buildings can be developed and new properties replaced in the framework of the urbanization program to which the Turkish authorities attach the highest importance, especially in the old and historical areas of Istanbul that need to be modernized.
Real estate developer tasks in Turkey
The real estate developer in Turkey is responsible for several tasks, most notably:
- Providing the best real estate projects in Turkey to foreign investors and also helping them choose the best places for real estate investment.
- Directing investors to find the best lands for real estate projects according to the set goals.
- Carrying out a comprehensive study to determine the economic feasibility of the real estate project and the expected profits to the losses and risks that will face the construction and marketing of the project, i.e. giving the investor a future vision of market trends, apartment prices, and project performance.
- Ensure good marketing of the real estate project according to the targeted group to achieve the maximum profit.
Real estate development parties in Turkey
The real estate development process in Turkey consists of the following parties:
- The main financier of the real estate development project
- The construction or contracting company in charge of building the project
- The real estate agency is the company that undertakes the task of connecting between the financier and the construction company, that is, it manages the project before, during, and after handing over the project through achieving the largest percentage of sales in the case of a residential complex, for example.
These are the most important elements of the development process in the Turkish real estate market, which contribute greatly in choosing the best real estate projects for the benefit of the foreign investor in Turkey while ensuring great profits and the ability to manage them in the best ways by a group of experts and specialists.