ISTANBUL REstate 2011 ASSEMBLES THE REAL ESTATE SECTOR…
ISTANBUL REstate, which brought together the 11th Real Estate Summit and ISTANBUL REstate Real Estate Fair, assembled the real estate sector for two days on May 17 and 18. This year’s event, which featured the theme “Building the Bridge into a Great Future”, not only hosted 1100 attendees from 18 countries, but also set its seal on the sector by the Real Estate Investment Fair, where some USD 18 billion worth projects were exhibited.
The prominent topic of the “11th Real Estate Summit”, which was held at Istanbul Lutfi Kirdar Convention and Exhibition Center on May 17, 2011, was the warning of Vedat Akgiray, the Chairman of the CMB, about the finance models of the construction companies. Akgiray, who drew attention to the fact that the construction companies began to develop their own finance models, said, “You cannot keep maintaining your operations by financing them on the sales proceeds and deriving profit out thereof once your business grows a certain size. What we need is to approximate the real estate – oriented business operations to the capital markets; we need to wed these two lines of business." Isik Gokkaya, the Chairman of GYODER, emphasized the importance of urban transformation actions, and said, “In today’s world of natural resources rapidly draining away; we must aim at developing energy saving urban areas with well-balanced green spaces, sound transportation infrastructures, competently designed ecologic architectures and reduced carbon dioxide emissions.” Gokkaya, who also mentioned about the problems of the sector during his speech, addressed to the decisions to be made within the sector. Gokkaya, who stated that a certain discount in the VAT rate of 18 percent imposed on the real estate sales would boost up the real estate market and facilitate the house acquisitions, also underlined that the interest rates should be reduced to the level of 0.5 percent in order for the housing loans to be generalized and higher number of households to be able to utilize housing loan facilities. Gokkaya also stated that deduction of housing loan interests from the income taxes would facilitate loan utilization and enable the sector operations to accelerate. Isik Gokkaya also commented about the law on reciprocity as "The amendment of the reciprocity principle, which prohibits real estate sales to foreigners and the expedition of real estate acquisition by foreigners will not only enhance the foreign capital inflow to the country but also generate funds for the sector and accelerate its growth.“ The Chairman of GYODER continued as follows; “The sound functioning of the mortgage system in Turkey absolutely requires the development of the secondary market, which will generalize the housing loans and cause the number of households utilizing housing loans to increase.”
Doyens discussed the issued of the real estate sector...
Nearly 100 local and foreign speakers discussed the important issues of the real estate sector with the sector’s professionals during 20 sessions held as a part of the 11th Real Estate Summit and ISTANBUL REstate Real Estate Fair.
The prominent economists addressed to the impacts of the recent global crisis during the "Economy Platform", being the opening session of the 11th Real Estate Summit. While the general opinion of the session was that the world recovered from the economic crisis; Saruhan Ozel highlighted that the growth paces of the developing countries such as Turkey are higher than the developed economies, and Dr. Alfred Gusenbauer stated that the developments in the USA and the political situation of the European Union will be steering the future of economy. Gusenbauer stated that the countries with dynamic economies such as Turkey, China and Brazil will be more closely involved with the decisions about the economy in the future.
Guest speaker Ediz Hun, who said, “The environment is being polluted and we are failing to conserve the nature through scientifically correct actions. The love of nature is crucial,” stated that the water reserves left on Earth is limited only to 2.5 %. Hun, who drew attention to the fact that Turkey ranks the second in Europe after Germany in terms of population growth rate, also added that proper importance should be attached to green spaces during the construction of the real estates, where such crowded population is to accommodate. “New Trends in Real Estate Sector and Urbanization”, the second session of the day, emphasized the urbanization activities and the importance of the environmental factors in urbanization. While the speakers generally pointed out the impacts of the population growth to urbanization during the session, it was mentioned that the existing resources should be properly evaluated and that, otherwise, mankind will be facing major hazards in the future. Dr. Brian Anthony Ciochetti, Head of RE and Academic Director of MIT, a spokesman of the session, addressed to the importance of technology in the competition in development amongst the cities. Ciochetti, who mentioned about the impacts on urbanization of rapid population growth, added that the future cities will be built on economic and social balance. Murat Tabanlioglu, the President of Tabanlioglu Mimarlik, said; “People have become reactive against the construction of new buildings. This is an issue to be primarily considered by architectures.” Prof. Dr. Huseyin Kaptan, the President of Atolye 70 Planning and Design Group, who mentioned about the importance of urbanization systematic and planning, emphasized that the forests are still destroyed in spite of the decisions made for the conservation of green spaces and water reservoirs, and stated that a common sense of responsibility and transparency are essential for the conservation of the environment.
“Ascendant Countries in the Post-Crisis Period”, the third session of the summit, which discussed the countries that came to the front within the new world order, the stories of economically strong countries were exemplified by the most competent experts. The session was opened with the presentation, titled “The Real Estate Sector in Developing Countries and Projections; Assessments and Projections” by Dr. Can Fuat Gurlesel. Gurlesel, who stated that the sampling of the study was formed by the selection of 18 countries from 4 continents, denoted that the study discussed the economic performance, characteristics of the real estate market, the industrial spaces, number of shopping centers per person and the hotel market through a comparative perspective. Cefi Kamhi, the Chairman of Indo Turkish Business Association, who opened his speech by the statement that it was the right time to invest in India, underscored that India offered huge opportunities for tourism sector. China, the expected new superpower of the next decade, was discussed by Noyan Rona, the Chief Official in Shanghai of Garanti Bank. Rona mentioned that all sectors in China used to be owned by the state between 1942 and 1978, and that the country transformed its economic structure into the market economy from planned economy, which was followed by the real estate reforms.
Can Paker, the Chairman of TESEV, the guest speaker of the last session, referred to the social structures and the class differences originating from the social structural developments and changes. Paker said, “The social structure created its own entrepreneurial class, whereupon a middle class emerged around it.” The last session of the Real Estate Summit was dedicated to the assessment of the real estate sector through a sociological perspective. During the session, titled “A Sociological Perspective to the Real Estate Sector”, where the characteristics of the life in the cities, which have developed and changed through the years, the impacts on the humans of the new trends were discussed. Tavit Koletavitoglu, the Chairman of Atlas Land and Business Development, who denoted that the cities, which allowed immigrants from rural areas, continued to grow before they had time to digest the migration stream, brought forward the question, “We do urbanize, but how urbanite do we really become?” During the session, where the differentiated needs of the middle class were discussed; Ass. Prof. Dr. A. Didem DANIS, Lecturer at Sociology Department of Galatasaray University, said that the models generated in İstanbul were regenerated in the cities where industrial activities are focued and rapidly develop, while Omer Faruk Celik, the Chief Executive Officer of Sinpas GYO, denoted that building estates have become essential as the personal incomes increased and the social structure changed in the post-90s period. Cemal Onaran, the General Manager of Garanti Mortgage, commented as follows, “An average individual changes his/her home for 8 times in the USA. Turkish individuals, on the other hand, tend to buy one house and spend their lives there. This has to change. It should be noted that the recently launched real estate projects offer 1+1 or 2+1 houses more than larger apartments.” Ahmet Misbah Demircan, the Major of Beyoglu, emphasized that the individuals, who cannot receive proper services, have started to leave their neighborhoods in downtown locations to settle down in sub-urban areas and to move away from the community. Demircan said, “In Beyoglu, we do not have any building estates; only neighborhoods. People will not leave their neighborhoods if you repair their school, provide proper utility services and offer them regular municipal facilities.”
World famous projects exhibited at booths.
During the panels organized as a part of the Real Estate Fair on the second day of ISTANBUL REstate, the issues concerning the entire sector were discussed, extensively. The panels, which drew considerable attention, addressed to all sub-segments of the real estate sector. The two-day event hosted 82 exhibition booths opened local and foreign exhibitor. The exhibition booths, where some USD 18 billion worth projects were displayed and presented, enabled the professionals to come together to discuss new collaboration and investment opportunities.
The event, which hosted by nearly 1100 attendees from numerous countries including Germany, Austria, France, belgium, UK, Qatar, USA, The Netherlands, Switzerland, Greece, Italy, Spain, Poland, United Arab Emirates, Luxembourg, Quwait and China, was addressed with intensive interest by the media, as well. ISTANBUL REstate 2011, which was observed by nearly 90 members of the press and was extensively discussed by the media through numerous news reports, has become the event of the year in the sector.
Doyens discussed the issued of the real estate sector...
Nearly 100 local and foreign speakers discussed the important issues of the real estate sector with the sector’s professionals during 20 sessions held as a part of the 11th Real Estate Summit and ISTANBUL REstate Real Estate Fair.
The prominent economists addressed to the impacts of the recent global crisis during the "Economy Platform", being the opening session of the 11th Real Estate Summit. While the general opinion of the session was that the world recovered from the economic crisis; Saruhan Ozel highlighted that the growth paces of the developing countries such as Turkey are higher than the developed economies, and Dr. Alfred Gusenbauer stated that the developments in the USA and the political situation of the European Union will be steering the future of economy. Gusenbauer stated that the countries with dynamic economies such as Turkey, China and Brazil will be more closely involved with the decisions about the economy in the future.
Guest speaker Ediz Hun, who said, “The environment is being polluted and we are failing to conserve the nature through scientifically correct actions. The love of nature is crucial,” stated that the water reserves left on Earth is limited only to 2.5 %. Hun, who drew attention to the fact that Turkey ranks the second in Europe after Germany in terms of population growth rate, also added that proper importance should be attached to green spaces during the construction of the real estates, where such crowded population is to accommodate. “New Trends in Real Estate Sector and Urbanization”, the second session of the day, emphasized the urbanization activities and the importance of the environmental factors in urbanization. While the speakers generally pointed out the impacts of the population growth to urbanization during the session, it was mentioned that the existing resources should be properly evaluated and that, otherwise, mankind will be facing major hazards in the future. Dr. Brian Anthony Ciochetti, Head of RE and Academic Director of MIT, a spokesman of the session, addressed to the importance of technology in the competition in development amongst the cities. Ciochetti, who mentioned about the impacts on urbanization of rapid population growth, added that the future cities will be built on economic and social balance. Murat Tabanlioglu, the President of Tabanlioglu Mimarlik, said; “People have become reactive against the construction of new buildings. This is an issue to be primarily considered by architectures.” Prof. Dr. Huseyin Kaptan, the President of Atolye 70 Planning and Design Group, who mentioned about the importance of urbanization systematic and planning, emphasized that the forests are still destroyed in spite of the decisions made for the conservation of green spaces and water reservoirs, and stated that a common sense of responsibility and transparency are essential for the conservation of the environment.
“Ascendant Countries in the Post-Crisis Period”, the third session of the summit, which discussed the countries that came to the front within the new world order, the stories of economically strong countries were exemplified by the most competent experts. The session was opened with the presentation, titled “The Real Estate Sector in Developing Countries and Projections; Assessments and Projections” by Dr. Can Fuat Gurlesel. Gurlesel, who stated that the sampling of the study was formed by the selection of 18 countries from 4 continents, denoted that the study discussed the economic performance, characteristics of the real estate market, the industrial spaces, number of shopping centers per person and the hotel market through a comparative perspective. Cefi Kamhi, the Chairman of Indo Turkish Business Association, who opened his speech by the statement that it was the right time to invest in India, underscored that India offered huge opportunities for tourism sector. China, the expected new superpower of the next decade, was discussed by Noyan Rona, the Chief Official in Shanghai of Garanti Bank. Rona mentioned that all sectors in China used to be owned by the state between 1942 and 1978, and that the country transformed its economic structure into the market economy from planned economy, which was followed by the real estate reforms.
Can Paker, the Chairman of TESEV, the guest speaker of the last session, referred to the social structures and the class differences originating from the social structural developments and changes. Paker said, “The social structure created its own entrepreneurial class, whereupon a middle class emerged around it.” The last session of the Real Estate Summit was dedicated to the assessment of the real estate sector through a sociological perspective. During the session, titled “A Sociological Perspective to the Real Estate Sector”, where the characteristics of the life in the cities, which have developed and changed through the years, the impacts on the humans of the new trends were discussed. Tavit Koletavitoglu, the Chairman of Atlas Land and Business Development, who denoted that the cities, which allowed immigrants from rural areas, continued to grow before they had time to digest the migration stream, brought forward the question, “We do urbanize, but how urbanite do we really become?” During the session, where the differentiated needs of the middle class were discussed; Ass. Prof. Dr. A. Didem DANIS, Lecturer at Sociology Department of Galatasaray University, said that the models generated in İstanbul were regenerated in the cities where industrial activities are focued and rapidly develop, while Omer Faruk Celik, the Chief Executive Officer of Sinpas GYO, denoted that building estates have become essential as the personal incomes increased and the social structure changed in the post-90s period. Cemal Onaran, the General Manager of Garanti Mortgage, commented as follows, “An average individual changes his/her home for 8 times in the USA. Turkish individuals, on the other hand, tend to buy one house and spend their lives there. This has to change. It should be noted that the recently launched real estate projects offer 1+1 or 2+1 houses more than larger apartments.” Ahmet Misbah Demircan, the Major of Beyoglu, emphasized that the individuals, who cannot receive proper services, have started to leave their neighborhoods in downtown locations to settle down in sub-urban areas and to move away from the community. Demircan said, “In Beyoglu, we do not have any building estates; only neighborhoods. People will not leave their neighborhoods if you repair their school, provide proper utility services and offer them regular municipal facilities.”
World famous projects exhibited at booths.
During the panels organized as a part of the Real Estate Fair on the second day of ISTANBUL REstate, the issues concerning the entire sector were discussed, extensively. The panels, which drew considerable attention, addressed to all sub-segments of the real estate sector. The two-day event hosted 82 exhibition booths opened local and foreign exhibitor. The exhibition booths, where some USD 18 billion worth projects were displayed and presented, enabled the professionals to come together to discuss new collaboration and investment opportunities.
The event, which hosted by nearly 1100 attendees from numerous countries including Germany, Austria, France, belgium, UK, Qatar, USA, The Netherlands, Switzerland, Greece, Italy, Spain, Poland, United Arab Emirates, Luxembourg, Quwait and China, was addressed with intensive interest by the media, as well. ISTANBUL REstate 2011, which was observed by nearly 90 members of the press and was extensively discussed by the media through numerous news reports, has become the event of the year in the sector.
