Founded in 1993, Seba İnşaat continues its growth not only domestically but also internationally through its prestigious projects. Domestically, the company focuses its expansion on Istanbul and Bodrum. Seba İnşaat’s chairman of the board, Engin Keçeli, stated: "I believe there are only three places in the world: New York, Istanbul and London ... I don't consider anywhere else above these.” Stressing the urgency of urban transformation in Istanbul, Keçeli highlighted the importance of resolving land availability issues. Explaining that 60%-65% of Türkiye's land is state-owned, Keçeli said: "20%-25% of it is idle. Utilizing this land is critical in solving the housing problem."
Reminding that high land prices are the biggest obstacle to transformation, Keçeli said: "The government has done what it could in this regard. Buildings that have reached the end of their economic life must be transformed." He stated that zoning increases are not necessary for urban transformation and added: "The biggest obstacles to transformation are landowners' high demands and rental housing. Due to high rental costs, people don't want to leave their homes. It doesn't matter whether it's in or outside the city. As long as it says Istanbul on the title deed, people will go anywhere."
The company has bıild 5,000 homes across 4 million square meters. Its latest project, Seba Harmony, developed in Göktürk, has attracted attention. Standing out with its unique location on the Istanbul Airport route, the project is the company's fourth residential project in Göktürk, following the Seba Göktürk Houses, Seba Reserve and Seba Siena projects. With Seba Harmony, the company is elevating its presence in the region. Located at the entrance of Göktürk, it's only a one-minute walk to the main road and five minutes to the metro.
Developed on a plot of 23,000 square meters, the project consists of 200 apartments and 13 blocks. Featuring low-rise horizontal architecture, the project includes 2+1 mid-floor and garden flats, 3+1 mid-floor and garden flats, 3.5+1 garden duplexes, 4+1 mid-floor, and 4.5, 5.5+1 garden duplexes. Apartment sizes range from 104 to 350 square meters. With a price of $5,000 per square meter, unit prices range from $500,000 to $1.5 million. Deliveries are planned by the end of 2026.
Money held in deposits
Explaining that high deposit interest rates negatively affect housing sales, Keçeli said: "Demand for housing is low, supply is excessive. Those with money keep it in deposits, and those without cannot borrow due to high mortgage interest rates. Unless deposit rates fall below 30%, expected activity in housing sales won't occur. If Istanbul's sales speed is 10 kilometers, Bodrum's is around 1 kilometer." Keçeli also stated that high private school fees negatively impact housing sales: "White-collar workers are working to pay tuition fees, not to buy homes."
Seba İnşaat currently has four ongoing projects. Two of these – Seba Neva and Seba Gardenia – are located in Zekeriyaköy. Keçeli noted that the projects' sales were launched around the time of the Feb. 6, 2023, earthquake that deeply shook Türkiye: "We started our villa project at that time. We sold the 62 villas that we built there, each 350 square meters, in one and a half to two months. We'll deliver them between the end of September and the beginning of October. Earthquake fears triggered strong demand in many districts, and the cost-benefit analysis of living and pricing has become clearly established," he said. The company also has two urban transformation projects in the U.S.
Outside of Istanbul, Seba focuses on the popular vacation spot of Bodrum. Having launched the Gölköy 1 project there in recent years, the company will start a new project in Gölköy next year. Keçeli stated they built 45 completely detached villas on 73 acres in Gölköy 1. "In our previous project, the villas ranged in size from 425 to 540 square meters. In our new project, there will be 85 villas. I have a few brands in mind for the hotel that will be located here, but we haven't reached an agreement with anyone yet," he said.
