Aziz Torun, the owner of Torunlar Real Estate Investment Trust (REIT), said the customers of the housing sector are choosy and fastidious, adding, "The understanding of "I sell what I produce, take it or leave it" is now over. House sales in the second stage of the 5th Levent project, which Torunlar is constructing in cooperation with Istanbul Public Housing Corporation (KİPTAŞ), on Trans-European Motorway's (TEM) Alibeyköy junction have started. The project has an investment value of nearly TL 2 billion.
Speaking at a meeting that was held to introduce the project, Aziz Torun, who is also the head of the Association of Real Estate Investment Companies, said the real estate sector is going through major changes, adding that customers are careful in their choices and know what they want. "This selective attitude teaches something to us. We saw in our 5th Levent project that location and transportation are the most important elements shapng customers' choices," Torun told.
Resources must be strong
Pointing to the fact that the supply housing is increasing with every passing day with fierce competition in the sector, Torun said real estate developers must consider the risk that demand might fall behind sales over the next two years. He underlined that real estate dealers who appeal to people's purchasing power and who build projects to satisfy needs in correct locations in the current competitive environment can succeed. He continued saying, "Projects that do not fulfill these criteria might pose troubles. Those who are engaged in the build-and-sell business must consider this and their resources must be strong."
Torun stated that it is not possible for the private sector to develop projects for low-income groups. He noted, "There is a need for houses. But, the need is something and purchasing power is something else. We cannot develop projects for low-income groups. It is not possible for a corporate developer to carry out projects for less than TL 4,000 a month under current circumstances."
900 houses are up for sale
Aziz Torun further said that they sold all 1, 200 houses in the first stage of the 5th Levent Project and obtained a turnover of nearly TL 1 billion. Meanwhile, 900 houses in the second stage of the project have been put up for sale and 200 of these houses will be sold in a special campaign. Torunlar REIT reduced the interest rate for house payments to 0.80 percent and offers three different payment models. Also, in accordance with the special campaign, house prices will be reduced by an additional 4 percent to the existing 10 percent, in immediate payments. House prices vary between TL 5,700 and 7,000 per square meter in the project.
ÖNTU Investment Trust, which was jointly founded by Önay Group and Tuna Ev-Ofis houses and offices company, has started selling houses in Önay Life Residence that will be built in Istanbul's Beylikdüzü district. House prices start from TL 2,800 per square meter and deliveries will be made in 2018. The project includes 432 houses, 33 offices and shops on an area of nearly 7,000 square meters. A total of 20 percent of houses were sold within a month following the introduction. ÖNTÜ board member Ömer Bulut said Esenyurt is one of the fastest growing districts in Istanbul with its broad parks, shopping malls, new roads and fine environmental planning. Bulut stated that ÖNTU carried out many unique projects in this district.
A new campaign has been initiated in Eston Şehir Mahallem which is being constructed by Polatyol construction company in Bahçeşehir. Polatyol offers 0.42 percent interest in 48-month mortgage loans and a payment period of up to 120 months. The project offers various house options, including those with a garden, a terrace or balcony in 28 different floor plans. Eston Şehir Mahallem board member Celaleddin Polat said they developed low-rise apartments with special designs on a green area. "We dreamed of presenting our childhood's neighborhood life to our children," he told.
Makyol construction company has initiated a new campaign in its Makyol Yaşam Beylikdüzü project. Accordingly, until May 31, those who buy houses of the project are offered an opportunity to make a 20 percent profit and benefit from interest rates as low as 0.79 percent in their payments. Makyol Yaşam Beylikdüzü consists of 1+1, 2+1 and 3+1 designs in a total of 464 houses, all of which will be delivered six months earlier than the scheduled delivery time. The size of houses varies between 72 and 167 square meters and are selling with prices starting from TL 317,000. The project has a health and sports club, which includes an outdoor swimming pool, a playground, a social facility, walking tracks and a fitness center.